We See Positive Signs Sprouting Underneath BCE's Mixed 3Q Headline Results; Maintaining CAD 62 FVE
With revenue up over 3% from the same period last year, narrow-moat BCE beat consensus estimates on the top line, but it slightly missed EBITDA expectations as various factors resulted in a 30-basis-point year-over-year drop in adjusted EBITDA margin to 42.1%. Still, the firm is tracking our full-year projections and showing signs of executing on the strategy that supports our positive thesis. We are maintaining our CAD 62 fair value estimate and find the stock undervalued at current levels.We ...
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.
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.
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