Analyst Note| Matthew Dolgin, CFA |
Like the other major Canadian wireless providers, BCE’s business has been severely hampered by the pandemic and lockdowns. But BCE has gradually improved in mitigating the disruption--posting sales and EBITDA growth for the first time since the pandemic began during the first quarter, exceeding Visible Alpha estimates. BCE is now on the verge of a significant pick up in results, in our opinion, as normalcy returns. We like BCE’s strategy and expect strength in all its segments in the near future. We don’t plan to materially raise our CAD 65 fair value estimate, but the stock remains the most attractive of the Canadian telecom companies we cover, in our view.