BCE is a mature Canadian telecommunications company celebrating its 135th anniversary. It has a market capitalization of $36.92 billion and operates across wireless, media, and wireline industries. BCE aims to accelerate wireless growth, leverage wireline momentum, and expand its media business while maintaining a competitive cost structure. It has identified government regulation and MVNO competition as threats while recent acquisitions like Rogers have provided cash gains. The recommendation from analysts is 45.5% hold the stock.

1. Hold
NYSE: $ 44.92
Target Price: $ 47.03

2. BCE Overview
Headquarter | Canada
Market Cap | $36.92B
Status | Mature
135 yr. Anniversary
Telecommunication
Wireless
Media
Wireline
Scope Industry Segments 2-30

3. 3-30
Accelerate
Wireless
Leverage
Wireline
Momentum
Expand
Media
Leadership
Invest in
Broadband
Networks &
Services
Format
Competitive
Cost
Structure
Enhance
Customer
Service
6 Strategic Imperatives

4. 4-30
Revenue
Stream
Wireline
58%

5. Market Cap
5-30

6. 8-30
EV/EBITDA

7. Profit Margin
6-30

8. Quick Ratio
7-30
Sales Growth

9. 9-30
Segment GrowthSegment Growth

10. Bell Wireline
Weak Performer, Shrinking Margins
15% Satellite Customer Migration to IPTV
(Trend)
10-30
First Positive RGU Growth in Satellite Segment Since
2005

11. Bell Wireless
Strong Performer, 6.70% Revenue Growth
Expects 98% Tower Coverage by year-end
2015
11-30
Upside Potential for Smartphone Migration

12. Bell Media
Strong Performer,14.86% Revenue Growth
Launched CraveTV, with Unique Replay
Feature
Hosted 14/20 Most Popular Shows in Canada on
Channels such as CTV, TSN and RDS
12-30

13. Threats: Government & MVNO’s
13-30
Gov’t: Aware of
Customer
Dissatisfaction
with High Prices
and Services
Gov’t: Taking
Steps to
Introduce more
National
Competition to
Increase Pricing
Pressures
MVNO’s: Have
Lower Entry
Barriers and
Cheap
Disruptive
Technologies

14. Recent Acquisition
Rogers
Bell Canada
Enterprise
Glentel
14-30
Resulted
in a $95M
Cash Gain

15. 15-30
Dividend Growth Trend

16. 16-30
Valuation

17. 17-30
Valuation
Enterprise Value to Equity Value
Enterprise Value 62,044.63
Less: Debt 22,465.78
Diluted Shares Outstanding 39,578,85
Equity Value Per Share $ 47.03

18. 18-30
Conclusion
Hold Sell

19. 18-30
Buy Hold Sell
Professional Recommendation*
40.9% 45.5% 13.6%
*Source: Bloomberg

20. 21-30
Questions?

21. Recommendation
Overview
6 Strategic
Revenue Stream
Market Cap
EV/Ebitda
Profit Margin
Sales Growth
Segment Growth
Bell Wireline
Bell Wireless
Bell Media
Threats
Recent Acquisition
Appendix
21-30
Dividend Growth
Valuation WACC
Valuation EV
Conclusion
Professional Recommendation
Appendix
Main Sources
Investment Rationale
Management
Ownership
Income Statement
Balance Sheet
SOCF
Financials
Multiples

22. Main Sources
Bloomberg
Yahoo Finance
22-30

23. 23-30
Initial Purchase Price: $44.45
Current Trading Price: $44.93
Number of Shares (Fund): 21
Current FMV: $943.53
Initial Purchase Cost: $933.45
Gain: Now $10.08*
Target FMV: $988.68
Initial Purchase price $933.45
Gain: Later $55.23*
*assuming zero transaction fee
Rationale: We’d receive a higher gain if we hold and sell
later.
Investment Rationale

24. Management
24-30
President/CEO
George A. Cope
Vice Chairman
Martine Turcotte
Executive VP/CFO
Siim Vanaseija

25. 25-30
Ownership

26. 26-30
Income Statement

27. 27-30
Balance Sheet

28. Statement of Cash flow
28-30

29. 29-30
Financials

30. Multiples
30-30