Financials Quebecor Inc.

Equities

QBR.A

CA7481931094

Integrated Telecommunications Services

Market Closed - Toronto S.E. Other stock markets 15:59:30 2024-09-11 EDT			5-day change	1st Jan Change
34.47 ^CAD	-1.82%		+1.29%	+0.70%

08-14	Quebecor Inc.'s Equity Buyback announced on August 10, 2023 has expired.	CI
08-08	Quebecor Brief: Keeps Outperform Rating and Target Raised To C$40 From $37 at National Bank On Q2 EBITDA ""Beat Even Ex Media One Timer, Big Wireless Adds, Return to Modest Internet Adds"	MT

Projected Income Statement: Quebecor Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,294	4,318	4,554	4,532	5,434	5,665	5,737	5,791
Change	-	0.56%	5.48%	-0.49%	19.91%	4.24%	1.28%	0.94%
EBITDA ¹	1,880	1,953	1,973	1,934	2,238	2,388	2,431	2,479
Change	-	3.89%	1.06%	-1.96%	15.68%	6.72%	1.8%	1.97%
EBIT ¹	1,165	1,149	1,189	1,167	1,329	1,413	1,434	1,422
Change	-	-1.31%	3.48%	-1.9%	13.88%	6.36%	1.5%	-0.84%
Interest Paid ¹	-327.5	-328.2	-333.4	-323	-408.4	-410.3	-390.6	-383.4
Earnings before Tax (EBT) ¹	766.5	790	785.4	810.1	863	1,003	1,033	1,026
Change	-	3.07%	-0.58%	3.14%	6.53%	16.17%	3.06%	-0.66%
Net income ¹	652.8	607.2	578.4	599.7	650.5	751.7	770.7	756.4
Change	-	-6.99%	-4.74%	3.68%	8.47%	15.56%	2.52%	-1.86%
Announcement Date	3/12/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	1,073	1,136	1,056	1,004	1,118	1,147	1,091	1,131	1,148	1,184	1,088	1,115	1,144	1,185	1,116	1,398	1,415	1,505	1,363	1,387	1,409	1,502	1,387	1,410	1,419	1,531
Change	-	5.85%	-7.1%	-4.9%	11.35%	2.6%	-4.86%	3.68%	1.5%	3.11%	-8.1%	2.5%	2.56%	3.61%	-5.86%	25.36%	1.21%	6.32%	-9.44%	1.77%	1.63%	6.54%	-7.63%	1.64%	0.65%	7.89%
EBITDA ¹	509.3	494.5	436.7	475.7	513.4	526.8	452.7	501.4	520.3	498.8	442.1	491.4	518	483	442.8	605.2	624.4	565.4	559.5	624.9	617.4	580.6	584.1	616.6	608	572
Change	-	-2.91%	-11.69%	8.93%	7.93%	2.61%	-14.07%	10.76%	3.77%	-4.13%	-11.37%	11.15%	5.41%	-6.76%	-8.32%	36.68%	3.17%	-9.45%	-1.04%	11.69%	-1.2%	-5.96%	0.59%	5.58%	-1.4%	-5.92%
EBIT ¹	322.3	316.9	238.6	280	317.5	313.3	257.4	304.8	326	301.2	247.4	299.8	326.5	293.1	254.3	354.6	385.6	334.3	323.3	387.3	370	332.5	348	376	372	336
Change	-	-1.68%	-24.71%	17.35%	13.39%	-1.32%	-17.84%	18.41%	6.96%	-7.61%	-17.86%	21.18%	8.91%	-10.23%	-13.24%	39.44%	8.74%	-13.3%	-3.29%	19.8%	-4.47%	-10.14%	4.66%	8.05%	-1.06%	-9.68%
Charge d'intérêts ¹	-81.2	-81.4	-87.4	-81.6	-80.1	-79.1	-83.1	-87	-83.8	-79.5	-77.5	-82	-84.1	-79.4	-77.9	-113.7	-109.8	-107	-108.9	-108.1	-99.15	-84.45	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	164	-	-	221.1	-	-	-	-	-	229.2	279.2	195.1	222	277.9	252	240.5	-	-	-	-
Change	-	-	-	-	-	-	-	-100%	-	-	-100%	-	-	-	-	-	21.82%	-30.12%	13.79%	25.18%	-9.34%	-4.54%	-100%	-	-	-
Net income ¹	178.5	145.1	131.6	174.9	140.9	159.8	121.3	123.5	173.1	160.5	121.4	157.4	178.4	142.5	120.9	174.1	209.3	146.2	173.2	207.6	194.4	178.7	168.4	195.8	-	-
Change	-	-18.71%	-9.3%	32.9%	-19.44%	13.41%	-24.09%	1.81%	40.16%	-7.28%	-24.36%	29.65%	13.34%	-20.12%	-15.16%	44%	20.22%	-30.15%	18.47%	19.86%	-6.37%	-8.06%	-5.77%	16.26%	-100%	-
Announcement Date	11/7/19	3/12/20	5/14/20	8/6/20	11/5/20	2/25/21	5/13/21	8/5/21	11/4/21	2/24/22	5/12/22	8/4/22	11/3/22	2/23/23	5/11/23	8/10/23	11/9/23	2/22/24	5/9/24	8/8/24	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Quebecor Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,261	5,191	6,793	6,593	8,157	7,454	6,735	5,922
Change	-	-17.09%	30.86%	-2.94%	23.72%	-8.62%	-9.65%	-12.07%
Announcement Date	3/12/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Quebecor Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	998.5	653.1	1,448	486.5	563.3	712.4	710	773.4
Change	-	-34.59%	121.71%	-66.4%	15.79%	26.46%	-0.32%	8.92%
Free Cash Flow (FCF) ¹	213.3	778.4	-257.7	776.2	910.5	994.9	1,007	1,174
Change	-	264.93%	-133.11%	-401.2%	17.3%	9.27%	1.26%	16.51%
Announcement Date	3/12/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Quebecor Inc.

