Projected Income Statement: BCE Inc.

Forecast Balance Sheet: BCE Inc.

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 28,101 29,466 31,771 34,405 40,299 40,124 37,257 37,080
Change - 4.86% 7.82% 8.29% 17.13% -0.43% -7.15% -0.48%
Announcement Date 04/02/21 03/02/22 02/02/23 08/02/24 06/02/25 - - -
1CAD in Million
Estimates

Cash Flow Forecast: BCE Inc.

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 4,202 4,837 5,133 4,581 3,897 3,604 3,787 3,890
Change - 15.11% 6.12% -10.75% -14.93% -7.53% 5.08% 2.74%
Free Cash Flow (FCF) 1 3,348 2,995 3,067 3,144 2,888 3,278 3,417 3,677
Change - -10.54% 2.4% 2.51% -8.14% 13.52% 4.24% 7.61%
Announcement Date 04/02/21 03/02/22 02/02/23 08/02/24 06/02/25 - - -
1CAD in Million
Estimates

Forecast Financial Ratios: BCE Inc.

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) 41.98% 42.19% 42.19% 42.22% 43.38% 43.37% 43.23% 43.26%
EBIT Margin (%) 20.17% 22.53% 22.65% 22.29% 22.73% 22.24% 21.85% 21.48%
EBT Margin (%) 14.27% 16.79% 16.1% 13.47% 3.9% 31.36% 14.08% 14.47%
Net margin (%) 10.92% 11.55% 11.24% 8.41% 0.67% 25.23% 9.14% 9.59%
FCF margin (%) 14.63% 12.77% 12.69% 12.74% 11.83% 13.33% 13.51% 14.37%
FCF / Net Income (%) 134.03% 110.56% 112.92% 151.45% 1,771.78% 52.83% 147.7% 149.83%

Profitability

        
ROA 4.14% 4.25% 3.99% 4.14% 3.81% 5.78% 3.06% 2.96%
ROE 11.88% 12.42% 12.12% 13.8% 14.88% 18.19% 11.83% 11.28%

Financial Health

        
Leverage (Debt/EBITDA) 2.93x 2.98x 3.12x 3.3x 3.81x 3.76x 3.41x 3.35x
Debt / Free cash flow 8.39x 9.84x 10.36x 10.94x 13.95x 12.24x 10.9x 10.08x

Capital Intensity

        
CAPEX / Current Assets (%) 18.36% 20.63% 21.23% 18.57% 15.97% 14.65% 14.97% 15.2%
CAPEX / EBITDA (%) 43.74% 48.89% 50.33% 43.98% 36.8% 33.79% 34.62% 35.14%
CAPEX / FCF (%) 125.51% 161.5% 167.36% 145.71% 134.94% 109.92% 110.8% 105.79%

Items per share

        
Cash flow per share 1 8.567 8.824 9.172 8.711 7.66 7.474 7.774 -
Change - 3% 3.95% -5.03% -12.07% -2.43% 4.02% -
Dividend per Share 1 3.33 3.5 3.68 3.87 3.99 2.366 1.75 1.763
Change - 5.11% 5.14% 5.16% 3.1% -40.7% -26.04% 0.73%
Book Value Per Share 1 23.21 24.9 24.32 22.17 18.68 21.14 21.31 23.33
Change - 7.29% -2.34% -8.82% -15.74% 13.13% 0.83% 9.44%
EPS 1 2.76 2.99 2.98 2.28 0.18 6.714 2.41 2.545
Change - 8.33% -0.33% -23.49% -92.11% 3,629.87% -64.11% 5.62%
Nbr of stocks (in thousands) 9,04,375 9,08,850 9,11,955 9,12,274 9,12,283 9,32,526 9,32,526 9,32,526
Announcement Date 04/02/21 03/02/22 02/02/23 08/02/24 06/02/25 - - -
1CAD
Estimates
2025 *2026 *
P/E ratio 4.92x 13.7x
PBR 1.56x 1.55x
EV / Sales 2.88x 2.69x
Yield 7.17% 5.3%
More valuation ratios * Estimated data

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
33.02CAD
Average target price
36.43CAD
Spread / Average Target
+10.32%
Consensus

Quarterly revenue - Rate of surprise