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BCE - 2019 Earnings, Price Target Update

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BCE (BCE-TSX, NYSE) is a Canadian telecommunications and media company providing wireless, wireline, Internet and television (TV) services to residential, business and wholesale customers in Canada. Wireless operations contribute 35% of revenues, wireline and internet services at 55% and 10% from Bell Media. Bell reaches approximately 90% of the population with broadband LTE-A mobile services. As of Dec-31-2019 assets totaled $60.3B, annual revenues for 2019 were $24B. As of Dec-31-2018 assets totaled $57.1B and annual revenues for 2018 were $23.4B including the acquisition of Manitoba Telecom (MBT). Growth in assets was mainly from $4B of capital spending during 2019. Revenues were forecast to grow by 2% for 2019 compared to actual of 2.6%. Total term debt as of Dec-31-2019 increased to $26.4B from $24.4B as of Dec-31-2018 representing a debt ratio of 122%.

The Wireless segment provides wireless voice and data communication products and services to residential, small and medium-sized business and large enterprise customers across Canada. The Wireline segment provides data, including Internet access and IPTV, local telephone, long distance, as well as other communications services and products to our residential, small and medium-sized business and large enterprise customers primarily in Ontario, Qu├ębec and the Atlantic provinces, while Satellite TV service and connectivity to business customers are available nationally across Canada. The Bell Media segment provides conventional, specialty and pay TV, digital media and radio broadcasting services to customers across Canada and out-of-home advertising services.

To compete in the low cost prepaid wireless sector Lucky Mobile was launched in Dec-2017. Initially available to consumers in Ontario, Alberta and British Columbia, Lucky Mobile offers service in 17 zones covering most major cities across the country, including data access at 3G-equivalent speeds. Later this year, Lucky Mobile will introduce an app that enables talk and text over Wi-Fi.

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