BCE Inc.

TSX:BCE Stock Report

Market Cap: CA$30.4b

BCE Valuation

Is BCE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BCE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BCE (CA$33.28) is trading below our estimate of fair value (CA$382.56)

Significantly Below Fair Value: BCE is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BCE?

Key metric: As BCE is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BCE. This is calculated by dividing BCE's market cap by their current revenue.
What is BCE's PS Ratio?
PS Ratio1.2x
SalesCA$24.46b
Market CapCA$30.37b

Price to Sales Ratio vs Peers

How does BCE's PS Ratio compare to its peers?

The above table shows the PS ratio for BCE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1x
T TELUS
1.5x3.1%CA$29.7b
QBR.A Quebecor
1.3x1.0%CA$7.4b
CCA Cogeco Communications
0.9x-0.2%CA$2.7b
CGO Cogeco
0.2x-0.4%CA$545.4m
BCE BCE
1.2x2.0%CA$30.4b

Price-To-Sales vs Peers: BCE is expensive based on its Price-To-Sales Ratio (1.2x) compared to the peer average (1x).

Price to Sales Ratio vs Industry

How does BCE's PS Ratio compare vs other companies in the North American Telecom Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
BCE 1.2xIndustry Avg. 1.1xNo. of Companies6PS00.61.21.82.43+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BCE is expensive based on its Price-To-Sales Ratio (1.2x) compared to the North American Telecom industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is BCE's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BCE PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.2x
Fair PS Ratio1.3x

Price-To-Sales vs Fair Ratio: BCE is good value based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BCE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$33.28
CA$41.20
+23.8%
12.2%CA$50.00CA$33.00n/a15
Dec ’25CA$37.90
CA$43.10
+13.7%
11.2%CA$56.00CA$37.50n/a15
Nov ’25CA$44.81
CA$50.22
+12.1%
8.4%CA$60.00CA$42.00n/a16
Oct ’25CA$47.00
CA$50.75
+8.0%
8.4%CA$60.00CA$42.00n/a16
Sep ’25CA$47.21
CA$50.00
+5.9%
8.1%CA$60.00CA$42.00n/a17
Aug ’25CA$47.07
CA$49.88
+6.0%
8.4%CA$60.00CA$42.00n/a17
Jul ’25CA$44.31
CA$50.44
+13.8%
8.6%CA$60.00CA$42.00n/a18
Jun ’25CA$46.62
CA$50.55
+8.4%
8.8%CA$60.00CA$42.00n/a18
May ’25CA$45.76
CA$51.40
+12.3%
7.7%CA$60.00CA$42.00n/a18
Apr ’25CA$45.89
CA$54.79
+19.4%
5.1%CA$60.00CA$48.00n/a17
Mar ’25CA$50.15
CA$54.97
+9.6%
4.3%CA$60.00CA$51.00n/a18
Feb ’25CA$54.72
CA$57.84
+5.7%
4.7%CA$65.00CA$54.00n/a18
Jan ’25CA$52.17
CA$57.74
+10.7%
5.0%CA$65.00CA$54.00n/a17
Dec ’24CA$54.39
CA$57.43
+5.6%
5.1%CA$65.00CA$54.00CA$37.9017
Nov ’24CA$52.52
CA$58.89
+12.1%
6.3%CA$67.00CA$54.00CA$44.8116
Oct ’24CA$51.85
CA$62.00
+19.6%
6.0%CA$70.00CA$56.00CA$47.0016
Sep ’24CA$56.40
CA$62.13
+10.2%
5.7%CA$70.00CA$56.00CA$47.2116
Aug ’24CA$56.80
CA$64.47
+13.5%
4.0%CA$70.00CA$61.00CA$47.0717
Jul ’24CA$60.40
CA$65.29
+8.1%
3.8%CA$70.00CA$62.00CA$44.3117
Jun ’24CA$61.08
CA$65.47
+7.2%
3.6%CA$70.00CA$63.00CA$46.6217
May ’24CA$65.45
CA$65.47
+0.03%
4.5%CA$73.00CA$61.00CA$45.7617
Apr ’24CA$60.54
CA$65.53
+8.2%
4.5%CA$73.00CA$61.00CA$45.8917
Mar ’24CA$60.21
CA$65.53
+8.8%
4.5%CA$73.00CA$61.00CA$50.1517
Feb ’24CA$63.24
CA$65.75
+4.0%
4.0%CA$73.00CA$63.00CA$54.7217
Jan ’24CA$59.49
CA$66.63
+12.0%
4.3%CA$73.00CA$62.00CA$52.1717
Dec ’23CA$63.86
CA$66.63
+4.3%
4.4%CA$73.00CA$62.00CA$54.3917

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 22:43
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

BCE Inc. is covered by 40 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mark RosenAccountability Research Corporation
Amman SaeedAccountability Research Corporation
null nullArgus Research Company