Report
Alex Zhao
EUR 147.86 For Business Accounts Only

Relaunching Coverage of BCE with a CAD 53 Fair Value, Narrow Moat and Stable Moat Trend Ratings

We are relaunching coverage of BCE with a CAD 53 fair value estimate ($41 per U.S. share) and narrow moat and stable moat trend ratings. BCE’s strengths remain intact in the Canadian wireless market. The firm’s fixed-line business, however, faces a challenging battle to capture share versus its cable rivals in eastern Canada. Nonetheless, we still have confidence in BCE’s ability to earn adequate returns on invested capital over the next decade, thanks to efficient scales in both industries, as ...
Underlying
BCE Inc.

BCE is a telecommunications and media company providing wireless, wireline, Internet and television (TV) services to residential, business and wholesale customers in Canada. As of Dec 31 2017, Co. operated three segments: Bell Wireless, which provides wireless voice and data communications products and services; Bell Wireline, which provides data, Satellite TV service and connectivity, and includes Co.'s wholesale business, which buys and sells local telephone, long distance, data and other services from or to resellers and other carriers; and Bell Media, which provides conventional, specialty and pay TV, digital media and radio broadcasting services and out of home advertising services.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Alex Zhao

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