- Autoridade Tributaria
- At&t Natural Voices Full Download
- At&t Natural Voices Mike Crystal Download
- At T Natural Voices Download Free
AT&T Natural Voices™ Text to Speech (TTS) for Windows is award winning text to speech technology developed by AT&T Laboratories. Available in US English. Text to speech, text to mp3, batch convert text files to MP3s. AT&T natural voices (US, UK, German, French, or Spanish) provide you excellent voice.
Also found in: Thesaurus, Medical, Legal, Financial, Acronyms, Idioms, Encyclopedia, Wikipedia. At
AT
abbr.2. ampere-turn
4. automatic transmission
at
(ăt; ət when unstressed)prep.1.a. In or near the area occupied by; in or near the location of: at the market; at our destination.
b. In or near the position of: always at my side; at the center of the page.
2. To or toward the direction or location of, especially for a specific purpose: Questions came at us from all sides.
4. Within the interval or span of: at the dinner hour; at a glance.
5. In the state or condition of: at peace with one's conscience.
6. In the activity or field of: skilled at playing chess; good at math.
7. To or using the rate, extent, or amount of; to the point of: at 30 cents a pound; at high speed; at 20 paces; at 350°F.
8. On, near, or by the time or age of: at three o'clock; at 72 years of age.
9. On account of; because of: rejoice at a victory.
11. In accord with; following: at my request.
13. Occupied with: at work.
Idiom: at itInformal Engaged in verbal or physical conflict; arguing or fighting: The neighbors are at it again.
[Middle English, from Old English æt; see ad- in Indo-European roots.]
aT
abbr.
at
(æt) prep1. used to indicate location or position: are they at the table?; staying at a small hotel.
2. towards; in the direction of: looking at television; throwing stones at windows.
![Download Download](/uploads/1/2/6/8/126876868/649830321.gif)
3. used to indicate position in time: come at three o'clock.
4. engaged in; in a state of (being): children at play; stand at ease; he is at his most charming today.
5. (in expressions concerned with habitual activity) during the passing of (esp in the phrase at night): he used to work at night.
6. for; in exchange for: it's selling at four pounds.
7. used to indicate the object of an emotion: angry at the driver; shocked at his behaviour.
[Old English æt; related to Old Norse at to, Latin ad to]
at
(ɑːt; æt) n, plat (Currencies) a Laotian monetary unit worth one hundredth of a kip
at
the internet domain name for
At
the chemical symbol for
symbol for
AT
abbreviation for
at1
(æt; unstressed ət, ɪt)prep.
1. (used to indicate a point or place occupied in space); in, on, or near: to stand at the door.
2. (used to indicate a location or position, as in time, on a scale, or in order): at age 65; at zero; at the end.
3. (used to indicate incidence or occurrence): at the sound of the bell; at low tide.
4. (used to indicate presence or location): at home; at hand.
5. (used to indicate amount, degree, or rate): at great speed; at high altitudes.
6. (used to indicate a direction, goal, or objective); toward: Look at that.
7. (used to indicate occupation or involvement): at work; at play.
8. (used to indicate a state or condition): at ease; at peace.
9. (used to indicate a cause or source): She was annoyed at their carelessness.
10. (used to indicate relative quality or value): at one's best; at cost.
[before 900; Middle English; Old English æt, c. Old Frisian et, Old Saxon, Old Norse, Gothic at, Old High German az, Latin ad]
at2
(ɑt, æt)n., pl. at.
a monetary unit of Laos, equal to 1/100 of a kip.
at-
var. of ad- before t: attend.
AT
2. antitank.
At
At
Chem. Symbol.
astatine.
at.
2. atomic.
At
at
1. place or positionAt is used to talk about where something is or where something happens.
You often use at to mean 'next to' or 'beside'.
He waited at the door.
You say that someone sits at a table or desk.
If you want to mention the building where something is or where something happens, you usually use at.
We had dinner at a restaurant in Attleborough.
In British English, you say that someone is at school or at university when you want to say that they study there.
