<p><strong>美國電話電報</strong>(T 0.59%) 近年來一直是一隻令人失望的股息股票。這家電信巨頭在 2022 年將其媒體部門剝離以創建 <strong>華納兄弟探索</strong> 時，將其股息削減了近 50%。公司此舉是為了保留額外現金用於再投資業務和減少債務。在削減股息後的幾年裏，公司一直在努力去槓桿化其資產負債表，這引發了市場對公司可能再次削減股息的擔憂。</p>
<p>然而，隨着過去一年槓桿率終於下降，並且未來有更多去槓桿化的明確路徑，美國電話電報的 5% 股息率現在更加穩固。讓我們看看對於那些尋求 passsive income 的人來説，現在是否是一個有吸引力的選擇。</p>
<h2>迅速下滑，未來加速</h2>
<p>AT&amp;T 第二季度末的淨債務為 1,269 億美元，使其槓桿率接近 2.9 倍。這與一年前的情況相比有所改善，當時其淨債務為 1,320 億美元，槓桿率為 3.1 倍。公司一直在生產不斷增長的超額自由現金流（扣除資本投資和股息後），用於償還債務，僅第二季度就減少了 19 億美元的債務，過去一年減少了 51 億美元。</p>
<p>公司預計將繼續產生超額現金，這將使其在明年上半年達到 2.5 左右的槓桿率。未來槓桿率應該會繼續下降，尤其是在公司最近同意將其在 DirecTV 的剩餘 70% 股權出售給合作伙伴 TPG 後。該交易預計將於明年下半年完成，到 2029 年將帶來額外 76 億美元的現金。公司計劃利用這些現金支付進一步加強其資產負債表。</p>
<p>隨着其槓桿率的改善和未來的進一步增強，美國電話電報的高股息變得更加可持續。</p>
<h2>仍落後於競爭對手</h2>
<p>自從削減股息後，AT&amp;T 自媒體業務剝離以來並沒有再次削減股息，但也沒有開始增加股息。這種情況在未來幾年可能會發生變化，特別是隨着通過出售 DirecTV 股權來提前獲取現金。公司可以利用這筆現金進一步減少債務、回購股票和增加股息。</p>
<p>與競爭對手 <strong>威瑞森</strong>(VZ 0.67%) 相比，AT&amp;T 目前提供類似債券的固定收入流，其股息率約為 5%。威瑞森的股息率約為 6%，比 AT&amp;T 高。此外，威瑞森一直在穩步增加股息。今年，它連續第 18 年增加股息，是美國電信行業目前最長的連續增長紀錄。儘管威瑞森的增長幅度較小，近年來每年不到 2%，但至少給了投資者一些回報。</p>
<p>威瑞森之所以能夠增加股息，是因為其財務狀況更強。截至下半年末，其槓桿率已降至 2.5，這是 AT&amp;T 明年上半年的目標範圍。威瑞森的槓桿率應該會在長期內繼續下降。其長期目標是將其降至 1.75 至 2.0 的範圍，儘管一旦降至 2.25 左右，計劃開始向股票回購分配一些資本。儘管威瑞森即將進行的 200 億美元全現金收購 Frontier 將延遲其實現目標槓桿率的能力，但在該交易之後，其槓桿率將低於 AT&amp;T 目前的水平。</p>
<h2>還未完全達到目標</h2>
<p>考慮到其更高的股息率、穩定的增長和較低的當前槓桿水平，威瑞森目前是 passsive income 的更好選擇。這種情況可能會在未來一年發生變化。如果 AT&amp;T 的資產負債表改善使其有能力通過開始增加股息和回購股票來向股東返還更多現金，那麼它將成為收入投資者更有吸引力的選擇。</p>

美國電話電報

<p>美國電話電報（AT&T）的股息率為 5%，隨着公司減少債務，改善了其槓桿比率從 3.1 降至 2.9 倍，這一股息率變得更加可持續。這家電信巨頭計劃通過出售其在 DirecTV 的 70% 股權進一步增強其資產負債表，從而產生額外現金。然而，與競爭對手 Verizon 不同，AT&T 自 2022 年削減股息以來並未增加股息，Verizon 則提供 6% 的股息率，並一直在穩定提高其股息。儘管 AT&T 的前景正在改善，但對於 passsive income 投資者來説，Verizon 目前仍然是更好的選擇</p>

<p><strong>AT&amp;T</strong>(T 0.59%) has been a disappointing dividend stock in recent years. The telecom giant slashed its payout by nearly 50% in 2022 when it unveiled plans to spin off its media division to create <strong>Warner Bros. Discovery</strong>. The company made the move to retain additional cash to reinvest in its business and reduce debt. It had struggled to deleverage its balance sheet in the years following that cut, which caused concerns that the company might need to reduce its dividend again.</p>
<div class="lb-trans"><p><strong>美國電話電報</strong>(T 0.59%) 近年來一直是一隻令人失望的股息股票。這家電信巨頭在 2022 年將其媒體部門剝離以創建 <strong>華納兄弟探索</strong> 時，將其股息削減了近 50%。公司此舉是為了保留額外現金用於再投資業務和減少債務。在削減股息後的幾年裏，公司一直在努力去槓桿化其資產負債表，這引發了市場對公司可能再次削減股息的擔憂。</p>
