Bogumil Baranowski of Sicart Associates presented his in-depth investment thesis on AT&T (US: T) at Best Ideas 2019.

Thesis summary:

AT&T is a leading U.S. telecom company. The stock is down, cheap, and out of favor. A boring name for exciting times, AT&T is a stable, slowly growing business with a healthy ~6.5% dividend. The shares trade near a multi-year low and at a historically low valuation. The business should benefit from 5G data rollout over the next few years.

The Time Warner acquisition offers significant long-term potential, but it has been a source of distraction so far, both for management and investors. The nature of AT&T’s business suggests it should do relatively well in a recession.

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About the instructor:

Bogumil Baranowski has a Master’s degree in Finance and Strategy from Institut d’Etudes Politiques de Paris (Sciences Po), and a Master’s in Finance and Banking from Warsaw School of Economics. He has over 13 years of investment experience. Before joining Sicart Associates, LLC, he worked at Tocqueville Asset Management L.P. as a portfolio manager and senior equity analyst. He is the author of Outsmarting the Crowd – A Value Investor’s Guide to Starting, Building and Keeping a Family Fortune (2015). He is a TEDx Speaker, an Executive Board member of one of the oldest and most advanced Toastmasters International clubs in New York City, and an Instructor at MOI Global (The Community of Intelligent Investors). His articles regularly appear on Seeking Alpha.