He had done some acting at school.
Speakers of American English usually say that someone is in school.
They met in high school.
You say that something happens at a meeting, ceremony, or party.
The whole family were at the funeral.
2. timeAt is also used to say when something happens.
You use at when you are mentioning a precise time.
The train leaves at 9 a.m.
If you want to know the precise time when something happened or will happen, you can say 'At what time...?' but people usually say 'What time...'' or 'When...?'
'We're having a party on the beach.' – 'What time?' – 'At nine.'
You can say that something happened or will happen 'at dawn', 'at dusk', or 'at night'.
It was ten o'clock at night.
However, you say that something happened or will happen 'in the morning', 'in the afternoon', or 'in the evening'.
If something happens at a meal time, it happens while the meal is being eaten.
You say that something happens at Christmas or at Easter.
She sent a card at Christmas.
However, you say that something happens on a particular day during Christmas or Easter.
In British English, at is usually used with weekend.
I went home at the weekend.
American speakers usually use on or over with weekend.
What are you doing over the weekend?
Noun | 1. | At - a highly unstable radioactive element (the heaviest of the halogen series); a decay product of uranium and thorium astatine, atomic number 85 chemical element, element - any of the more than 100 known substances (of which 92 occur naturally) that cannot be separated into simpler substances and that singly or in combination constitute all matter halogen - any of five related nonmetallic elements (fluorine or chlorine or bromine or iodine or astatine) that are all monovalent and readily form negative ions |
2. | at - 100 at equal 1 kip in Laos kip - the basic unit of money in Laos |
vzana
kod
áá, aî, í, viîá, fyrirá, í, hjá, viîá, viî, í
・・・に
uz
naobpriv
ที่
tại
AT
N ABBR =automatic translation → TA fat
[æt]When at is an element in a phrasal verb, eg look at, look up the verb.
PREP1. (position)1.1. (specifying rough location) → en
there weren't many people at the party/lecture → no había mucha genteen lafiesta/conferencia
at the hairdresser's/supermarket → en lapeluquería/el supermercado
at the office →
at school → en laescuela, en elcolegio
at sea → en el mar
at table →
BUT at John's → en casa de Juan
where it's atGlasgow's where it's at → en Glasgow es donde está la movida, en Glasgow es donde está el rollo (Sp)
where we're atI'll just run through where we're at → te voy a poner al tanto or al corriente de cuál es la situación
there weren't many people at the party/lecture → no había mucha genteen lafiesta/conferencia
at the hairdresser's/supermarket → en lapeluquería/el supermercado
at the office →
at school → en laescuela, en elcolegio
at sea → en el mar
at table →
BUT at John's → en casa de Juan
where it's atGlasgow's where it's at → en Glasgow es donde está la movida, en Glasgow es donde está el rollo (Sp)
where we're atI'll just run through where we're at → te voy a poner al tanto or al corriente de cuál es la situación
1.2. (specifying position)
my room's at the back of the house → mi dormitorio está en lapartede atrásde lacasa
the dress fastens at the back → el vestido se abrochapor detrás
at the bottom of the stairs → al piede lasescaleras
to stand at the door → estar de pieor (LAm) parado en la puerta
at the edge →
my room's at the front of the house → mi dormitorio está en laparte delanterade lacasa
the dress fastens at the front → el vestido se abrochapor delante
at the top (gen) → en lo alto; (of mountain) →
to be at the window → estar juntoa laventana
he came in at the window → entró por la ventana
my room's at the back of the house → mi dormitorio está en lapartede atrásde lacasa
the dress fastens at the back → el vestido se abrochapor detrás
at the bottom of the stairs → al piede lasescaleras
to stand at the door → estar de pieor (LAm) parado en la puerta
at the edge →
my room's at the front of the house → mi dormitorio está en laparte delanterade lacasa
the dress fastens at the front → el vestido se abrochapor delante
at the top (gen) → en lo alto; (of mountain) →
to be at the window → estar juntoa laventana
he came in at the window → entró por la ventana
1.3. (esp Internet) (= name of @ symbol) → arrobaf
