in 2019 q3
BCE had $5,984 in Revenue
the company's margin was 43.3% with $3,390 in Operating Cost for an EBiTDA of $2,594
And the company paid out $722 in dividends
in 2024 q3
the Revenue is a bit lower $5,971
but the margin is better at 45.6% as Operating costs fell to $3,249 and the EBiTDA is up $2,722
and the dividends are better at $910
But then there's the extra 12B in debt between then and now (offset by 12B in extra assets)
But for the purposes of EV it's (debt + Market Capital) = enterprise value so since the revenue and all the metrics above are basically the same and slightly more profitable we would think that the shareprice To EV should stay at the same valuation and if it did the shareprise would be in the range of $52.
Oh the other thing that happened in 2019 that's when the CRTC changed the mark up for wholesale to be 30% from 40% (so even that's a wash)....
Wireless arpu was also in the same range at $58 back in 2019...
What am I missing why is the share price so much lower than fair value?