Intrinsic value of BCE - BCE

Previous Close

$41.70

  Intrinsic Value

$50.39

stock screener

  Rating & Target

buy

+21%

Previous close

$41.70

 
Intrinsic value

$50.39

 
Up/down potential

+21%

 
Rating

buy

We calculate the intrinsic value of BCE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 37.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
Revenue, $m
  19,703
  21,646
  23,675
  25,790
  27,994
  30,286
  32,669
  35,147
  37,721
  40,396
  43,177
  46,067
  49,073
  52,200
  55,455
  58,844
  62,375
  66,056
  69,894
  73,899
  78,079
  82,444
  87,005
  91,771
  96,755
  101,968
  107,422
  113,130
  119,107
  125,365
Variable operating expenses, $m
  14,839
  16,119
  17,455
  18,848
  20,299
  21,809
  23,378
  25,010
  26,705
  28,467
  28,433
  30,337
  32,316
  34,376
  36,519
  38,751
  41,076
  43,500
  46,028
  48,665
  51,418
  54,292
  57,296
  60,435
  63,717
  67,150
  70,741
  74,501
  78,436
  82,557
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  14,839
  16,119
  17,455
  18,848
  20,299
  21,809
  23,378
  25,010
  26,705
  28,467
  28,433
  30,337
  32,316
  34,376
  36,519
  38,751
  41,076
  43,500
  46,028
  48,665
  51,418
  54,292
  57,296
  60,435
  63,717
  67,150
  70,741
  74,501
  78,436
  82,557
Operating income, $m
  4,863
  5,527
  6,220
  6,942
  7,694
  8,477
  9,291
  10,137
  11,016
  11,929
  14,743
  15,730
  16,757
  17,824
  18,936
  20,093
  21,299
  22,556
  23,866
  25,234
  26,661
  28,152
  29,709
  31,336
  33,038
  34,818
  36,681
  38,630
  40,671
  42,808
EBITDA, $m
  9,253
  10,166
  11,118
  12,112
  13,147
  14,223
  15,343
  16,506
  17,715
  18,972
  20,277
  21,635
  23,046
  24,515
  26,044
  27,635
  29,294
  31,022
  32,825
  34,706
  36,669
  38,719
  40,861
  43,099
  45,440
  47,888
  50,449
  53,130
  55,937
  58,876
Interest expense (income), $m
  653
  992
  1,146
  1,308
  1,477
  1,654
  1,837
  2,029
  2,227
  2,434
  2,649
  2,872
  3,104
  3,345
  3,595
  3,856
  4,127
  4,410
  4,704
  5,011
  5,331
  5,665
  6,014
  6,378
  6,758
  7,156
  7,571
  8,006
  8,461
  8,937
  9,435
Earnings before tax, $m
  3,871
  4,381
  4,912
  5,465
  6,041
  6,640
  7,262
  7,910
  8,582
  9,281
  11,872
  12,627
  13,412
  14,229
  15,080
  15,966
  16,889
  17,851
  18,855
  19,902
  20,996
  22,138
  23,331
  24,578
  25,883
  27,247
  28,675
  30,169
  31,734
  33,373
Tax expense, $m
  1,045
  1,183
  1,326
  1,475
  1,631
  1,793
  1,961
  2,136
  2,317
  2,506
  3,205
  3,409
  3,621
  3,842
  4,072
  4,311
  4,560
  4,820
  5,091
  5,374
  5,669
  5,977
  6,299
  6,636
  6,988
  7,357
  7,742
  8,146
  8,568
  9,011
Net income, $m
  2,826
  3,198
  3,585
  3,989
  4,410
  4,847
  5,302
  5,774
  6,265
  6,775
  8,666
  9,217
  9,791
  10,387
  11,008
  11,655
  12,329
  13,031
  13,764
  14,529
  15,327
  16,161
  17,032
  17,942
  18,894
  19,890
  20,933
  22,024
  23,166
  24,362