'my e-mail address is jones at collins dot uk' ([email protected]) → -mi dirección electrónica es jones arroba collins punto uk
'my e-mail address is jones at collins dot uk' ([email protected]) → -mi dirección electrónica es jones arroba collins punto uk
2. (direction) (= towards) → hacia
the car was coming straight at us → el cocheveníadirecto hacia nosotros
to look at sth → mirar algo
the car was coming straight at us → el cocheveníadirecto hacia nosotros
to look at sth → mirar algo
3. (time, age) → a
at four o'clock → a las cuatro
at midday → a mediodía
at 16 he was already a household name → a los 16 años era ya un nombremuyconocido
at lunchtime → a lahora de la comida, a la hora de almorzar
at an early age → de pequeño/pequeña
at Christmas → por or en Navidades
at Easter → en Semana Santa
at the moment → en este momento
at that moment the bomb went off → en aquel momentoestalló la bomba
at night → de noche, por la noche
at a time like this → en un momento como éste
at my time of life → con los años que tengo
at four o'clock → a las cuatro
at midday → a mediodía
at 16 he was already a household name → a los 16 años era ya un nombremuyconocido
at lunchtime → a lahora de la comida, a la hora de almorzar
at an early age → de pequeño/pequeña
at Christmas → por or en Navidades
at Easter → en Semana Santa
at the moment → en este momento
at that moment the bomb went off → en aquel momentoestalló la bomba
at night → de noche, por la noche
at a time like this → en un momento como éste
at my time of life → con los años que tengo
4. (rate) → a
at 50p a kilo → a 50 peniques el kilo
at 50p each → (a) 50 peniquescada uno
at a high price → a un precioelevado
at 4% interest → al 4% de interés
two at a time →
to go at 100km an hour → ir a 100km por hora
at 50p a kilo → a 50 peniques el kilo
at 50p each → (a) 50 peniquescada uno
at a high price → a un precioelevado
at 4% interest → al 4% de interés
two at a time →
to go at 100km an hour → ir a 100km por hora
5. (activity) he's good at games → se le dan bien los deportes
at itwhile you're at it (= doing it) → de paso; (= by the way) → a propósito
she's at it again → otra vez con las mismas
boys at play → muchachos que juegan, los muchachos cuando juegan
I could tell she'd been at the whisky → se notaba que le había estadodando al whisky
at war → en guerra
to be at work (= working) → estar trabajando; (= in the office) → estar en laoficina
at itwhile you're at it (= doing it) → de paso; (= by the way) → a propósito
she's at it again → otra vez con las mismas
boys at play → muchachos que juegan, los muchachos cuando juegan
I could tell she'd been at the whisky → se notaba que le había estadodando al whisky
at war → en guerra
to be at work (= working) → estar trabajando; (= in the office) → estar en laoficina
6. (manner)
acting at its best → una actuación de antología
at peace → en paz
at a run → corriendo, a lacarrera
at full speed → a toda velocidad
acting at its best → una actuación de antología
at peace → en paz
at a run → corriendo, a lacarrera
at full speed → a toda velocidad
7. (cause) to awaken at the least sound → despertarse al menorruido
at her cries → al escuchar sus gritos
at my request → a petición mía
at his suggestion → a sugerencia suya
I was shocked/surprised at the news → me escandalizó/sorprendió la noticia
at her cries → al escuchar sus gritos
at my request → a petición mía
at his suggestion → a sugerencia suya
I was shocked/surprised at the news → me escandalizó/sorprendió la noticia
at
[ˈæt](STRONG)[ət]prep(referring to position, direction) → à
at the top → au sommet
at school → à l'école
at the baker's → à laboulangerie, chez le boulanger
at the office → au bureau
at the races → aux courses
at home → à la maison, chez soi
at the top → au sommet
at school → à l'école
at the baker's → à laboulangerie, chez le boulanger
at the office → au bureau
at the races → aux courses
at home → à la maison, chez soi
(referring to time, date) at 4 o'clock → à 4 heures
at Christmas → à Noël
at night → la nuit
at times → par moments, parfois
at the weekend
What are you doing at the weekend? → Qu'est-ce que tu fais ce week-end?
at Christmas → à Noël
at night → la nuit
at times → par moments, parfois
at the weekend
What are you doing at the weekend? → Qu'est-ce que tu fais ce week-end?
