Quebecor Inc. - Q3-2020 Earnings, Price Target Update

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Quebecor Inc. (QBR.A,B) is a Quebec based communications company offering telecom services mainly through its subsidiary Videotron. Videotron is the largest cable operator in Québec and the third-largest in Canada by customer base serving a total market of 3M homes and businesses with an approximate 80% market share. Videotron offers high-speed Internet access; digital cable television services, including video-on-demand, pay-per-view and pay TV; cable telephone services; a full-service business telecommunications Videotron is also the fifth largest wireless carrier in Canada with over 900,000 wireless subscribers. Quebecor's other businesses include Media, and Sports and Entertainment services. The telecommunications segment contributes 80% of annual revenues, Media – 17%, Sports & Entertainment – 3%. Total assets as of Sept-30-2020 were $9.9B compared to $9.7B at Sept-30-20219.

The Media segment in Québec includes an over-the-air television network and specialty television services, the operation of soundstage and equipment leasing and post-production services for the film and television industries; printing, publishing and distribution of daily newspapers, the operation of specialized Web sites, the publishing and distribution of magazines, the production and distribution of audiovisual content, and the operation of an out-of-home advertising business. The Sports and Entertainment segment in Québec encompass the operation and management of the Videotron Centre in Québec City, show production, sporting and cultural events management, the publishing and distribution of books, the distribution and production of music, and the operation of two Quebec Major Junior Hockey League teams.

In 2013 Videotron entered a 20-year agreement with Rogers Communications Ltd (RCI.A,B) to build-out an operation of a shared LTE wireless network in the Province of Québec and the Ottawa region.

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