BCE Inc. (BCE)
割安ファンダメンタル
73
株価
$20.16
時価総額
$19.86B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
需要を左右する要因
ディフェンシブCommunication 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
貸借対照表と流動性
売上高
$24.80B
直近12か月（2026/6/30まで）
純利益
$6.42B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$2.60B
自己資本合計
$14.75B
負債合計
$41.78B
流動比率
0.73
利払い倍率
-
負債/EBITDA
4.80
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$82.01
現在株価
$20.16
安全マージン
+75.4%
適正価値レンジ
$53.31 - $110.72
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
4.44
ROE
30.5%
P/B レシオ
1.35
P/FCF
7.63
粗利益率
44.9%
ROIC
7.6%
収益性レーダー
価値創造（経済的モート）
ROIC
7.6%
WACC
3.2%
ROIC − WACC
+4.4 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（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%
不合格（5）
- Price CAGR -6.70%
- CapEx intensity
- Current Ratio
- Revenue Growth 5Y 1.4%
- Piotroski F-Score 2/9
データなし（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)
Piotroski F-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
4
取締役会リスク
4
報酬リスク
2
株主権利リスク
7
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
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