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Shaw Communications Inc Class B SJR

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Morningstar’s Analysis

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Shaw’s Merger Remains on Track as Fiscal Q3 Results Are Consistent With Recent Trends

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

Shaw reported fiscal third-quarter results that were generally in line with our expectations, as trends of wireline subscriber losses that coincide with higher revenue per customer and wireless subscriber additions accompanied by diminishing revenue per user continued. The results should be more interesting to Rogers’ shareholders than Shaw’s, as Shaw’s stock price is solely dependent on its pending merger with Rogers. With no change to the firm’s expectation that the merger will close in the first half of 2022 nor our view that the deal has about a two thirds likelihood of being approved, we are raising our probability-weighted fair value estimate for Shaw to CAD 35 from CAD 34.

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Company Profile

Business Description

Shaw Communications is a Canadian cable company that is one of the biggest providers of Internet, television, and landline telephone services in British Columbia, Alberta, Saskatchewan, Manitoba, and northern Ontario. In fiscal 2020, more than 75% of Shaw's total revenue resulted from this wireline business. Shaw is also now a national wireless service provider after acquiring Wind Mobile in 2016. Shaw has upgraded its wireless network, undertaken an aggressive pricing strategy, and significantly enhanced its spectrum holdings. As a smaller carrier, Shaw has favored bidding status in spectrum auctions, giving it a further boost in enhancing its wireless network. At the 2019 auction, Shaw added significant amounts of 600 MHz spectrum to the 700 MHz spectrum it is currently deploying.

630 - 3rd Avenue S.W., Suite 900
Calgary, AB, T2P 4L4, Canada
T +1 403 750-4534
Sector Communication Services
Industry Telecom Services
Most Recent Earnings May 31, 2021
Fiscal Year End Aug 31, 2021
Stock Type
Employees 9,500