BCE Inc. (BCE)
Sous-évaluéFondamental
73
Prix
$19.84
Capitalisation boursière
$19.86B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
BCE is Canada's largest communications company, operating under the Bell brand. It builds and runs the wireless, broadband internet, television and landline networks that connect most of the country, selling access to households, businesses and government agencies. Through Bell Media it also owns television channels such as CTV, radio stations and sports media rights. Its assets are physical: towers, fibre and copper lines, satellites and studios built up over decades, expensive and slow for a new entrant to replicate at national scale.
Comment l'entreprise gagne de l'argent
Most revenue is recurring: subscribers pay monthly for wireless, internet, television and phone service under contracts, so a customer signed up this year keeps paying next year too. Bell Media adds advertising and subscription fees from its channels. Because the networks already exist, serving one more subscriber costs relatively little, but keeping fibre, 5G and satellite infrastructure current requires continuous heavy capital spending, funded largely from the steady cash that existing subscribers generate every month.
Chiffre d'affaires par segment
Wireless, internet, television and landline services sold to consumers and businesses across Canada, plus related equipment and device sales.
Television networks including CTV, radio stations, and the advertising and subscription revenue generated by Bell's media properties.
Ce qui stimule la demande
DéfensifCommunication services are close to a household necessity, so subscriber numbers move slowly regardless of the economic cycle, and long contracts create friction against switching providers. But growth is capped: nearly every Canadian household already has a phone and an internet connection, so gains must come from price increases, new services such as streaming bundles, or taking share from Rogers and Telus, not from a naturally expanding market.
Les arguments en faveur
Buyers argue that Bell's networks are costly and slow for a rival to duplicate, that most revenue is contractual and recurring, and that the dividend is supported by predictable cash flow from services households rarely cancel.
Les arguments contre
Sellers worry that a saturated, three-player Canadian market leaves little room to add subscribers, that price competition among Bell, Rogers and Telus pressures margins, and that heavy annual spending on fibre and wireless networks limits free cash flow even as the dividend payout stays high.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Rogers is the closest mirror image of Bell: national wireless, home internet and TV in Ontario and Western Canada, plus a media and sports arm that competes with Bell Media for the same viewers and advertisers.
TELUS sells the same national wireless plans and, through its fibre network in British Columbia, Alberta and Quebec, the same home internet and TV bundles to Canadian households and businesses.
Through Vidéotron in Quebec and Freedom Mobile and Fizz elsewhere in Canada, Quebecor undercuts Bell on price for the same wireless and home-internet subscribers.
Cogeco's cable network offers internet, TV and now mobile service to households in Quebec and Ontario, exactly the territory where Bell sells its Fibe bundles.
Eastlink, privately held, is the cable and wireless alternative to Bell in Atlantic Canada, a region that is the historical core of Bell's wireline business.
Bilan & Liquidités
Chiffre d'affaires
$24.80B
12 derniers mois (au 30/06/2026)
Résultat net
$6.42B
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$2.60B
Capitaux propres totaux
$14.75B
Passif total
$41.78B
Ratio de liquidité général
0.73
Couverture des intérêts
-
Dette/EBITDA
4.80
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$82.01
Prix actuel
$19.84
Marge de sécurité
+75.8%
Fourchette de juste valeur
$53.31 - $110.72
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
4.44
ROE
30.5%
Ratio P/B
1.35
P/FCF
7.63
Marge brute
44.9%
ROIC
7.6%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
7.6%
WACC
3.2%
ROIC − WACC
+4.4 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (14)
- ROIC 7.6%
- Gross Margin 44.9%
- P/FCF 7.63
- P/B Ratio 1.35
- Debt/Equity ratio
- Positive Free Cash Flow
- Debt/EBITDA
- DCF valuation (Undervalued)
- ROE 27.7%
- Analyst Consensus 57% Buy
- Earnings Surprise avg 7.0%
- PEG Ratio 0.23
- Earnings Quality (OCF/NI) 1.08
- Net Margin Trend 25.8% vs 0.7%
Échoué (5)
- Price CAGR -6.70%
- CapEx intensity
- Current Ratio
- Revenue Growth 5Y 1.4%
- Piotroski F-Score 2/9
Indisponible (8)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Mirko Bibic | CEO, President & Director | 57 |
| Mr. Curtis Millen | Executive VP & CFO | - |
| Mr. John Watson | Group President of Business Markets, AI & Ateko | 61 |
| Mr. Blaik Kirby | Group President of Consumer & Small Business | - |
| Mr. Sean H. Cohan | President of Bell Media | 49 |
| Mr. Mark McDonald | Executive VP & CTO | - |
| Ms. Hadeer Hassaan | Executive VP and Chief Information & Customer Experience Officer | - |
| Mr. Krishna Somers | Senior Vice President of Investor Relations | - |
| Mr. Robert Malcolmson | Executive VP and Chief Legal & Regulatory Officer | - |
| Ms. Karine Moses | Senior VP of Sales & Vice Chair of Québec | - |
Risque d'audit
4
Risque du conseil
4
Risque de rémunération
2
Risque droits des actionnaires
7
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for BCE, sourced from Markets Gazette.
- 6/15/2026NEGATIVECanada’s BCE Cuts 1% of Jobs as It Focuses on AI, Network Build
BCE Inc., a major Canadian telecommunications firm, announced plans to cut approximately 1% of its workforce, impacting hundreds of employees. This move is part of a strategic shift to reduce operational costs and reallocate resources towards significant investments in its US-based internet infrastructure and artificial intelligence initiatives. While the company aims to streamline operations and position itself for future growth in AI and network development, the immediate impact involves job losses and potential short-term disruption. Investors will monitor the effectiveness of these strategic investments and their impact on future profitability.
- 5/7/2026POSITIVEBCE Beats on AI-Powered Business, Higher Revenue
BCE Inc. reported first-quarter results that surpassed analyst forecasts, driven by its strategic investments in artificial intelligence infrastructure. The company's AI-powered business initiatives have begun to yield significant returns, contributing to higher overall revenue. This performance indicates a successful pivot towards advanced technologies, positioning BCE for future growth and potentially enhancing its competitive edge in the telecommunications sector. Investors may view this as a strong indicator of management's foresight and execution capabilities.
via Markets Gazette