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.