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Bell Canada Enterprises
BCE.NISIN: CA05534B7604SEDOL: B188TJ4 |
Rating: SELL |
Target Price: 15.46 USD |
Investment Horizon: 6 to 12 months |
1Q 09 News Alert
In 1Q 09, Bell Canada Enterprises’ (BCE) revenues and EBITDA were in line with our estimates, while operating income was below our estimate. However adjusted1 net income was above our expectation. In light of mixed results and as the current common stock price supports a HOLD rating, we reiterate our rating for the common stock. We will reassess the common stock rating for BCE in the coming weeks....
4Q 08 & FY 2008 Update Report
Although we expect Wireless revenues to grow at modest pace and drive total revenues for FY 2009, we anticipate weak economic conditions to slow the pace of growth in Wireless revenue. Further we continue to an anticipate declining growth rate in the Wireline segment supported by increasing erosion of BCE’s NAS customer-base and declining Local and Long distance revenues due to ongoing FTM and competition from Cable telephony......
4Q 08 & FY 2008 News Alert
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In 4Q 08, Bell Canada Enterprises’ (BCE) revenues were in line with our estimate, while EBITDA was above our estimate. However operating income and adjusted1 net income were below our expectations. In light of mixed results and as the current common stock price supports a HOLD rating we reiterate our rating for the common stock. We will reassess the common stock rating…
3Q 08 Supplement Report
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We expect Bell Canada Enterprise’s (BCE) Wireless segment to drive top-line from FY 2009, supported by growth in Data Average Revenue Per User (ARPU). However, as new players are expected to enter the market during FY 2009, we anticipate competition to intensify, putting pressure on the incumbent’s market share and ARPU expansion. Furthermore we expect margins to rise over the next two years in light of declining Selling…
Company News Alert
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On 11 December 2008, Bell Canada Enterprises (BCE) announced that it has terminated the Definitive Agreement dated 29 June 2007 regarding BCE’s privatization as the mutual condition for the completion of the deal was not satisfied....
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