BCE Inc. (BCE)
NEUTRAL基本面
69
价格
$23.71
市值
$22.21B
第一部分 · 这家公司值多少
概览
BCE is Canada's largest communications company, operating under the Bell brand. It builds and runs the wireless, broadband internet, television and landline networks that connect most of the country, selling access to households, businesses and government agencies. Through Bell Media it also owns television channels such as CTV, radio stations and sports media rights. Its assets are physical: towers, fibre and copper lines, satellites and studios built up over decades, expensive and slow for a new entrant to replicate at national scale.
盈利方式
Most revenue is recurring: subscribers pay monthly for wireless, internet, television and phone service under contracts, so a customer signed up this year keeps paying next year too. Bell Media adds advertising and subscription fees from its channels. Because the networks already exist, serving one more subscriber costs relatively little, but keeping fibre, 5G and satellite infrastructure current requires continuous heavy capital spending, funded largely from the steady cash that existing subscribers generate every month.
分部营收
Wireless, internet, television and landline services sold to consumers and businesses across Canada, plus related equipment and device sales.
Television networks including CTV, radio stations, and the advertising and subscription revenue generated by Bell's media properties.
需求驱动因素
防御型Communication services are close to a household necessity, so subscriber numbers move slowly regardless of the economic cycle, and long contracts create friction against switching providers. But growth is capped: nearly every Canadian household already has a phone and an internet connection, so gains must come from price increases, new services such as streaming bundles, or taking share from Rogers and Telus, not from a naturally expanding market.
看多理由
Buyers argue that Bell's networks are costly and slow for a rival to duplicate, that most revenue is contractual and recurring, and that the dividend is supported by predictable cash flow from services households rarely cancel.
看空理由
Sellers worry that a saturated, three-player Canadian market leaves little room to add subscribers, that price competition among Bell, Rogers and Telus pressures margins, and that heavy annual spending on fibre and wireless networks limits free cash flow even as the dividend payout stays high.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$24.80B
最近12个月（截至2026/6/30）
净利润
$6.42B
最近12个月（截至2026/6/30）
自由现金流
$2.60B
股东权益合计
$14.99B
负债合计
$41.78B
流动比率
0.73
利息覆盖率
-
债务/EBITDA
4.80
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$83.74
当前价格
$23.71
安全边际
+71.7%
公允价值区间
$54.43 - $113.05
估算方法
估值指标
市盈率（P/E）
4.88
ROE
30.5%
市净率（P/B）
1.48
P/FCF
8.53
毛利率
44.9%
ROIC
7.6%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
7.6%
WACC
3.4%
ROIC − WACC
+4.3 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
基本面分析标准
通过（13）
- ROIC 7.6%
- Gross Margin 44.9%
- P/FCF 8.53
- P/B Ratio 1.48
- Debt/Equity ratio
- Positive Free Cash Flow
- Debt/EBITDA
- DCF valuation (Undervalued)
- ROE 27.7%
- Earnings Surprise avg 7.0%
- PEG Ratio 0.25
- Earnings Quality (OCF/NI) 1.08
- Net Margin Trend 25.8% vs 0.7%
未通过（6）
- Price CAGR -5.83%
- CapEx intensity
- Current Ratio
- Revenue Growth 5Y 1.4%
- Analyst Consensus 48% Buy
- Piotroski F-Score 2/9
不可用（8）
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Mirko Bibic | CEO, President & Director | 57 |
| Mr. Curtis Millen | Executive VP & CFO | - |
| Mr. John Watson | Group President of Business Markets, AI & Ateko | 61 |
| Mr. Blaik Kirby | Group President of Consumer & Small Business | - |
| Mr. Sean H. Cohan | President of Bell Media | 49 |
| Mr. Mark McDonald | Executive VP & CTO | - |
| Ms. Hadeer Hassaan | Executive VP and Chief Information & Customer Experience Officer | - |
| Mr. Krishna Somers | Senior Vice President of Investor Relations | - |
| Mr. Robert Malcolmson | Executive VP and Chief Legal & Regulatory Officer | - |
| Ms. Karine Moses | Senior VP of Sales & Vice Chair of Québec | - |
审计风险
4
董事会风险
4
薪酬风险
2
股东权利风险
7
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for BCE, sourced from Markets Gazette.
- 6/15/2026NEGATIVECanada’s BCE Cuts 1% of Jobs as It Focuses on AI, Network Build
BCE Inc., a major Canadian telecommunications firm, announced plans to cut approximately 1% of its workforce, impacting hundreds of employees. This move is part of a strategic shift to reduce operational costs and reallocate resources towards significant investments in its US-based internet infrastructure and artificial intelligence initiatives. While the company aims to streamline operations and position itself for future growth in AI and network development, the immediate impact involves job losses and potential short-term disruption. Investors will monitor the effectiveness of these strategic investments and their impact on future profitability.
- 5/7/2026POSITIVEBCE Beats on AI-Powered Business, Higher Revenue
BCE Inc. reported first-quarter results that surpassed analyst forecasts, driven by its strategic investments in artificial intelligence infrastructure. The company's AI-powered business initiatives have begun to yield significant returns, contributing to higher overall revenue. This performance indicates a successful pivot towards advanced technologies, positioning BCE for future growth and potentially enhancing its competitive edge in the telecommunications sector. Investors may view this as a strong indicator of management's foresight and execution capabilities.
via Markets Gazette