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Quebecor Inc Shs -B- Subord.Voting QBR.B

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Stock XTSE Rating as of
CAD 29.12 −0.25 (0.85%)
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Company Report

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Quebecor Earnings: Integration of Freedom Mobile Continues to Drive Wireless Business

Matthew Dolgin

Quebecor’s quarterly results reflected continued progress in integrating Freedom Mobile and expanding its presence as a national wireless carrier. The rest of Quebecor’s business continues to struggle amid a challenging landscape, as internet revenue growth slowed, and other businesses declined year over year. However, wireless is the most important growth business, and we remain confident in Quebecor’s ability to add both wireless and internet subscribers. We’re maintaining our CAD 40 per share fair value estimate and believe shares are undervalued.

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Price vs Fair Value

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QBR.B is trading at a 146% premium.
Price
CAD 29.12
Fair Value
CAD 56.00
Uncertainty
Medium
1-Star Price
CAD 81.00
5-Star Price
CAD 67.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Quebecor’s national wireless ambitions should benefit from a favorable regulatory environment. It should be able to offer promotions and gain share without taking significant economic losses.

Bears

As a national wireless carrier, Quebecor will have none of the advantages that have made it successful in Quebec.

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News

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Trading Information

Previous Close Price
CAD 29.37
Day Range
CAD 28.73–29.22
52-Week Range
CAD 27.25–34.47
Bid/Ask
CAD 29.03 / CAD 29.12
Market Cap
CAD 6.72 Bil
Volume/Avg
1.0 Mil / 784,827

Key Statistics

Price/Earnings (Normalized)
10.18
Price/Sales
1.22
Dividend Yield (Trailing)
4.29%
Dividend Yield (Forward)
4.46%
Total Yield
4.41%

Company Profile

Quebecor primarily provides telecom services in Quebec, where it has roughly 1.7 million internet subscribers—equating to a penetration rate of about 50% in its footprint—and over 3 million mobile subscribers, including more than 20% wireless market share in Quebec. With the acquisition of Freedom Mobile in April 2023, Quebecor also has more than 1.5 million mobile subscribers in Ontario, British Columbia, and Alberta. Quebecor also offers a French-language subscription video-on-demand service and has a media segment that owns and operates television stations, publishes newspapers and magazines, and produces and distributes films and television shows. A very small portion of Quebecor’s business engages in live event production and promotion and owns live-event venues.
Sector
Communication Services
Industry
Telecom Services
Stock Style Box
Mid Core
Total Number of Employees
11,417
Website
https://www.quebecor.com

Competitors

Valuation

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Metric
QBR.B
BCE
RCI
Price/Earnings (Normalized)
 10.1814.4111.27
Price/Book Value
 3.592.472.56
Price/Sales
 1.221.641.33
Price/Cash Flow
 4.195.234.39
Price/Earnings
QBR.B
BCE
RCI

Financial Strength

Metric
QBR.B
BCE
RCI
Quick Ratio
 0.380.460.58
Current Ratio
 0.650.610.77
Interest Coverage
 3.172.711.46
Quick Ratio
QBR.B
BCE
RCI

Profitability

Metric
QBR.B
BCE
RCI
Return on Assets (Normalized)
 6.00%3.96%3.56%
Return on Equity (Normalized)
 44.57%16.39%22.19%
Return on Invested Capital (Normalized)
 10.85%6.68%6.65%
Return on Assets
QBR.B
BCE
RCI
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