Despite Wireless Growth, Shaw Posts Weaker-Than-Expected Cable Margin; Lowering FVE to CAD 25
Shaw Communications’ profitability in the first quarter of fiscal 2018 was weaker than we expected. On the bright side, Shaw’s wireless segment continues to grow at a solid pace with subscriber additions and pricing increases. We are not concerned about Shaw’s strength in the cable market of western Canada, and we reiterate our narrow moat rating. However, we slightly lowered our wireline margin projections in fiscal 2018 and beyond, which reduced our fair value estimate to CAD 25 per share from...
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