(referring to rates, speed etc) → à
at £1 a kilo → une livre le kilo
two at a time → deux à la fois
at 50 km/h → à 50 km/h
at full speed → à toute vitesse
at £1 a kilo → une livre le kilo
two at a time → deux à la fois
at 50 km/h → à 50 km/h
at full speed → à toute vitesse
(referring to manner) at a stroke → d'un seul coup
at peace → en paix
at peace → en paix
(referring to activity) to be at work → être au travail, travailler
to play at cowboys → jouer aux cowboys
to be good at sth → être bon(ne) en qch
to play at cowboys → jouer aux cowboys
to be good at sth → être bon(ne) en qch
(referring to cause) shocked at sth → choqué(e) par qch
surprised at sth → étonné(e) de qch
annoyed at sth → agacé(e) par qch
I went at his suggestion → j'y suis allé sur son conseil
surprised at sth → étonné(e) de qch
annoyed at sth → agacé(e) par qch
I went at his suggestion → j'y suis allé sur son conseil
at
prep(position) → an(+dat), → bei(+dat); (with place) → in(+dat); at a table → an einem Tisch; at the window → am orbeimFenster; at the corner → an der Ecke; at the top → an der Spitze; at home → zu Hause; at the university (US), at university → an or auf der Universität; at school → in der Schule; at the hotel → im Hotel; at the zoo → im Zoo; at my brother’s → bei meinem Bruder; at a party → auf or bei einer Party; to arrive at the station → am Bahnhofankommen; he came in at the window → er ist durch das Fenster hereingekommen; the rain came in at the window → es hat durchsFensterhineingeregnet; where are you at with your work?(inf) → wie weit sind Sie mit Ihrer Arbeit?; this is where it’s at (esp US inf) → da gehts ab(sl), → da geht die Post ab(inf); he doesn’t know where he’s at(inf) → der weiß ja nicht, was er tut(inf)
(direction) to aim/shoot/point etc at somebody/something → auf jdn/etwzielen/schießen/zeigen etc; to look/growl/swear etc at somebody/something → jdn/etwansehen/anknurren/beschimpfen etc; at him! → auf ihn!
(time, frequency, order) at ten o’clock → um zehn Uhr; at night/dawn → bei Nacht/beimor im Morgengrauen; at Christmas/Easter etc → zu Weihnachten/Osternetc; at your age/16 (years of age) → in deinem Alter/mit 16 (Jahren); three at a time → drei auf einmal; at the start/end of something → am Anfang/am Endeeiner Sache(gen)
(activity) at play → ; at work → bei der Arbeit; good/bad/an expert at something → gut/schlecht/ein Experte in etw(dat); his employees/creditors are at him → seine Angestellten/Gläubigersetzen ihm zu; while we are at it(inf) → wenn wir schon mal dabei sind; the couple in the next room were at it all night(inf) → die beiden im Zimmernebenan haben es die ganzeNachtgetrieben(inf); the brakes are at it again(inf) → die Bremsenmuckenschon wieder(inf)
(state, condition) to be at an advantage → im Vorteil sein; at a loss/profit → mit Verlust/Gewinn; I’d leave it at that → ich würdees dabei belassen?best, worst, that1
(= as a result of, upon) → auf(+acc) → … (hin); at his request → auf seine Bitte (hin); at her death → bei ihrem Tod; at that/this he left the room → daraufhinverließ er das Zimmer
(cause: = with) angry, annoyed, delighted etc → über(+acc)
(rate, value, degree) at full speed/50 km/h → mit voller Geschwindigkeit/50 km/h; at 50p a pound → für or zu 50 Pence pro or das Pfund; at 5% interest → zu 5% Zinsen; at a high/low price → zu einem hohen/niedrigen Preis; when the temperature is at 90 → wenn die Temperatur bei or auf 90 ist; with inflation at this level → bei so einer Inflationsrate? all, cost, rate1
