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Canadian (TSX) Telecom Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies31
  • 7D-0.2%
  • 3M8.0%
  • 1Y12.6%
  • YTD5.2%

In the last week, Telecom has been flat. As for the the longer term, the industry is up 13% over the past 12 months. As for the next few years, earnings are forecast to decline by 9.2% per annum.

Sector Valuation and Performance

Has the Canadian Telecom Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026CA$109.7bCA$80.7bCA$15.4b9.2x7.1x1.4x
Sat, 21 Feb 2026CA$107.5bCA$80.6bCA$15.4b10.6x7x1.3x
Mon, 19 Jan 2026CA$104.5bCA$80.2bCA$15.1b11.8x6.9x1.3x
Wed, 17 Dec 2025CA$102.0bCA$80.2bCA$15.1b11.8x6.8x1.3x
Fri, 14 Nov 2025CA$107.8bCA$80.0bCA$15.1b8.7x7.1x1.3x
Sun, 12 Oct 2025CA$107.2bCA$79.7bCA$3.8b11x27.9x1.3x
Tue, 09 Sep 2025CA$109.6bCA$79.7bCA$3.8b11.4x29.1x1.4x
Thu, 07 Aug 2025CA$103.2bCA$79.6bCA$3.8b11.8x27.4x1.3x
Sat, 05 Jul 2025CA$101.1bCA$79.6bCA$4.2b12.4x24.3x1.3x
Mon, 02 Jun 2025CA$96.7bCA$79.6bCA$4.1b10.7x23.5x1.2x
Wed, 30 Apr 2025CA$92.8bCA$79.6bCA$3.7b10.9x25.4x1.2x
Fri, 28 Mar 2025CA$96.2bCA$79.6bCA$3.7b11.8x25.8x1.2x
Sun, 23 Feb 2025CA$101.9bCA$80.2bCA$3.7b10.8x27.6x1.3x
Tue, 21 Jan 2025CA$97.2bCA$79.9bCA$3.3b10x29.1x1.2x
Thu, 19 Dec 2024CA$99.9bCA$79.9bCA$3.3b10.6x29.9x1.3x
Sat, 16 Nov 2024CA$107.3bCA$80.0bCA$3.3b10.5x32.9x1.3x
Mon, 14 Oct 2024CA$117.6bCA$80.2bCA$4.4b11.3x26.6x1.5x
Wed, 11 Sep 2024CA$122.4bCA$80.2bCA$4.4b9.7x27.5x1.5x
Fri, 09 Aug 2024CA$119.2bCA$80.4bCA$4.5b8.1x26.6x1.5x
Sun, 07 Jul 2024CA$108.9bCA$81.8bCA$3.5b8.7x30.9x1.3x
Tue, 04 Jun 2024CA$117.2bCA$81.8bCA$3.6b9.5x32.6x1.4x
Thu, 02 May 2024CA$113.9bCA$82.1bCA$3.8b10.3x30.2x1.4x
Sat, 30 Mar 2024CA$116.7bCA$81.5bCA$3.9b10.6x29.6x1.4x
Mon, 26 Feb 2024CA$128.0bCA$81.4bCA$4.0b10.6x31.7x1.6x
Wed, 24 Jan 2024CA$154.8bCA$85.4bCA$5.0b14.9x31.2x1.8x
Fri, 22 Dec 2023CA$147.8bCA$85.4bCA$5.0b12.4x29.5x1.7x
Sun, 19 Nov 2023CA$149.5bCA$85.4bCA$5.1b14.3x29.5x1.7x
Tue, 17 Oct 2023CA$143.7bCA$84.1bCA$5.8b10.6x24.7x1.7x
Thu, 14 Sep 2023CA$148.3bCA$84.1bCA$5.8b11.2x25.6x1.8x
Sat, 12 Aug 2023CA$152.4bCA$84.1bCA$5.8b10.1x26.2x1.8x
Mon, 10 Jul 2023CA$159.3bCA$81.8bCA$7.3b9.9x21.9x1.9x
Wed, 07 Jun 2023CA$158.2bCA$81.9bCA$7.8b9.6x20.3x1.9x
Fri, 05 May 2023CA$167.9bCA$81.0bCA$8.1b12.9x20.7x2.1x
Sun, 02 Apr 2023CA$161.4bCA$80.9bCA$8.1b12.7x20x2x
Price to Earnings Ratio

20x


Total Market Cap: CA$161.4bTotal Earnings: CA$8.1bTotal Revenue: CA$80.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Telecom Sector Price to Earnings3Y Average 24.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Canadian Communication Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 7.1x which is lower than its 3-year average PE of 24.3x.
  • The industry is trading close to its 3-year average PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 24% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Canadian Telecom sector?

