2Q26 Preview: Canadian Telecom: Incremental positives emerging, but structural growth challenges persist

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2Q26 Preview: Canadian Telecom: Incremental positives emerging, but structural growth challenges persist

Equity Research

16 July 2026

North America Cable, Satellite & Telecom Services

2Q26 Preview: Canadian Telecom

Incremental positives emerging, but structural growth

challenges persist

North America Cable, Satellite & Telecom

Services

Overview NEUTRAL

Telecom and cable valuations have contracted sharply over the past month, reflecting headlines Unchanged

around the potential disruption of the telecom industry by satellite broadband/wireless North America Cable, Satellite &

providers, and continued competitive concerns. In our view, a direct-to-device satellite wireless Telecom Services

service is unlikely to be a mainstream replacement threat for traditional telecom carriers, and Lauren Bonham

the market reaction to this possibility is overblown. At the same time, the continued articulation +1 212 526 3856

lauren.bonham@barclays.comof scaled wireless service ambitions from satellite operators – however improbable or

BCI, US

immaterial we may believe them to be - makes it difficult to rule out the possibility of satellite

Kannan Venkateshwaroperators participating in wireless markets through some form of partnership1 (please see:

+1 212 528 7054

Connectivity’s Choose-Your-Own-Adventure moment, 8 July 2026). In our view the potential for

kannan.venkat@barclays.com

wireless satellite to disrupt the Canadian market is even more unrealistic than the potential BCI, US

disruption in the US telco market, given the highly regulated MVNO industry, constraints on

Viren Uchilforeign ownership, and spectrum considerations. With Canadian telco share prices down double

+1 (212) 526 7523

digits since June (BCE -12.4%, TU -15%, RCI -12.5%, SPTSX +2%) current valuation could be