Stock BCE BCE INC.
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Financials BCE Inc.

Equities

BCE

CA05534B7604

Integrated Telecommunications Services

Market Closed - Toronto S.E.
Other stock markets
 04:15:05 2024-04-26 pm EDT 		5-day change 1st Jan Change
44.59 CAD -0.73% Intraday chart for BCE Inc. -0.47% -14.53%
Apr. 24 Rogers Communications Q1 Results Should Dispel Some Fears, TD Says MT
Apr. 23 TSX climbs as tech stocks power broader recovery RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 54,366 49,225 59,811 54,252 47,593 40,678 - -
Enterprise Value (EV) 1 80,517 77,326 89,277 86,023 81,998 77,834 77,252 76,706
P/E ratio 17.9 x 19.7 x 22 x 20 x 22.9 x 16.6 x 14.1 x 14.1 x
Yield 5.27% 6.12% 5.32% 6.19% 7.42% 8.95% 9.25% 9.6%
Capitalization / Revenue 2.27 x 2.15 x 2.55 x 2.24 x 1.93 x 1.64 x 1.61 x 1.59 x
EV / Revenue 3.36 x 3.38 x 3.81 x 3.56 x 3.32 x 3.13 x 3.05 x 2.99 x
EV / EBITDA 7.97 x 8.05 x 9.02 x 8.43 x 7.87 x 7.29 x 7.06 x 6.85 x
EV / FCF 21.1 x 23.1 x 29.8 x 28 x 26.1 x 26.9 x 21.3 x 18.9 x
FCF Yield 4.74% 4.33% 3.35% 3.57% 3.83% 3.71% 4.69% 5.3%
Price to Book 2.58 x 2.35 x 2.64 x 2.45 x 2.35 x 2.45 x 2.41 x 3 x
Nbr of stocks (in thousands) 903,690 904,375 908,850 911,955 912,274 912,275 - -
Reference price 2 60.16 54.43 65.81 59.49 52.17 44.59 44.59 44.59
Announcement Date 2/6/20 2/4/21 2/3/22 2/2/23 2/8/24 - - -
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 24,879 25,306 25,664
EBITDA 1 10,106 9,607 9,893 10,199 10,417 10,678 10,943 11,200
EBIT 1 5,594 4,615 5,284 5,476 5,499 5,695 5,909 6,074
Operating Margin 23.34% 20.17% 22.53% 22.65% 22.29% 22.89% 23.35% 23.67%
Earnings before Tax (EBT) 1 4,386 3,265 3,936 3,893 3,323 3,678 4,231 4,177
Net income 1 3,040 2,498 2,709 2,716 2,076 2,444 2,882 2,875
Net margin 12.69% 10.92% 11.55% 11.24% 8.41% 9.83% 11.39% 11.2%
EPS 2 3.370 2.760 2.990 2.980 2.280 2.683 3.157 3.154
Free Cash Flow 1 3,818 3,348 2,995 3,067 3,144 2,890 3,622 4,064
FCF margin 15.93% 14.63% 12.77% 12.69% 12.74% 11.62% 14.31% 15.84%
FCF Conversion (EBITDA) 37.78% 34.85% 30.27% 30.07% 30.18% 27.06% 33.1% 36.29%
FCF Conversion (Net income) 125.59% 134.03% 110.56% 112.92% 151.45% 118.22% 125.67% 141.35%
Dividend per Share 2 3.170 3.330 3.500 3.680 3.870 3.989 4.122 4.281
Announcement Date 2/6/20 2/4/21 2/3/22 2/2/23 2/8/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 5,836 6,209 5,850 5,861 6,024 6,439 6,054 6,066 6,080 6,473 6,063 6,147 6,155 6,483 -
EBITDA 1 2,558 2,430 2,584 2,590 2,588 2,437 2,538 2,645 2,667 2,567 2,559 2,721 2,747 2,645 -
EBIT 1 1,361 1,254 1,420 1,351 1,385 1,245 1,337 1,413 1,435 1,314 1,280 1,459 1,504 1,376 -
Operating Margin 23.32% 20.2% 24.27% 23.05% 22.99% 19.34% 22.08% 23.29% 23.6% 20.3% 21.11% 23.74% 24.43% 21.23% -
Earnings before Tax (EBT) 1 1,119 907 1,269 886 949 789 1,058 670 950 645 899.9 1,059 1,097 999.7 -
Net income 1 757 625 877 596 715 528 725 329 640 382 497 667.3 667.4 594.9 -
Net margin 12.97% 10.07% 14.99% 10.17% 11.87% 8.2% 11.98% 5.42% 10.53% 5.9% 8.2% 10.86% 10.84% 9.18% -
EPS 2 0.8300 0.6900 0.9600 0.6600 0.7800 0.5800 0.7900 0.3700 0.7000 0.4200 0.5720 0.6958 0.7138 0.6824 -
Dividend per Share 2 0.8750 0.8750 0.9200 0.9200 0.9200 0.9200 0.9675 0.9675 0.9675 0.9675 0.9988 0.9988 0.9988 0.9988 0.9965
Announcement Date 11/4/21 2/3/22 5/5/22 8/4/22 11/3/22 2/2/23 5/4/23 8/2/23 11/2/23 2/8/24 - - - - -
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 37,155 36,573 36,028
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.588 x 2.925 x 2.978 x 3.115 x 3.303 x 3.48 x 3.342 x 3.217 x
Free Cash Flow 1 3,818 3,348 2,995 3,067 3,144 2,890 3,622 4,064
ROE (net income / shareholders' equity) 15.2% 11.9% 12.4% 12.1% 13.8% 15.3% 16.7% 19.4%
ROA (Net income/ Total Assets) 5.38% 4.14% 4.25% 3.99% 4.14% 3.8% 4.02% 4.4%
Assets 1 56,522 60,405 63,714 68,046 50,115 64,355 71,626 65,344
Book Value Per Share 2 23.30 23.20 24.90 24.30 22.20 18.20 18.50 14.90
Cash Flow per Share 2 8.830 8.570 8.820 9.170 8.710 7.860 8.550 -
Capex 1 3,988 4,202 4,837 5,133 4,581 4,079 4,023 4,030
Capex / Sales 16.64% 18.36% 20.63% 21.23% 18.57% 16.39% 15.9% 15.7%
Announcement Date 2/6/20 2/4/21 2/3/22 2/2/23 2/8/24 - - -
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
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
19
Last Close Price
44.59 CAD
Average target price
51.95 CAD
Spread / Average Target
+16.50%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

1st Jan change Capi.
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Other Integrated Telecommunications Services
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