Financials BCE Inc. Nyse

Equities

BCE

CA05534B7604

Integrated Telecommunications Services

Market Closed - Nyse Other stock markets 01:30:02 11/05/2024 am IST			5-day change	1st Jan Change
33.94 ^USD	+0.44%		+1.01%	-13.81%

03/05	BCE Brief: "Tracking to the Low End of Annual Guidance," notes UBS, Which Keeps a Neutral Rating and C$55 12-Month Price Target on BCE After Its Q1 Result and Update	MT
02/05	BCE Shares Down as 1Q Costs Drag on Profit	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	54,366	49,225	59,811	54,252	47,593	42,320	-	-
Enterprise Value (EV) ¹	80,517	77,326	89,277	86,023	81,998	79,873	79,216	78,515
P/E ratio	17.9 x	19.7 x	22 x	20 x	22.9 x	17.9 x	14.9 x	14.8 x
Yield	5.27%	6.12%	5.32%	6.19%	7.42%	8.6%	8.78%	8.91%
Capitalization / Revenue	2.27 x	2.15 x	2.55 x	2.24 x	1.93 x	1.71 x	1.68 x	1.66 x
EV / Revenue	3.36 x	3.38 x	3.81 x	3.56 x	3.32 x	3.22 x	3.15 x	3.09 x
EV / EBITDA	7.97 x	8.05 x	9.02 x	8.43 x	7.87 x	7.5 x	7.26 x	7.05 x
EV / FCF	21.1 x	23.1 x	29.8 x	28 x	26.1 x	27.4 x	21.4 x	20.4 x
FCF Yield	4.74%	4.33%	3.35%	3.57%	3.83%	3.65%	4.67%	4.9%
Price to Book	2.58 x	2.35 x	2.64 x	2.45 x	2.35 x	2.37 x	2.47 x	2.85 x
Nbr of stocks (in thousands)	9,03,690	9,04,375	9,08,850	9,11,955	9,12,274	9,12,275	-	-
Reference price ²	60.16	54.43	65.81	59.49	52.17	46.39	46.39	46.39
Announcement Date	06/02/20	04/02/21	03/02/22	02/02/23	08/02/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,964	22,883	23,449	24,174	24,673	24,770	25,169	25,433
EBITDA ¹	10,106	9,607	9,893	10,199	10,417	10,657	10,918	11,140
EBIT ¹	5,594	4,615	5,284	5,476	5,499	5,465	5,807	5,916
Operating Margin	23.34%	20.17%	22.53%	22.65%	22.29%	22.06%	23.07%	23.26%
Earnings before Tax (EBT) ¹	4,386	3,265	3,936	3,893	3,323	3,410	4,206	4,146
Net income ¹	3,040	2,498	2,709	2,716	2,076	2,384	2,860	2,858
Net margin	12.69%	10.92%	11.55%	11.24%	8.41%	9.62%	11.36%	11.24%
EPS ²	3.370	2.760	2.990	2.980	2.280	2.597	3.119	3.134
Free Cash Flow ¹	3,818	3,348	2,995	3,067	3,144	2,912	3,697	3,849
FCF margin	15.93%	14.63%	12.77%	12.69%	12.74%	11.76%	14.69%	15.14%
FCF Conversion (EBITDA)	37.78%	34.85%	30.27%	30.07%	30.18%	27.32%	33.86%	34.55%
FCF Conversion (Net income)	125.59%	134.03%	110.56%	112.92%	151.45%	122.15%	129.26%	134.68%
Dividend per Share ²	3.170	3.330	3.500	3.680	3.870	3.990	4.073	4.135
Announcement Date	06/02/20	04/02/21	03/02/22	02/02/23	08/02/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	6,209	5,850	5,861	6,024	6,439	6,054	6,066	6,080	6,473	6,011	6,117	6,168	6,497	-	-
EBITDA ¹	2,430	2,584	2,590	2,588	2,437	2,538	2,645	2,667	2,567	2,565	2,701	2,746	2,647	-	-
EBIT ¹	1,254	1,420	1,351	1,385	1,245	1,337	1,413	1,435	1,314	1,303	1,328	1,466	1,370	-	-
Operating Margin	20.2%	24.27%	23.05%	22.99%	19.34%	22.08%	23.29%	23.6%	20.3%	21.68%	21.7%	23.76%	21.08%	-	-
Earnings before Tax (EBT) ¹	907	1,269	886	949	789	1,058	670	950	645	623	1,059	1,097	999.7	-	-
Net income ¹	625	877	596	715	528	725	329	640	382	402	667.3	667.4	594.9	-	-
Net margin	10.07%	14.99%	10.17%	11.87%	8.2%	11.98%	5.42%	10.53%	5.9%	6.69%	10.91%	10.82%	9.16%	-	-
EPS ²	0.6900	0.9600	0.6600	0.7800	0.5800	0.7900	0.3700	0.7000	0.4200	0.4400	0.6380	0.7436	0.7134	-	-
Dividend per Share ²	0.8750	0.9200	0.9200	0.9200	0.9200	0.9675	0.9675	0.9675	0.9675	-	0.9990	0.9990	0.9990	0.9965	0.9965
Announcement Date	03/02/22	05/05/22	04/08/22	03/11/22	02/02/23	04/05/23	02/08/23	02/11/23	08/02/24	02/05/24	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	26,151	28,101	29,466	31,771	34,405	37,552	36,896	36,195
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.588 x	2.925 x	2.978 x	3.115 x	3.303 x	3.524 x	3.379 x	3.249 x
Free Cash Flow ¹	3,818	3,348	2,995	3,067	3,144	2,912	3,697	3,849
ROE (net income / shareholders' equity)	15.2%	11.9%	12.4%	12.1%	13.8%	14.6%	16.5%	19%
ROA (Net income/ Total Assets)	5.38%	4.14%	4.25%	3.99%	4.14%	3.56%	3.89%	4.5%
Assets ¹	56,522	60,405	63,714	68,046	50,115	66,970	73,493	63,514
Book Value Per Share ²	23.30	23.20	24.90	24.30	22.20	19.50	18.80	16.30
Cash Flow per Share ²	8.830	8.570	8.820	9.170	8.710	8.830	8.550	-
Capex ¹	3,988	4,202	4,837	5,133	4,581	4,073	4,019	3,975
Capex / Sales	16.64%	18.36%	20.63%	21.23%	18.57%	16.44%	15.97%	15.63%
Announcement Date	06/02/20	04/02/21	03/02/22	02/02/23	08/02/24	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BCE Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

46.39 CAD

Average target price

50.83 CAD

Spread / Average Target

+9.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+14.20%	207B
VERIZON COMMUNICATIONS	+7.16%	170B
DEUTSCHE TELEKOM AG	+1.01%	117B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-5.80%	87.54B
CHINA TELECOM CORPORATION LIMITED	+19.52%	72.29B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+8.13%	62.92B
SAUDI TELECOM COMPANY	-4.83%	51.1B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-14.56%	39.73B
CHARTER COMMUNICATIONS, INC.	-29.11%	39.69B

Other Integrated Telecommunications Services