Company Valuation: BCE Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 59,811 54,252 47,593 30,397 30,531 30,578 - -
Change - -9.29% -12.27% -36.13% 0.44% 0.15% - -
Enterprise Value (EV) 1 89,277 86,023 81,998 70,696 70,765 71,992 70,281 69,711
Change - -3.65% -4.68% -13.78% 0.1% 1.73% -2.38% -0.81%
P/E 22x 20x 22.9x 185x 4.82x 12.6x 12.4x 11x
PBR 2.64x 2.45x 2.35x 1.78x 1.33x 1.42x 1.36x 1.29x
PEG - -59.8x -1x -2x 0x -0.2x 9.21x 0.9x
Capitalization / Revenue 2.55x 2.24x 1.93x 1.25x 1.25x 1.23x 1.21x 1.19x
EV / Revenue 3.81x 3.56x 3.32x 2.9x 2.89x 2.89x 2.78x 2.71x
EV / EBITDA 9.02x 8.43x 7.87x 6.68x 6.64x 6.66x 6.37x 6.15x
EV / EBIT 16.9x 15.7x 14.9x 12.7x 13.1x 14.2x 13x 12.3x
EV / FCF 29.8x 28x 26.1x 24.5x 22.3x 32.3x 19.8x 17.7x
FCF Yield 3.35% 3.57% 3.83% 4.09% 4.49% 3.1% 5.06% 5.65%
Dividend per Share 2 3.5 3.68 3.87 3.99 2.31 1.751 1.761 1.782
Rate of return 5.32% 6.19% 7.42% 12% 7.06% 5.34% 5.37% 5.43%
EPS 2 2.99 2.98 2.28 0.18 6.79 2.61 2.646 2.975
Distribution rate 117% 123% 170% 2,217% 34% 67.1% 66.6% 59.9%
Net sales 1 23,449 24,174 24,673 24,409 24,468 24,953 25,300 25,721
EBITDA 1 9,893 10,199 10,417 10,589 10,658 10,811 11,038 11,329
EBIT 1 5,284 5,476 5,499 5,548 5,420 5,071 5,418 5,667
Net income 1 2,709 2,716 2,076 163 6,305 2,445 2,513 2,764
Net Debt 1 29,466 31,771 34,405 40,299 40,234 41,415 39,704 39,133
Reference price 2 65.81 59.49 52.17 33.32 32.74 32.79 32.79 32.79
Nbr of stocks (in thousands) 908,850 911,955 912,274 912,283 932,526 932,526 - -
Announcement Date 2/3/22 2/2/23 2/8/24 2/6/25 2/5/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.32x1.33x4.22x6.97% 225B
11.04x2.59x6.85x5.63% 208B
13.81x2.21x5.68x3.97% 158B
13.6x1.84x7.89x3.1% 90.06B
12.17x0.92x3.46x6.36% 82.01B
11.55x1.77x4.48x2.83% 69.23B
15.51x2.71x8.47x5% 58.69B
24.35x5.48x20.04x4.48% 58.26B
15.51x2.74x6.13x4.47% 50.19B
Average 14.32x 2.40x 7.47x 4.76% 111.08B
Weighted average by Cap. 13.16x 2.17x 6.55x 5.14%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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