Forecasts and TP Up After Strong Q1 Results

研报英文原文证据摘录

Forecasts and TP Up After Strong Q1 Results

Communications

Quebecor Inc.

TD SECURITIES INC. - CANADA EARNINGS UPDATE

May 15, 2026

Price: C$62.07 (05/14/2026) Forecasts and TP Up After Strong Q1 Results

Price Target: C$69.00 (Prior C$63.00)

BUY (1)

ESG SCORE: 49/100

Vince Valentini, CFA^ THE TD COWEN INSIGHT

416 944 7012

Given continued strong growth in wireless revenue and an improving trend in broadband

vince.valentini@tdsecurities.com

revenue, we have increased our forecasts and target multiples. The forecast increases are

Natale Puccia, CFA^ more noticeable in the telecom segment (Figure 6 has segmented new versus old forecasts).

416 983 6399 Consolidated EBITDA has been held back by our assumption of higher non-cash stock-based

natale.puccia@tdsecurities.com

compensation expense.

Carter Sullivan, CPA^

416 983 3954 This does not impact our FCF estimates, which have increased. We believe our updated

carter.sullivan@tdsecurities.com forecasts could be viewed as optimistic, but they are achievable, in our view, if pricing

Key Data remains as disciplined as we have seen recently in both Quebec wireline services and national

Symbol TSX: QBR.B-T wireless services. With higher expected growth and still industry-leading debt leverage (which

12-Month Div (Est.): C$1.63 allows consistent share buybacks), we have increased our target multiples to 10.25x EBITDA

Beta: 0.68 in wireless (previously 9.5x) and 6.5x in cable (previously 6.25x). We believe these target

12-Month Total multiples are nearing peak levels, but we see the appeal of the momentum and industry-

13.8%

Return: leading growth with this name, so we will maintain our Buy rating with a target price of

52-Week Range: C$62.07-C$36.77 $69.00.

Market Cap: C$14.9B

Dil. Shares Out (MM): 240.0 Event: Q1/26 results.