Q2/26 Preview For Rogers, TELUS, and BCE

研报英文原文证据摘录

Q2/26 Preview For Rogers, TELUS, and BCE

TD SECURITIES INC. - CANADA INDUSTRY UPDATE

June 30, 2026

■Communications Q2/26 Preview For Rogers, TELUS, and BCE

Vince Valentini, CFA^ THE TD COWEN INSIGHT

416 944 7012

We believe all three incumbent wireless stocks in Canada have become oversold and

vince.valentini@tdsecurities.com

valuations are compelling. The outlook for Q2 results is not great, and we have some

Natale Puccia, CFA^ headwinds to worry about in H2 from either activation fee revenue and/or Starlink competition

416 983 6399 fears.

natale.puccia@tdsecurities.com

Carter Sullivan, CPA^ But valuations have now declined to very attractive levels, and the core historical problem

416 983 3954 of disruptive price competition in wireless seems to be improving. For Rogers and BCE, there

carter.sullivan@tdsecurities.com were some minor changes to our Q2/26 estimates (lower wireless sub adds, but ARPU and

service revenue largely unchanged), but minimal change to FY26 or FY27 estimates, and thus

Price Target Changes

no change to our target prices or ratings. We see no guidance reduction risk for Rogers or BCE.

T-T C$19.00 (Prior C$20.00)

We also introduced 2028 estimates for Rogers (already existed for BCE/TELUS).

Event: Q2/26 results are expected over the next five weeks.

Impact: Slightly negative for earnings estimates and share prices across the Canadian

incumbent telco names.

For TELUS, the estimate reductions across Q2 and annual periods were more meaningful,

with weakness concentrated in the two non-telecom areas of Healthcare and Digital (plus

lower real estate related other income revenue). Consequently, we lowered our TP to $19.00

from $20.00. Our revised FY26 estimates point to revenue growth, EBITDA growth, and FCF all