at
(ӕt) preposition1. position. They are not at home; She lives at 33 Forest Road by في на em v(e) zu; an; in; bei på; i; ved στο, στηen -s, -l در -ssa, -ssä, -lla, -llä à ב-, אצל पर kod -on, -en, -ön, -n; -ban, -ben; -nál, -nél di á, í, hjá, við a ~に (위치) ...에서 norāda vietu di te, oppå, i, ved, hosw, przy په em la, pe на v, o, na v, na kod, u på, vid, hos, i ที่ ...-de/da 在...(表示位置) в, на پر ở (địa điểm) 在...(表示位置)
2. direction. He looked at her; She shouted at the boys. na, vir إلى ، عَلى (إتجاه) към para na zu; nach; auf på; til; efter προςa; hacia poole, peale به؛ به سوی kohti à; vers; contreעל, אל, לעבר की ओर na (irány) -ra, -re kepada á, að, í, við a; verso di; contro ~に向って (방향) ...을 향하여 į (norāda virzienu) uz pada naarpå, til, mot, etterna په طرف ، په para la на na na, proti u på, till, åt ไปยัง ...-e/a 向...(表示方向) на سمت hướng vào (chỉ hướng) 向…(表示方向)
3. time. He arrived at ten o'clock; The children came at the sound of the bell. met, na في، عِنْد (زَمَن) в a(+art.) v, za um; bei; auf ved; til στιςa ajal در هنگام؛ زمان -lta, -ltä à בְּ-, בְּשָׁעָה, בְּגִיל पर u, po (idő) -kor pada á, við, í a, al ~に (시간) ...에 norāda laiku pada om, oppå, i, ved, da ...w, na په وخت کی، وخت a la в o, v, na ob u, na vid ณ เวลา ...-de 在...時間(表示時間) в, о وقت کے لحاظ سے پر vào lúc 在...时间(表示时间)
4. state or occupation. The countries are at war; She is at work. in, by في حالَة на em(+art.) v(e) in; auf; bei i; på σε κατάσταση en -s, -l در حال -ssa, -ssä en; à בְּ-, בְּמָצַב स्थिति दर्शाना u, na (elfoglaltság) pl. dolgozik sedang í in, al ~の最中で ...의 상태(입장)에 norāda uz darbību sedang in, aani, på, vedw په حال em în; la в, на v, vo v, na u, na i, på สภาวะ; อาชีพ ...-de 在...中(表示狀態) на لگا ہوا ، مصروف trong tình trạng 在...中(表示状态)
5. pace or speed. He drove at 120 kilometres per hour. teen في سُرْعَة с a mit med μεa -ga به میزان ilmaisee nopeutta àבמהירות, בקצב गति दर्शाना pri -val, -vel, pl. sebességgel dengan kecepatan á a ~の速さで ...의 속도로 norāda uz darbības veidu pada kelajuan met een snelheid van i z prędkością په سرعت، په میزان a cu с na pri, od i ด้วย (ความเร็ว) ...-de 以...速度(表示步調或速度) на پر ở mức 以...速率(表示步调或速度)
6. cost. bread at $1.20 a loaf. teen بِ (ثَمَن) ، بِ (سِعْر) на a za für til; for προς, αντίa eest به نرخ ilmaisee hintaa à בְּמחִיר कीमत po (érték, ár) -ért seharga á, fyrir a ~の値段で (가격) ...에 po (norāda cenu) pa dengan harga tegen, aantil, forpo په نرخ a la, cu по po po od för ราคา ...-e/a 以...價格(表示價格) по قیمت کے اظہار کے طور پر giá tiền 以…价格(表示价格)
at all in any way. I don't like it at all. enigsins أبداً изобщо de qualquer maneira vůbec überhaupt i det hele taget καθόλουen absoluto põrmugi اصلاً؛ به هیچ وجه ollenkaan du toutבכלל किसी भी तरह uopće egyáltalán sama sekali yfirleitt, alls ekki per niente 少しも~(ない) 전혀 visiškai vispār langsung hoegenaamd i det hele tatt w ogóle په هیڅ وجه، اصلاْ de qualquer maneira deloc вообще, совсем vôbec sploh ne ionako alls, på något vis ทั้งสิ้น hiç 根本 взагалі, цілком بالکل chút nào 根本
at
→ عِنْد v vedanσεaà koda ・・・に ...에서bijvedprzyemу på ที่de, da tại在- Turn left at the next intersection (US)
Go left at the next junction (UK)
Want to thank TFD for its existence? Tell a friend about us, add a link to this page, or visit the webmaster's page for free fun content.
