AT&T 值得买入；DCF 公允价值为 34.60 美元，而当前股价为 25 美元，显示其被显著低估。
逐段跳播
追求被动收入的投资者会关注 Verizon 和 AT&T 及其股息率，并认为这些看起来是有吸引力的机会。我也将 AT&T 股票评为买入。
Passive income investors look at Verizon and AT&T and their dividend yields, and think that these look like attractive opportunities. and I have also rated AT&T stock as a buy.
但哪一个是更好的投资？而 AT&T 的为 4.4%。至于AT&T，其收益率略低于投资美国国债所能获得的收益。
But which is the better investment? while AT&T's is 4.4%. As for AT&T, it's slightly less than what you can get from investing in U.S. government bonds.
从内生增长的角度看，考虑到AT&T和Verizon所处的市场都已饱和，两者都实现了相当不错的营收增长。你在AT&T身上看到的这一大幅下滑，原因是它出售了很大一部分业务。
Organically speaking, both AT&T and Verizon achieved reasonably good revenue growth, given their saturated markets. The reason for the significant decline you see in AT&T is that it sold a large portion of its business.
它出售了很大一部分业务，因此营收下降，因为它不再拥有公司的这一部分。
It sold a large part of its business, and therefore revenues decreased because it no longer owned that part of the company.
这些都会提高AT&T和Verizon的每用户平均收入。盈利能力总体上是稳健的，并且在大部分方面都在改善。AT&T的营业利润率从17%提升至21%，
These are things that increase the average revenue per customer for AT&T and Verizon. Profitability was solid and improving for the most part. For AT&T, operating margins improved to 21% from 17%,
对于AT&T和Verizon来说，需要考虑的关键因素之一是升级周期。
One of the key things to consider for AT&T and Verizon is upgrade cycles.
AT&T也有类似的走势，最终为8.11%。这大致与10年前2017年的水平相当，而且AT&T从未超过12%。
There is a similar trajectory for AT&T, which ended at 8.11%. This is roughly the same level it was at 10 years ago in 2017, and it never exceeded 12% for AT&T.
AT&T股票的远期市盈率为9.9。基于现金流折现，我计算出AT&T股票的合理价值为34.60美元。当前市场价格为25，因此该股似乎被显著低估。
AT&T stock is trading at a forward price-to-earnings ratio of 9.9. Based on discounted cash flow, I calculated a fair value for AT&T stock at $34.60. The current market price is 25, so the stock appears to be significantly undervalued.
这个频道对 $T 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 2 条判断，这里只列相邻的几条。