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BCE Inc BCE

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Stock XNYS Rating as of
$34.37 +0.04 (0.12%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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BCE Earnings: Disappointing Sales as Areas of Strength Are Offset in Unsurprisingly Weak Results

Matthew Dolgin

Given the downbeat 2024 outlook BCE provided earlier this year, first-quarter sales and EBITDA stagnation were unsurprising. Postpaid mobile phone and residential fixed-line internet subscriber additions remained strong, but the firm discussed an intensely competitive environment, and BCE seems to be materially underperforming rival Rogers. Margins should improve as the year goes on as some of the firm’s cost and workforce reductions take effect. BCE maintained its 2024 outlook, and we’re not changing our CAD 60 fair value estimate.

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Price vs Fair Value

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BCE is trading within a range we consider fairly valued.
Price
$34.34
Fair Value
$79.00
Uncertainty
Low
1-Star Price
$49.00
5-Star Price
$21.80
Economic Moat
Htlbpw
Capital Allocation
Fdfbcpwd

Bulls Say, Bears Say

Bulls

The immense network improvement resulting from BCE's fiber-to-the-home buildout will lead to further wireline share gains and margin improvement.

Bears

A combined Quebecor and Freedom Mobile should make for a strong fourth national wireless competitor, and it will likely undercut the Big Three on price, limiting pricing power and pressuring margins.

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Trading Information

Previous Close Price
$34.33
Day Range
$34.18–34.49
52-Week Range
$31.82–47.27
Bid/Ask
$34.36 / $34.37
Market Cap
$31.35 Bil
Volume/Avg
941,593 / 2.5 Mil

Key Statistics

Price/Earnings (Normalized)
15.05
Price/Sales
1.72
Dividend Yield (Trailing)
8.41%
Dividend Yield (Forward)
8.43%
Total Yield
8.41%

Company Profile

BCE provides wireless, broadband, television, and landline phone services in Canada. It is one of the big three national wireless carriers, with over 10 million customers constituting about 30% of the market. It is also the ILEC (incumbent local exchange carrier—the legacy telephone provider) throughout much of the eastern half of Canada, including in the most populous Canadian provinces: Ontario and Quebec. Additionally, BCE has a media segment, which holds television, radio, and digital media assets. BCE licenses the Canadian rights to movie channels including HBO, Showtime, and Starz.
Sector
Communication Services
Industry
Telecom Services
Stock Style Box
Large Value
Total Number of Employees
45,132
Website
https://www.bce.ca

Competitors

Valuation

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Metric
BCE
RCI
QBR.B
Price/Earnings (Normalized)
 15.0511.8910.96
Price/Book Value
 2.582.703.87
Price/Sales
 1.721.401.31
Price/Cash Flow
 5.464.644.51
Price/Earnings
BCE
RCI
QBR.B

Financial Strength

Metric
BCE
RCI
QBR.B
Quick Ratio
 0.520.710.41
Current Ratio
 0.650.890.66
Interest Coverage
 3.051.593.17
Quick Ratio
BCE
RCI
QBR.B

Profitability

Metric
BCE
RCI
QBR.B
Return on Assets (Normalized)
 3.96%3.56%6.00%
Return on Equity (Normalized)
 16.39%22.19%44.57%
Return on Invested Capital (Normalized)
 6.68%6.65%10.85%
Return on Assets
BCE
RCI
QBR.B
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