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	-	43.77%	45.22%	43.33%	42.69%	41.18%	42.16%	42.37%	42.8%
EBIT Margin (%)	-	27.12%	26.62%	26.12%	25.75%	24.45%	24.95%	25%	24.56%
EBT Margin (%)	-	17.85%	18.3%	17.24%	17.88%	15.88%	17.7%	18.01%	17.72%
Net margin (%)	-	15.2%	14.06%	12.7%	13.23%	11.97%	13.27%	13.43%	13.06%
FCF margin (%)	-	4.97%	18.03%	-5.66%	17.13%	16.75%	17.56%	17.56%	20.27%
FCF / Net Income (%)	-	32.67%	128.19%	-44.55%	129.43%	139.97%	132.35%	130.72%	155.19%
Profitability
ROA	-	-	-	5.61%	5.61%	5.57%	5.9%	6.1%	5.6%
ROE	-	89.58%	58.1%	48.85%	45.9%	42.18%	34.49%	27%	21.8%
Financial Health
Leverage (Debt/EBITDA)	-	3.33x	2.66x	3.44x	3.41x	3.65x	3.12x	2.77x	2.39x
Debt / Free cash flow	-	29.35x	6.67x	-26.36x	8.49x	8.96x	7.49x	6.69x	5.05x
Capital Intensity
CAPEX / Current Assets (%)	-	23.25%	15.13%	31.79%	10.74%	10.37%	12.58%	12.38%	13.35%
CAPEX / EBITDA (%)	-	53.13%	33.45%	73.38%	25.15%	25.17%	29.83%	29.21%	31.2%
CAPEX / FCF (%)	-	468.12%	83.9%	-561.89%	62.68%	61.87%	71.6%	70.48%	65.89%
Items per share
Cash flow per share ¹	0.0817	0.055	0.5508	0.2704	0.0286	0.0481	-	-	-
Change	-	-32.7%	901.85%	-50.91%	-89.43%	68.37%	-	-	-
Dividend per Share ¹	0.1925	0.3925	0.8	1.1	1.2	1.2	-	-	-
Change	-	103.9%	103.82%	37.5%	9.09%	0%	-	-	-
Book Value Per Share ¹	1.903	3.839	4.483	5.248	5.877	7.486	-	-	-
Change	-	101.72%	16.78%	17.06%	11.99%	27.37%	-	-	-
EPS ¹	1.671	2.55	2.349	2.287	2.55	2.796	-	-	-
Change	-	52.61%	-7.88%	-2.66%	11.5%	9.66%	-	-	-
Nbr of stocks (in thousands)	258,183	254,885	248,818	239,258	230,936	230,676	-	-	-
Announcement Date	3/13/19	3/12/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹CAD

Estimates

Valuation ratios

	2024 *	2025 *
P/E ratio	-	-
PBR	-	-
EV / Sales	2.74x	2.58x
Yield	-	-

More valuation ratios * Estimated data

EPS & Dividend

Year-on-year evolution of the PER

Ratings

Trading Rating

Investor Rating

ESG Refinitiv

C+

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Quarterly revenue - Rate of surprise

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