BCE Inc

BCE: XTSE (CAN)

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BCE Earnings: Weak Wireless Results Overshadow Profitability Improvements; Reducing FVE to CAD 56

Samuel Siampaus

Nov 7, 2024

Narrow-moat BCE's 2024 third-quarter results reflected stiff competition in the wireless market as the firm lowered full-year revenue guidance. Yet, management continues prioritizing profitability, driving adjusted EBITDA growth against declining revenue. We see the market as overly pessimistic about BCE and believe the wireless market will rebound, paving the way for pricing and subscriber growth improvements through our forecast. Yet, we have slightly lowered our fair value estimate to CAD 56 from CAD 60 to account for a lower near-term wireless revenue outlook.

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BCE Inc

BCE Earnings: Weak Wireless Results Overshadow Profitability Improvements; Reducing FVE to CAD 56

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