</div><p>However, with leverage finally coming down in the past year and a clear line of sight for more deleveraging in the future, AT&amp;T's 5% yielding dividend is on a much firmer foundation. Here's a look at whether it's now an attractive option for those seeking passive income.</p>
<div class="lb-trans"><p>然而，隨着過去一年槓桿率終於下降，並且未來有更多去槓桿化的明確路徑，美國電話電報的 5% 股息率現在更加穩固。讓我們看看對於那些尋求 passsive income 的人來説，現在是否是一個有吸引力的選擇。</p>
</div><h2>Falling fast with an acceleration ahead</h2>
<div class="lb-trans"><h2>迅速下滑，未來加速</h2>
</div><p>AT&amp;T ended the second quarter with $126.9 billion of net debt, which put its leverage ratio at nearly 2.9 times. That was an improvement from the year-ago period, when it had $132 billion of net debt and a 3.1 leverage ratio. The company has been producing growing excess free cash flow after capital investments and dividends, which it has used to repay debt, to the tune of $1.9 billion of debt reduction in the second quarter and $5.1 billion over the past year.</p>
<div class="lb-trans"><p>AT&amp;T 第二季度末的淨債務為 1,269 億美元，使其槓桿率接近 2.9 倍。這與一年前的情況相比有所改善，當時其淨債務為 1,320 億美元，槓桿率為 3.1 倍。公司一直在生產不斷增長的超額自由現金流（扣除資本投資和股息後），用於償還債務，僅第二季度就減少了 19 億美元的債務，過去一年減少了 51 億美元。</p>
</div><p>The company expects to continue producing excess cash, which should allow it to reach a leverage ratio in the range of 2.5 in the first half of next year. Leverage should continue to decline in the future, especially after the company recently agreed to sell its remaining 70% stake in DirecTV to partner TPG. That deal, which should close in the second half of next year, will bring in an additional $7.6 billion of cash through 2029. The company plans to use those cash payments to strengthen its balance sheet further.</p>
<div class="lb-trans"><p>公司預計將繼續產生超額現金，這將使其在明年上半年達到 2.5 左右的槓桿率。未來槓桿率應該會繼續下降，尤其是在公司最近同意將其在 DirecTV 的剩餘 70% 股權出售給合作伙伴 TPG 後。該交易預計將於明年下半年完成，到 2029 年將帶來額外 76 億美元的現金。公司計劃利用這些現金支付進一步加強其資產負債表。</p>
</div><p>With its leverage ratio improving and further enhancement ahead, AT&amp;T's high-yielding dividend is growing more sustainable.</p>
<div class="lb-trans"><p>隨着其槓桿率的改善和未來的進一步增強，美國電話電報的高股息變得更加可持續。</p>
</div><h2>Still behind its rival</h2>
<div class="lb-trans"><h2>仍落後於競爭對手</h2>
</div><p>While AT&amp;T hasn't had to cut its dividend again since slashing it following the spinoff of its media business, it also hasn't been able to start increasing its dividend, either. That could change in the coming years, especially as it pulls forward cash through the sell-off of its stake in DirecTV. It could use that cash to further reduce debt, repurchase shares, and increase its dividend.</p>
