Cellcom Israel (CEL): Dialing for dividends

"Cellcom Israel (NYSE: CEL) is the dominant cell phone provider in a country where more people use cell phones than almost anywhere else on earth," notes Carla Pasternak.

The editor of High Yield Investing explains, "In fact, there are more cellular phones than people." Here's her look at her latest "High Yield Stock of the Month," which offers a double-digit dividend yield.

"Israelis use them at home instead of traditional fixed line phones. Every 12-year old kid has a cell phone glued to their ear. But the market still has room to grow. The nation's population is growing at almost 2% a year, thanks to a continuous influx of new immigrants. 

"The economy has grown over 5% a year for the past four years, and a healthy economy means more people with more money to spend on wireless services. And spend they do -- telecom services accounts for over 4% of the nation's econ