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Rogers Communications Inc Shs -B- Non-Voting RCI Stock Quote

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Rogers' Early Q3 Network Outage Seems to Have Mostly Affected Only Short-Term Financial Results

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

Rogers Communications reported a surprisingly strong third quarter, considering that it was dealing with the fallout of a major network outage in early July. Third-quarter sales and profits were reduced by nonrecurring customer credits that the firm provided in the outage’s wake. However, wireless subscriber additions were superb, indicating the strong third-quarter subscriber results from competitors BCE and Telus resulted from sizable industry growth rather than a share loss for Rogers. Cable subscriber results were weaker than we’d otherwise expect, but we’ve forecast long-term cable market share loss to BCE notwithstanding the network outage. Overall, the third-quarter results reinforce our view that the network outage won’t have a long-term impact on Rogers. We are maintaining our forecast and CAD 70 fair value estimate.

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Company Profile RCI

Business Description

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers' wireless business accounted for 60% of the company's total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years. Rogers' cable segment, which provides about one fourth of total sales, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers' media unit, which owns and operates various television and radio stations and the Toronto Blue Jays. Rogers' significant exposure to sports also includes ownership stakes in the Toronto Maple Leafs, Raptors, FC, and Argonauts.

333 Bloor Street East, 10th Floor
Toronto, ON, M4W 1G9, Canada
T +1 416 935-7777
Industry Telecom Services
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2021
Employees 23,000

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