Hey there. BCE's dividend by the numbers right now looks safe. Lots of people look to payout ratios in the form of earnings and see a 100%+ payout ratio and get nervous. However, if you dig a little deeper BCE's payout ratio makes up only 66% of earnings.
In terms of dividend growth, out of the big 3 at least, BCE lags behind Telus with 5 year growth rates in the 5% range where Telus is in the 8% range.
In my opinion, I see more growth potential in Telus moving forward as both a Telehealth play and a 5G play. Telus is more a pure-play telecom company, and isn't bogged down by a low ROI Media Division. It also has the longest dividend growth streak in the country at 16 years. Payout ratios in terms of free cash flows are a little higher (91%) but I still view the dividend as safe.
Overall though, I really like both BCE and T. Rogers left a sour taste in my mouth when they didn't increase the dividend, an absolute must in my opinion from a telecom company.
Full disclosure, I'm long Telus. It's also one of our foundational picks for 2020.