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 27,220 - -
Change - -9.29% -12.27% -36.13% 0.44% -10.84% - -
Enterprise Value (EV) 1 89,277 86,023 81,998 70,696 70,765 68,636 67,057 66,345
Change - -3.65% -4.68% -13.78% 0.1% -3.01% -2.3% -1.06%
P/E 22x 20x 22.9x 185x 4.82x 11.2x 11x 9.81x
PBR 2.64x 2.45x 2.35x 1.78x 1.33x 1.26x 1.21x 1.15x
PEG - -59.8x -1x -2x 0x -0.2x 8.17x 0.8x
Capitalization / Revenue 2.55x 2.24x 1.93x 1.25x 1.25x 1.09x 1.07x 1.06x
EV / Revenue 3.81x 3.56x 3.32x 2.9x 2.89x 2.75x 2.65x 2.57x
EV / EBITDA 9.02x 8.43x 7.87x 6.68x 6.64x 6.35x 6.08x 5.87x
EV / EBIT 16.9x 15.7x 14.9x 12.7x 13.1x 12.9x 12.4x 11.7x
EV / FCF 29.8x 28x 26.1x 24.5x 22.3x 30.8x 19.1x 16.8x
FCF Yield 3.35% 3.57% 3.83% 4.09% 4.49% 3.25% 5.24% 5.94%
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% 6% 6.03% 6.1%
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 11,029 11,305
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 41,416 39,836 39,125
Reference price 2 65.81 59.49 52.17 33.32 32.74 29.19 29.19 29.19
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.($)
10.96x1.29x4.1x7.08% 221B
10.41x2.5x6.6x5.99% 196B
13x2.12x5.47x4.18% 148B
13.84x1.86x8.12x3.03% 91.12B
11.54x0.88x3.29x6.69% 79B
11.58x1.78x4.5x2.82% 66.07B
15x2.67x8.33x5.09% 57.66B
23.05x5.24x19.11x4.74% 54.68B
14.87x2.75x6.11x4.38% 51.37B
Average 13.81x 2.34x 7.29x 4.89% 107.12B
Weighted average by Cap. 12.66x 2.10x 6.37x 5.31%

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