<div class="lb-trans"><p>自從削減股息後，AT&amp;T 自媒體業務剝離以來並沒有再次削減股息，但也沒有開始增加股息。這種情況在未來幾年可能會發生變化，特別是隨着通過出售 DirecTV 股權來提前獲取現金。公司可以利用這筆現金進一步減少債務、回購股票和增加股息。</p>
</div><p>In the meantime, AT&amp;T currently offers a bond-like fixed income stream, with its payout yielding around 5%. Contrast that with rival <strong>Verizon</strong>(VZ 0.67%), which has a higher dividend yield of around 6%. Furthermore, Verizon has steadily increased its dividend. It delivered its 18th consecutive annual dividend increase this year, the longest current streak in the U.S. telecom sector. While Verizon's raises have been modest, at less than 2% annually in recent years, it has at least given its investors a raise.</p>
<div class="lb-trans"><p>與競爭對手 <strong>威瑞森</strong>(VZ 0.67%) 相比，AT&amp;T 目前提供類似債券的固定收入流，其股息率約為 5%。威瑞森的股息率約為 6%，比 AT&amp;T 高。此外，威瑞森一直在穩步增加股息。今年，它連續第 18 年增加股息，是美國電信行業目前最長的連續增長紀錄。儘管威瑞森的增長幅度較小，近年來每年不到 2%，但至少給了投資者一些回報。</p>
</div><p>Verizon has been able to increase its dividend because it has a stronger financial profile. Its leverage ratio was down to 2.5 at the end of the second half, which is AT&amp;T's target range for the first half of next year. Verizon's leverage ratio should continue to fall over the long term. Its long-term target is to get it down to a range of 1.75 to 2.0, though it plans to start allocating some capital to share repurchases once it's around 2.25. While Verizon's pending $20 billion all-cash deal for Frontier will delay its ability to achieve its targeted leverage ratio, it will have a lower level following that deal than AT&amp;T has right now.</p>
<div class="lb-trans"><p>威瑞森之所以能夠增加股息，是因為其財務狀況更強。截至下半年末，其槓桿率已降至 2.5，這是 AT&amp;T 明年上半年的目標範圍。威瑞森的槓桿率應該會在長期內繼續下降。其長期目標是將其降至 1.75 至 2.0 的範圍，儘管一旦降至 2.25 左右，計劃開始向股票回購分配一些資本。儘管威瑞森即將進行的 200 億美元全現金收購 Frontier 將延遲其實現目標槓桿率的能力，但在該交易之後，其槓桿率將低於 AT&amp;T 目前的水平。</p>
</div><h2>Not there quite yet</h2>
<div class="lb-trans"><h2>還未完全達到目標</h2>
</div><p>Given its higher yield, steady growth, and lower current leverage level, Verizon is the better option over AT&amp;T for passive income right now. That could change over the next year. If AT&amp;T's improving balance sheet puts it in the position to return more cash to shareholders by starting to increase the dividend and buying back stock, it would become a more attractive option for income investors.</p>
<div class="lb-trans"><p>考慮到其更高的股息率、穩定的增長和較低的當前槓桿水平，威瑞森目前是 passsive income 的更好選擇。這種情況可能會在未來一年發生變化。如果 AT&amp;T 的資產負債表改善使其有能力通過開始增加股息和回購股票來向股東返還更多現金，那麼它將成為收入投資者更有吸引力的選擇。</p>
</div>

美國電話電報 5% 收益的股息終於適合用於被動收入了嗎？