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BCE Inc

BCE: XTSE (CAN)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 13.00	Jxjqxt	Qgjtjstn

BCE Earnings: Disappointing Sales as Areas of Strength Are Offset in Unsurprisingly Weak Results

May 2, 2024

Given the downbeat 2024 outlook BCE provided earlier this year, first-quarter sales and EBITDA stagnation were unsurprising. Postpaid mobile phone and residential fixed-line internet subscriber additions remained strong, but the firm discussed an intensely competitive environment, and BCE seems to be materially underperforming rival Rogers. Margins should improve as the year goes on as some of the firm’s cost and workforce reductions take effect. BCE maintained its 2024 outlook, and we’re not changing our CAD 60 fair value estimate.

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