Projected Income Statement: BCE Inc.

Forecast Balance Sheet: BCE Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 29,466 31,771 34,405 40,299 40,234 41,321 39,826 38,581
Change - 7.82% 8.29% 17.13% -0.16% 2.7% -3.62% -3.13%
Announcement Date 2/3/22 2/2/23 2/8/24 2/6/25 2/5/26 - - -
1CAD in Million
Estimates

Cash Flow Forecast: BCE Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 4,837 5,133 4,581 3,897 3,700 5,000 3,998 3,781
Change - 6.12% -10.75% -14.93% -5.06% 35.14% -20.05% -5.43%
Free Cash Flow (FCF) 1 2,995 3,067 3,144 2,888 3,178 2,175 3,521 5,707
Change - 2.4% 2.51% -8.14% 10.04% -31.57% 61.92% 62.08%
Announcement Date 2/3/22 2/2/23 2/8/24 2/6/25 2/5/26 - - -
1CAD in Million
Estimates

Forecast Financial Ratios: BCE Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 42.19% 42.19% 42.22% 43.38% 43.56% 43.3% 43.55% 43.86%
EBIT Margin (%) 22.53% 22.65% 22.29% 22.73% 22.15% 21.36% 21.52% 22.01%
EBT Margin (%) 16.79% 16.1% 13.47% 3.9% 31.5% 14.3% 14.09% 14.76%
Net margin (%) 11.55% 11.24% 8.41% 0.67% 25.77% 10.09% 9.77% 10.23%
FCF margin (%) 12.77% 12.69% 12.74% 11.83% 12.99% 8.71% 13.87% 22.06%
FCF / Net Income (%) 110.56% 112.92% 151.45% 1,771.78% 50.4% 86.3% 141.93% 215.55%

Profitability

        
ROA 4.25% 3.99% 4.14% 3.81% 3.39% 3.23% 3.03% 3.1%
ROE 12.42% 12.12% 13.8% 14.88% 13.01% 12.19% 11.93% 12.34%

Financial Health

        
Leverage (Debt/EBITDA) 2.98x 3.12x 3.3x 3.81x 3.78x 3.82x 3.6x 3.4x
Debt / Free cash flow 9.84x 10.36x 10.94x 13.95x 12.66x 19x 11.31x 6.76x

Capital Intensity

        
CAPEX / Current Assets (%) 20.63% 21.23% 18.57% 15.97% 15.12% 20.02% 15.75% 14.61%
CAPEX / EBITDA (%) 48.89% 50.33% 43.98% 36.8% 34.72% 46.25% 36.16% 33.31%
CAPEX / FCF (%) 161.5% 167.36% 145.71% 134.94% 116.43% 229.94% 113.54% 66.25%

Items per share

        
Cash flow per share 1 8.824 9.172 8.711 7.66 7.527 7.244 7.895 -
Change - 3.95% -5.03% -12.07% -1.74% -3.76% 8.99% -
Dividend per Share 1 3.5 3.68 3.87 3.99 2.31 1.75 1.761 1.78
Change - 5.14% 5.16% 3.1% -42.11% -24.24% 0.64% 1.06%
Book Value Per Share 1 24.9 24.32 22.17 18.68 24.58 22.14 23.32 24.67
Change - -2.34% -8.82% -15.74% 31.53% -9.9% 5.3% 5.82%
EPS 1 2.99 2.98 2.28 0.18 6.79 2.61 2.636 2.845
Change - -0.33% -23.49% -92.11% 3,672.22% -61.56% 1% 7.95%
Nbr of stocks (in thousands) 908,850 911,955 912,274 912,283 932,526 932,526 932,526 932,526
Announcement Date 2/3/22 2/2/23 2/8/24 2/6/25 2/5/26 - - -
1CAD
Estimates
2026 *2027 *
P/E 11.7x 11.6x
PBR 1.38x 1.31x
EV / Sales 2.8x 2.69x
Yield 5.72% 5.75%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
30.62CAD
Average target price
37.03CAD
Spread / Average Target
+20.93%

Quarterly revenue - Rate of surprise