Link to this page:
AT&T (T) is a mammoth of a company that continues to gobble up more control of our media and communications. Investors are uncertain as to how the Time Warner (NYSE:TWX) deal will affect this company’s long-term future. There are definitely uncertainties, but this article will focus on the facts and will reveal that AT&T is not the stable and consistent investment that it portrays through its brand history and steady dividend payments. We’ll also look closely at its real value compared to stock price. The conclusion will be shocking for some shareholders, while other patient, long-term investors might still be satisfied with holding it long term.
Snapshot of the Company
A fast way for me to get an overall understanding of the condition of the business is to use the BTMA Stock Analyzer’s company rating score. It shows a score of around 68/100. Therefore, AT&T isn’t considered to be a good company to invest in, since 70 is the lowest good company score. AT&T has high scores for Ability to Recover from a Market Crash or Downturn and Gross Margin Percent. It has better than average scores for 10-year Upward Price Per Share and EPS history. Lacking categories are Return on Equity, Return on Invested Capital, and PEG Ratio.
These findings could indicate that AT&T might be a somewhat difficult business to predict since it is not showing good scores in many categories.
Before jumping to conclusions, we’ll have to look closer into these categories to see what’s going on.
(Source: BTMA Stock Analyzer - company rating scores)
Fundamentals
Let’s examine the price per share history first. In the chart below, we can see that price per share has experienced most of its growth after the economic crisis, from 2009 to 2013. But for the past 8 years, the share price average has been more up and down. But overall, share price has been increasing over the past 10 years.
(Source: BTMA Stock Analyzer – Price Per Share History)
Looking closer at earnings history, we quickly see that it’s been a rough ride over the past 10 years. Earnings are highly inconsistent, which makes it harder to accurately estimate the future growth and value of the company.
(Source: BTMA Stock Analyzer – EPS History)
Since earnings and price per share don’t always give the whole picture, it’s good to look at other factors like the gross margins, Return on Equity, and Return on Invested Capital.
The return on equity history is inconsistent and varies to large degrees from a low average of around 7% to a high average of around 22%. One positive thing is that ROE has been increasing overall from 2014-2017.
(Source: BTMA Stock Analyzer – ROE History)
Return on Invested Capital average has been sub-par for the past 5 years and it also correlates with the inconsistencies of the Return on Equity. If a company cannot consistently maintain or increase returns on equity and invested capital, then investors are likely taking a gamble by investing in this company with no real expectation of a regular return of value. At best, they would need to hope for a consistent dividend.
(Source: BTMA Stock Analyzer – Return on Invested Capital History)
AT&T’s Gross Margin Percent history has ironically been impressive and depressing at the same time. I typically look for consistent gross margins of over 30%, which AT&T has easily maintained. In 2013, they were at double this rate, and over the past 5 years, they’ve been at rates of 52%-60%. The high gross margins support that AT&T provides a high-profit potential service. On the negative side, the gross margins have been decreasing for the past 5 years.
(Source: BTMA Stock Analyzer – Gross Margin Percent History)
From this factual data, we can see that this stock is showing weaknesses and inconsistencies in several categories despite the company’s high gross margins and profit potential. If I were a present shareholder, I would be concerned with AT&T’s lack of consistency, decreasing margins, and inability to produce high returns on invested capital.
