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 30,391 - -
Change - -9.29% -12.27% -36.13% 0.44% -0.46% - -
Enterprise Value (EV) 1 89,277 86,023 81,998 70,696 70,765 71,761 70,587 69,366
Change - -3.65% -4.68% -13.78% 0.1% 1.41% -1.64% -1.73%
P/E 22x 20x 22.9x 185x 4.82x 12.2x 12.1x 10.7x
PBR 2.64x 2.45x 2.35x 1.78x 1.33x 1.38x 1.32x 1.26x
PEG - -59.8x -1x -2x 0x -0.2x 8.99x 0.9x
Capitalization / Revenue 2.55x 2.24x 1.93x 1.25x 1.25x 1.22x 1.2x 1.18x
EV / Revenue 3.81x 3.56x 3.32x 2.9x 2.89x 2.88x 2.79x 2.69x
EV / EBITDA 9.02x 8.43x 7.87x 6.68x 6.64x 6.64x 6.39x 6.1x
EV / EBIT 16.9x 15.7x 14.9x 12.7x 13.1x 13.5x 13x 12.2x
EV / FCF 29.8x 28x 26.1x 24.5x 22.3x 32.2x 20.1x 17.6x
FCF Yield 3.35% 3.57% 3.83% 4.09% 4.49% 3.11% 4.98% 5.68%
Dividend per Share 2 3.5 3.68 3.87 3.99 2.31 1.751 1.76 1.782
Rate of return 5.32% 6.19% 7.42% 12% 7.06% 5.49% 5.52% 5.59%
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% 66.5% 59.9%
Net sales 1 23,449 24,174 24,673 24,409 24,468 24,947 25,332 25,792
EBITDA 1 9,893 10,199 10,417 10,589 10,658 10,810 11,042 11,363
EBIT 1 5,284 5,476 5,499 5,548 5,420 5,305 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 41,370 40,196 38,975
Reference price 2 65.81 59.49 52.17 33.32 32.74 31.90 31.90 31.90
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.07x1.31x4.16x7.01% 223B
11.29x2.62x6.94x5.51% 213B
14.07x2.19x5.66x3.9% 160B
14.01x1.87x8.17x3% 93.92B
12.03x0.89x3.33x6.42% 80.52B
11.78x1.8x4.55x2.78% 69.52B
15.37x2.7x8.42x5.03% 58.31B
24.03x5.42x19.8x4.54% 57.29B
15.26x2.82x6.31x4.31% 52.04B
Average 14.32x 2.40x 7.48x 4.72% 111.99B
Weighted average by Cap. 13.20x 2.17x 6.56x 5.09%

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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