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

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.