03:01 PM EST, 12/19/2023 (MT Newswires) -- BCE reports its Q4 2023 results on February 8, 2024.
In his preview of BCE's Q4, National Bank's Adam Shine forecasts revenue if $6443 million, EBITDA $2560 million, Adj. EPS $0.72 & FCF $1.3 billion. Street at $6503 million, $2563 million, $0.73 & $1312 million, respectively. National Bank is modeling lower CTS product revenue than consensus and lighter Media estimates which has been educed to better reflect the tough World Cup comparable of Q4 2022.
Shine's forecast reflects improvement in y/y EBITDA growth through 2023 (+3.1% Q3, +2.1% Q2, -1.8% Q1). He expects Q4 CTS revenue +1.5% & EBITDA +5.0%, with Media -6.5% & +6.3% (helped by restructuring savings and less programming spend).
"Given Shaw integration at Rogers and stepped-up restructuring at Telus, we think Bell can do more than it did in 2023 to gain efficiencies."
BCE dividend expected to continue to be raised but +5% "isn't a given." Now modeling at least +3.5%.
Maintain Outperform, $58 target.
Price: 51.52, Change: -0.12, Percent Change: -0.23