Financials BCE Inc.

Equities

BCE

CA05534B7604

Integrated Telecommunications Services

Market Closed - Toronto S.E. 01:30:00 13/07/2024 am IST 5-day change 1st Jan Change
44.28 CAD +0.66% Intraday chart for BCE Inc. +2.76% -15.12%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 54,366 49,225 59,811 54,252 47,593 40,396 - -
Enterprise Value (EV) 1 80,517 77,326 89,277 86,023 81,998 78,004 77,490 76,158
P/E ratio 17.9 x 19.7 x 22 x 20 x 22.9 x 17.9 x 14.7 x 13.9 x
Yield 5.27% 6.12% 5.32% 6.19% 7.42% 9% 9.2% 9.34%
Capitalization / Revenue 2.27 x 2.15 x 2.55 x 2.24 x 1.93 x 1.63 x 1.61 x 1.59 x
EV / Revenue 3.36 x 3.38 x 3.81 x 3.56 x 3.32 x 3.16 x 3.1 x 3 x
EV / EBITDA 7.97 x 8.05 x 9.02 x 8.43 x 7.87 x 7.36 x 7.14 x 6.89 x
EV / FCF 21.1 x 23.1 x 29.8 x 28 x 26.1 x 27.1 x 21.2 x 18.9 x
FCF Yield 4.74% 4.33% 3.35% 3.57% 3.83% 3.7% 4.71% 5.28%
Price to Book 2.58 x 2.35 x 2.64 x 2.45 x 2.35 x 2.45 x 2.41 x 2.95 x
Nbr of stocks (in thousands) 9,03,690 9,04,375 9,08,850 9,11,955 9,12,274 9,12,283 - -
Reference price 2 60.16 54.43 65.81 59.49 52.17 44.28 44.28 44.28
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 24,713 25,014 25,359
EBITDA 1 10,106 9,607 9,893 10,199 10,417 10,593 10,851 11,048
EBIT 1 5,594 4,615 5,284 5,476 5,499 5,614 5,836 5,953
Operating Margin 23.34% 20.17% 22.53% 22.65% 22.29% 22.72% 23.33% 23.48%
Earnings before Tax (EBT) 1 4,386 3,265 3,936 3,893 3,323 3,353 3,990 4,210
Net income 1 3,040 2,498 2,709 2,716 2,076 2,300 2,721 2,902
Net margin 12.69% 10.92% 11.55% 11.24% 8.41% 9.31% 10.88% 11.44%
EPS 2 3.370 2.760 2.990 2.980 2.280 2.470 3.013 3.178
Free Cash Flow 1 3,818 3,348 2,995 3,067 3,144 2,883 3,652 4,024
FCF margin 15.93% 14.63% 12.77% 12.69% 12.74% 11.67% 14.6% 15.87%
FCF Conversion (EBITDA) 37.78% 34.85% 30.27% 30.07% 30.18% 27.22% 33.65% 36.43%
FCF Conversion (Net income) 125.59% 134.03% 110.56% 112.92% 151.45% 125.35% 134.18% 138.67%
Dividend per Share 2 3.170 3.330 3.500 3.680 3.870 3.987 4.073 4.136
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 6,066 6,113 6,470 6,090 -
EBITDA 1 2,430 2,584 2,590 2,588 2,437 2,538 2,645 2,667 2,567 2,565 2,676 2,713 2,623 2,638 -
EBIT 1 1,254 1,420 1,351 1,385 1,245 1,337 1,413 1,435 1,314 1,303 1,431 1,484 1,354 1,338 -
Operating Margin 20.2% 24.27% 23.05% 22.99% 19.34% 22.08% 23.29% 23.6% 20.3% 21.68% 23.58% 24.28% 20.92% 21.98% -
Earnings before Tax (EBT) 1 907 1,269 886 949 789 1,058 670 950 645 623 863.2 895.8 872.7 - -
Net income 1 625 877 596 715 528 725 329 640 382 402 649.7 622 554.8 570.7 -
Net margin 10.07% 14.99% 10.17% 11.87% 8.2% 11.98% 5.42% 10.53% 5.9% 6.69% 10.71% 10.17% 8.58% 9.37% -
EPS 2 0.6900 0.9600 0.6600 0.7800 0.5800 0.7900 0.3700 0.7000 0.4200 0.4400 0.6259 0.6727 0.6451 0.6810 -
Dividend per Share 2 0.8750 0.9200 0.9200 0.9200 0.9200 0.9675 0.9675 0.9675 0.9675 0.9975 0.9993 0.9993 0.9993 1.012 0.9975
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 37,609 37,094 35,762
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.588 x 2.925 x 2.978 x 3.115 x 3.303 x 3.55 x 3.418 x 3.237 x
Free Cash Flow 1 3,818 3,348 2,995 3,067 3,144 2,883 3,652 4,024
ROE (net income / shareholders' equity) 15.2% 11.9% 12.4% 12.1% 13.8% 14.9% 16.4% 19.1%
ROA (Net income/ Total Assets) 5.38% 4.14% 4.25% 3.99% 4.14% 3.74% 3.99% 4.5%
Assets 1 56,522 60,405 63,714 68,046 50,115 61,467 68,225 64,490
Book Value Per Share 2 23.30 23.20 24.90 24.30 22.20 18.10 18.30 15.00
Cash Flow per Share 2 8.830 8.570 8.820 9.170 8.710 8.290 8.340 -
Capex 1 3,988 4,202 4,837 5,133 4,581 4,069 3,986 3,895
Capex / Sales 16.64% 18.36% 20.63% 21.23% 18.57% 16.46% 15.94% 15.36%
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

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
19
Last Close Price
44.28 CAD
Average target price
49.76 CAD
Spread / Average Target
+12.39%
Consensus