Projected Income Statement: BCE Inc.

Forecast Balance Sheet: BCE Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 29,466 31,771 34,405 40,299 40,234 41,454 39,657 38,618
Change - 7.82% 8.29% 17.13% -0.16% 3.03% -4.33% -2.62%
Announcement Date 03/02/22 02/02/23 08/02/24 06/02/25 05/02/26 - - -
1CAD in Million
Estimates

Cash Flow Forecast: BCE Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 4,837 5,133 4,581 3,897 3,700 5,009 4,009 3,787
Change - 6.12% -10.75% -14.93% -5.06% 35.37% -19.96% -5.53%
Free Cash Flow (FCF) 1 2,995 3,067 3,144 2,888 3,178 2,399 3,653 3,902
Change - 2.4% 2.51% -8.14% 10.04% -24.5% 52.27% 6.79%
Announcement Date 03/02/22 02/02/23 08/02/24 06/02/25 05/02/26 - - -
1CAD in Million
Estimates

Forecast Financial Ratios: BCE Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 42.19% 42.19% 42.22% 43.38% 43.56% 43.3% 43.58% 43.97%
EBIT Margin (%) 22.53% 22.65% 22.29% 22.73% 22.15% 20.46% 21.76% 22.3%
EBT Margin (%) 16.79% 16.1% 13.47% 3.9% 31.5% 14.16% 14.05% 14.93%
Net margin (%) 11.55% 11.24% 8.41% 0.67% 25.77% 9.84% 9.62% 10.37%
FCF margin (%) 12.77% 12.69% 12.74% 11.83% 12.99% 9.58% 14.33% 15.03%
FCF / Net Income (%) 110.56% 112.92% 151.45% 1,771.78% 50.4% 97.39% 148.99% 144.95%

Profitability

        
ROA 4.25% 3.99% 4.14% 3.81% 3.39% 3.29% 3.05% 3.16%
ROE 12.42% 12.12% 13.8% 14.88% 13.01% 12.08% 11.9% 12.26%

Financial Health

        
Leverage (Debt/EBITDA) 2.98x 3.12x 3.3x 3.81x 3.78x 3.82x 3.57x 3.38x
Debt / Free cash flow 9.84x 10.36x 10.94x 13.95x 12.66x 17.28x 10.86x 9.9x

Capital Intensity

        
CAPEX / Current Assets (%) 20.63% 21.23% 18.57% 15.97% 15.12% 20% 15.73% 14.59%
CAPEX / EBITDA (%) 48.89% 50.33% 43.98% 36.8% 34.72% 46.19% 36.09% 33.17%
CAPEX / FCF (%) 161.5% 167.36% 145.71% 134.94% 116.43% 208.76% 109.74% 97.07%

Items per share

        
Cash flow per share 1 8.824 9.172 8.711 7.66 7.527 7.617 8.158 -
Change - 3.95% -5.03% -12.07% -1.74% 1.2% 7.1% -
Dividend per Share 1 3.5 3.68 3.87 3.99 2.31 1.75 1.761 1.78
Change - 5.14% 5.16% 3.1% -42.11% -24.24% 0.64% 1.06%
Book Value Per Share 1 24.9 24.32 22.17 18.68 24.58 22.86 23.99 25.33
Change - -2.34% -8.82% -15.74% 31.53% -6.99% 4.96% 5.59%
EPS 1 2.99 2.98 2.28 0.18 6.79 2.612 2.649 2.935
Change - -0.33% -23.49% -92.11% 3,672.22% -61.53% 1.43% 10.79%
Nbr of stocks (in thousands) 9,08,850 9,11,955 9,12,274 9,12,283 9,32,526 9,32,526 9,32,526 9,32,526
Announcement Date 03/02/22 02/02/23 08/02/24 06/02/25 05/02/26 - - -
1CAD
Estimates
2026 *2027 *
P/E ratio 12.5x 12.4x
PBR 1.43x 1.36x
EV / Sales 2.87x 2.75x
Yield 5.35% 5.38%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
33.20CAD
Average target price
37.68CAD
Spread / Average Target
+13.48%

Quarterly revenue - Rate of surprise