(Source: BTMA Stock Analyzer – Misc. Fundamentals)
Looking at other fundamentals involving the balance sheet, we can see that the debt-to-equity is at a good level, especially for a company of this size. AT&T ranks as #5 of America’s largest companies.
Autoridade Tributaria
AT&T’s Current Ratio of 1.11 is reasonable, telling us that it still has enough assets to pay off short-term debts.
According to the balance sheet, the company seems to be in a healthy financial position.
The Price-Earnings Ratio is at 6.4. This is lower than the 5-year and 10-year average normalized PE ratio of around 15-18. This tells me that the market may have AT&T undervalued when considering the current PE Ratio to the past average PE Ratio.
The Story Behind The Dividend
If you’re currently holding AT&T for its dividend, then this section should be useful for you. First, I’m interested in knowing if the payout ratio is sustainable. At this time it’s around 40%, which means that there is still room to grow the dividend. However, the payout ratio has not been consistent and AT&T has a history of buying back stocks, which contributes to higher payout ratios. Although payout ratios are high regardless of buybacks, AT&T seems to maintain a healthy financial situation and an ability to continue with high payouts to shareholders.
Now, let’s remove the buybacks from the equation to have a clearer look at the still inconsistent dividend payout ratio in the chart below.
Next, I’m interested in dividend per share. Typically, I’d want to see a dividend per share that is steadily growing each year. The dividend per share has been increasing steadily over the past 8 years by about 2% annually. The growth is not great, but at least it’s consistent. Also, I’d like to know that the dividend per share is following along well with the earnings and cash flow. From the graph below, we can see that… yes, overall dividends per share, cash flow, and earnings have increased. However, the paths to get there have been non-linear and highly unpredictable from year to year. From a 10-year view, you could say that all is well because earnings, dividends, and cash flows are increasing, but as an alert shareholder during each of those 10 years, you were likely on a wild ride of highs and lows, not knowing what the next earnings report was going to surprise you with.
If I were currently interested in buying AT&T now for the dividend, I would be trying to buy when the dividend yield was highest relative to its past. From the chart below, we can see that the dividend yield is near its highest point relative to the past 7 years. Therefore, it could be a good time to buy now if my priority is a better than average return through dividends.
Overall, the dividend situation with AT&T is better than average. First of all, a dividend yield of over 6% is attractive for long-term investors. The company has been consistently increasing dividends over the past 10 years by about 2%, and the dividend yield is at a high level compared to the past. The drawbacks are that the payout ratio is typically high and so erratic because of inconsistent earnings.
This analysis wouldn’t be complete without considering the value of the company vs. share price.
Value Vs. Price
For valuation purposes, I will be using EPS TTM of 4.94. I’ve used various past averages of growth rates and PE Ratios to calculate different scenarios of valuation ranges from low to average values. The valuations compare growth rates of EPS, Book Value, and Total Equity.
In the table below, you can see the different scenarios, and in the chart, you will see vertical valuation lines that correspond to the table valuation ranges. The dots on the lines represent the current stock price. If the dot is towards the bottom of the valuation range, this would indicate that the stock is undervalued. If the dot is near the top of the valuation line, this would show an overvalued stock.
According to this valuation analysis, AT&T is undervalued in multiple categories.
- If AT&T continues with a growth average similar to its past 10 years' or past 5 years' earnings growth, then the stock is undervalued at this time.
- If AT&T continues with a growth average similar to its past 5 years' book value growth and equity growth, then the stock is undervalued.
- According to AT&T’s typical PE ratio relation to the S&P 500's PE Ratio, AT&T is undervalued.
- If AT&T continues with a growth average as forecasted by analysts, then the stock is undervalued.
This analysis shows an average valuation of around $55 -$56 per share.
Forward-Looking Conclusion
According to the facts, AT&T seems to have a decent financial balance sheet, its dividend situation is better than average, and the stock is undervalued, but AT&T’s inconsistencies make it a more unpredictable investment, which is difficult to estimate value and future growth. Here is a recap of the pros and cons.
