BCE Inc Dossier
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SectorCommunication Services IndustryTelecom Services Beta (adjusted)0.68 Intrinsic Value $27.74median of 6 methods · middle span $22-$44based on filings through 31 Dec 2025 Market Price $20.34Price as of 30 Sep 2026 UndervaluedIntrinsic value is 36% above the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $19B Enterprise Value $60.6B Shares Outstanding 929.1M diluted Next Earnings Date9 Nov 2026 Last ex-dividend15 Sep 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary BCE's Q2 2026 execution was constructive: consolidated revenue and adjusted EBITDA grew, fibre additions remained strong, AI-powered solutions expanded and Bell Media benefited from Crave. The counterweight is an investment-heavy year, with capital intensity guided to approximately 20% and free cash flow expected to decline materially as Bell AI Fabric construction proceeds. A neutral stance is appropriate until growth in fibre, AI and digital media demonstrates that it can outweigh continued weakness in Bell CTS Canada and restore free-cash-flow momentum. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$25.29 Mean target$28.60 High · most bullish analyst$33.38 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $25.2924% Bell CTS Canada revenue and adjusted EBITDA weakness persist, mobile ARPU pressure intensifies, and returns from AI infrastructure or Ziply Fiber develop more slowly than expected. Capital spending then remains elevated without sufficient incremental cash generation, increasing pressure on free cash flow and financial flexibility. Base CaseCentral scenario $28.6056% Matches the consensus meanBCE remains within its 2026 revenue and adjusted EBITDA guidance ranges, but approximately 20% capital intensity and lower free cash flow offset the benefits of fibre, AI and media growth. Bell CTS Canada remains pressured while Ziply Fiber and newer digital businesses provide partial diversification. Bull CaseUpside scenario $33.3820% BCE reaches the upper portions of its 2026 revenue and adjusted EBITDA guidance ranges as fibre adoption, AI-powered enterprise solutions, Ziply Fiber and Crave sustain growth. Bell AI Fabric construction remains controlled, and the resulting capacity creates a credible path to stronger free cash flow after the investment peak. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |