Verizon 值得买入；股息率具吸引力，且相对公允价值被低估。
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。我将 Verizon 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. I have rated Verizon stock as a buy,
但哪一个是更好的投资？我提到了有吸引力的股息率，Verizon 过去十二个月的股息率为 5.9%，对 Verizon 而言，这一回报优于投资 10 年、20 年或 30 年期美国政府债券所能获得的回报。
But which is the better investment? I mentioned the attractive dividend yields, with Verizon having a yield of 5.9% over the past twelve months, For Verizon, this return is better than what you can get from investing in 10, 20, or 30-year U.S. government bonds.
从有机增长的角度看，考虑到其市场已经饱和，AT&T 和 Verizon 都实现了相当不错的营收增长。但从有机营收来看，它们的增长速度温和，Verizon 也是如此，这对它们来说是意料之中的。
Organically speaking, both AT&T and Verizon achieved reasonably good revenue growth, given their saturated markets. But when looking at revenues organically, they were growing at a modest rate, and the same was true for Verizon, which is to be expected of them.
它们的营收不会翻倍。它们的营收不会在任何较长的时期内以两位数速度增长。市场已经饱和。这些是能够提高 AT&T 和 Verizon 每用户平均营收的因素。盈利能力稳健，且总体而言在改善。
Their revenues will not double. Their revenues will not grow at double-digit rates for any significant period of time. The market is already saturated. These are things that increase the average revenue per customer for AT&T and Verizon.
Profitability was solid and improving for the most part.
而 Verizon 的则从 21% 提升至 22.7%。
while for Verizon they improved to 22.7% from 21%.
对 AT&T 和 Verizon 而言，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.
Verizon 的投资资本回报率近期一直呈下降趋势，从约 12% 降至 6%。这是为了使其不超过公司的加权平均资本成本。
Verizon's returns on invested capital have been on a downward trend from about 12% to 6% recently. This is so that it does not exceed the company's weighted average cost of capital.
Verizon 曾有过超过 20% 的时刻，但在过去十年的大部分时间里，它一直低于 10%。
Verizon has had moments where it exceeded 20%, but it has remained below 10% for most of the past decade.
Verizon 股票目前的远期市盈率为 8.9，略低于 AT&T。同样，我为 Verizon 股票计算出的公允价值为 55 美元。当前市场价格为 47 美元。它似乎也被低估了，但程度低于 AT&T。
Verizon stock is trading at a forward price-to-earnings ratio of 8.9, slightly lower than AT&T. Similarly, for Verizon, I calculated a fair value for the stock at $55. The current market price is $47.
It also appears to be undervalued, but to a lesser extent than AT&T.
这个频道对 $VZ 的历次判断
Parkev Tatevosian, CFA 在这只股票上只有这一条判断。