Analyst Note
| Matthew Dolgin, CFA |After showing signs of recovery in the third quarter, Rogers regressed in the fourth quarter as Canada saw renewed lockdowns, keeping the wireless business under pressure. While Rogers’ business will continue to be depressed as long as the pandemic limits normal movement and travel, we believe the business is structurally sound and sell-offs in the stock like the one following the earnings release create opportunities, as results are likely to improve dramatically whenever life returns to normal. We plan to maintain our CAD 65 fair value estimate, which makes the stock somewhat attractive after today’s decline.