CONS:
At&t Natural Voices Full Download
- Earnings haven't been very consistent over past 10 years or past 5 years.
- ROE has not been consistent over the past 5 years. 2017 ROE is more than double 2016 ROE, indicating that some major changes are taking place with the business.
- ROIC situation is similar to ROE situation. Both are inconsistent and 2017 ROIC is almost double 2016 ROIC.
- Gross margins have been steadily decreasing over the past 5 years.
PROS:
- Balance sheet looks good with decent Debt to Equity and decent Current Ratio.
- PE Ratio is very low, indicating that the stock could be undervalued.
- Dividend Yield TTM is attractive at 6.28% and is near a 7-year high.
- Dividends per share have been growing consistently by about 2% over the past 10 years.
- Valuation analysis shows that AT&T is undervalued.
Predicted Growth
Analysts predicted short-term growth until December 2018 is 11.85%, but long-term (5-year) growth rate is predicted at 3.42%. As according to NASDAQ: “Over the next five years, the analysts that follow this company are expecting it to grow earnings at an average annual rate of 3.42%. This year, analysts are forecasting earnings increase of 14.67% over last year. Analysts expect earnings growth next year of 1.14% over this year's forecasted earnings.” (Source: AT&T Inc. Forecast Earnings Growth)
If you invest today, with analysts’ forecasts, you might expect at best about 3.5% growth per year. Plus we’ll add the current 6.36% forward dividend. This brings the annual return to around 9.86% and this is probably a best-case scenario.
An alternative scenario produces similar results: During the past 10- and 5-year periods, the average EPS growth rate was about 8.5%. Plus the average dividend yield was about 4.5%. So we’re at a total return of 13%. But when we factor in the share price change, there was a loss of 3% per year in share price over 5 years. Therefore, our annual return would be around 10%.
If considering actual past results of AT&T, which includes the inconsistent earnings, affected share prices, and long-term dividend yields, the story is a bit different. Here are the actual 10- and 5-year return results.
10-Year Return Results if Invested in AT&T: Initial Investment Date: 07/19/2008; End Date: 07/19/2018; Cost per Share: $32.12; End Date Price: $31.27; Total Dividends Received: $18.10; Total Return: 53.92%; Compound Annualized Growth Rate (CAGR): 4%
5-Year Return Results if Invested in AT&T: Initial Investment Date: 07/19/2013; End Date: 07/19/2018; Cost per Share: $35.81; End Date Price: $31.27; Total Dividends Received: $9.55; Total Return: 14.19%; Compound Annualized Growth Rate (CAGR): 3%
From these scenarios, we have produced results from 3% to 10%. I feel that if you’re a long-term patient investor, you could expect AT&T to provide you with a 10% annual return if you wait for the right time to sell. But for the short-term or impatient investor, AT&T’s inconsistent behavior could likely produce a return of around 3-4%, which is mostly eaten up by inflation.
As a comparison, the S&P 500’s average return from 1928-2014 is about 10%. So in a best-case scenario with AT&T, you could expect to have similar results as an S&P 500 index fund. But you’d be less diversified and invested in a company that has been inconsistent across various categories.
Considering the more conservative approach, you’d do significantly worse than investing in the S&P 500 index fund.
In my opinion, AT&T is a decent investment for a long-term investor that wants a regular dividend payment. This investor should be the type that doesn’t worry too much about the short-term price swings, and should be a loyal believer in AT&T and its future. While AT&T faces pessimism, share price is down, and the stock is undervalued, this might be viewed as a good time to get in and to offset risk of share price decline with the hefty dividend.
At&t Natural Voices Mike Crystal Download
But for me, the choice is certain. I would take an objective look at this company and realize that my money could be better invested in more consistent and profitable investments.
Thank you for reading. If you’d like to follow my future articles, just click the 'Follow' button next to my name at the top.
At T Natural Voices Download Free
Disclosure:I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.