CA Market0.31%
Telecom-0.24%
Media4.19%
Wireless Telecom0.77%
Entertainment-0.33%
Telecom Services and Carriers-0.65%
Interactive Media and Services-3.62%
Industry PE
  • Investors are most optimistic about the Media industry, which is trading close to its 3-year average PE ratio of 23.1x.
    • Analysts are expecting annual earnings growth of 41.7%, which is higher than its past year's earnings growth of 24.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Interactive Media and Services industry, expecting annual earnings growth of 92% over the next 5 years.
  • This is better than its past earnings decline of 28% per year.
  • In contrast, the Wireless Telecom industry is expected to see its earnings decline by 29% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
RCI.B Rogers CommunicationsCA$53.980.8%
+CA$221.5m		36.5%PE4.2x
CCA Cogeco CommunicationsCA$76.794.1%
+CA$127.7m		13.6%PE10.4x
QBR.A QuebecorCA$60.180.7%
+CA$95.0m		69.8%PE15.9x
RAY Stingray GroupCA$14.583.8%
+CA$36.1m		61.5%PE22.7x
CGO CogecoCA$76.614.5%
+CA$31.0m		25.8%PE8.7x

Latest News

CGX
CA$9.99
Cineplex
7D
-0.4%
1Y
1.3%
FORA
CA$2.95
VerticalScope Holdings
7D
-2.6%
1Y
-68.3%
T
CA$17.88
TELUS
7D
-2.1%
1Y
-11.5%

T: Quantum And Space Connectivity Will Drive Future Upside Potential

Analysts now set TELUS's fair value estimate at CA$21.38, compared with CA$21.26 previously, reflecting updated assumptions for the discount rate, modest revenue growth, profit margin and future P/E levels. What's in the News TELUS launched the SmartHome Assistant, described as the world's first smart home AI assistant with Generative UI, designed to unify more than 2,000 device models into a single interface for SmartHome+ customers across Canada (Product-Related Announcements).
BAMI
CA$5.63
Blue Ant Media
7D
-4.4%
1Y
n/a
RCI.B
CA$53.98
Rogers Communications
7D
0.8%
1Y
36.5%
BCE
CA$35.22
BCE
7D
-0.5%
1Y
8.9%

BCE: Execution Risks Around Profitability Assumptions Will Drive Future Share Pressure

Analysts have nudged BCE's fair value estimate higher to CA$31.00 from CA$30.00, citing recent target hikes into the CA$39 to CA$41 range, as well as updated assumptions around profitability, discount rate, and future P/E as key supports for the change. Analyst Commentary Recent Street research on BCE has featured a mix of supportive and cautious views, with several price target adjustments clustering in the CA$39 to CA$41 range.
INIK
CA$0.04
Ionik
7D
33.3%
1Y
-57.9%
WILD
CA$1.23
WildBrain
7D
3.4%
1Y
-36.3%
CCA
CA$76.79
Cogeco Communications
7D
4.1%
1Y
13.6%
CGO
CA$76.61
Cogeco
7D
4.5%
1Y
25.8%
QBR.A
CA$60.18
Quebecor
7D
0.7%
1Y
69.8%
PVIS
CA$0.20
Parvis Invest
7D
-18.4%
1Y
185.7%
RAY
CA$14.58
Stingray Group
7D
3.8%
1Y
61.5%

Programmatic Audio And Connected TV Expansion Will Redefine This Media Platform’s Outlook

Catalysts About Stingray Group Stingray Group provides music, audio and video experiences across connected TVs, smart speakers, cars, mobile devices, retail locations and traditional radio. What are the underlying business or industry changes driving this perspective?
OAM
CA$0.20
OverActive Media
7D
-4.9%
1Y
-27.8%
Y
CA$12.87
Yellow Pages
7D
-4.6%
1Y
19.2%
TVA.B
CA$1.07
TVA Group
7D
23.0%
1Y
27.4%