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  47,024
  51,660
  56,503
  61,552
  66,811
  72,281
  77,970
  83,882
  90,026
  96,411
  103,047
  109,945
  117,119
  124,583
  132,351
  140,440
  148,867
  157,651
  166,812
  176,369
  186,345
  196,764
  207,648
  219,024
  230,919
  243,360
  256,377
  270,001
  284,264
  299,200
Adjusted assets (=assets-cash), $m
  47,024
  51,660
  56,503
  61,552
  66,811
  72,281
  77,970
  83,882
  90,026
  96,411
  103,047
  109,945
  117,119
  124,583
  132,351
  140,440
  148,867
  157,651
  166,812
  176,369
  186,345
  196,764
  207,648
  219,024
  230,919
  243,360
  256,377
  270,001
  284,264
  299,200
Revenue / Adjusted assets
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
  0.419
Average production assets, $m
  29,042
  31,906
  34,896
  38,015
  41,263
  44,641
  48,155
  51,806
  55,601
  59,544
  63,642
  67,903
  72,334
  76,943
  81,741
  86,737
  91,941
  97,366
  103,024
  108,927
  115,088
  121,522
  128,245
  135,271
  142,617
  150,301
  158,340
  166,754
  175,563
  184,788
Working capital, $m
  -1,379
  -1,515
  -1,657
  -1,805
  -1,960
  -2,120
  -2,287
  -2,460
  -2,640
  -2,828
  -3,022
  -3,225
  -3,435
  -3,654
  -3,882
  -4,119
  -4,366
  -4,624
  -4,893
  -5,173
  -5,466
  -5,771
  -6,090
  -6,424
  -6,773
  -7,138
  -7,520
  -7,919
  -8,337
  -8,776
Total debt, $m
  21,226
  24,225
  27,359
  30,626
  34,028
  37,567
  41,248
  45,073
  49,048
  53,179
  57,472
  61,936
  66,577
  71,406
  76,432
  81,666
  87,118
  92,802
  98,728
  104,912
  111,367
  118,107
  125,150
  132,510
  140,206
  148,255
  156,677
  165,492
  174,720
  184,384
Total liabilities, $m
  30,424
  33,424
  36,557
  39,824
  43,226
  46,766
  50,446
  54,272
  58,247
  62,378
  66,671
  71,134
  75,776
  80,605
  85,631
  90,865
  96,317
  102,000
  107,927
  114,111
  120,565
  127,306
  134,348
  141,709
  149,405
  157,454
  165,876
  174,691
  183,919
  193,583
Total equity, $m
  16,599
  18,236
  19,945
  21,728
  23,584
  25,515
  27,523
  29,610
  31,779
  34,033
  36,375
  38,811
  41,343
  43,978
  46,720
  49,575
  52,550
  55,651
  58,884
  62,258
  65,780
  69,458
  73,300
  77,316
  81,514
  85,906
  90,501
  95,310
  100,345
  105,618
Total liabilities and equity, $m
  47,023
  51,660
  56,502
  61,552
  66,810
  72,281
  77,969
  83,882
  90,026
  96,411
  103,046
  109,945
  117,119
  124,583
  132,351
  140,440
  148,867
  157,651
  166,811
  176,369
  186,345
  196,764
  207,648
  219,025
  230,919
  243,360
  256,377
  270,001
  284,264
  299,201
Debt-to-equity ratio
  1.280
  1.330
  1.370
  1.410
  1.440
  1.470
  1.500
  1.520
  1.540
  1.560
  1.580
  1.600
  1.610
  1.620
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.690
  1.700
  1.710
  1.710
  1.720
  1.730
  1.730
  1.740
  1.740
  1.750
Adjusted equity ratio
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,826
  3,198
  3,585
  3,989
  4,410
  4,847
  5,302
  5,774
  6,265
  6,775
  8,666
  9,217
  9,791
  10,387
  11,008
  11,655
  12,329
  13,031
  13,764
  14,529
  15,327
  16,161
  17,032
  17,942
  18,894
  19,890
  20,933
  22,024
  23,166
  24,362
Depreciation, amort., depletion, $m
  4,390
  4,639
  4,899
  5,170
  5,452
  5,746
  6,052
  6,369
  6,699
  7,042
  5,534
  5,905
  6,290
  6,691
  7,108
  7,542
  7,995
  8,467
  8,959
  9,472
  10,008
  10,567
  11,152
  11,763
  12,401
  13,070
  13,769
  14,500
  15,266
  16,069
Funds from operations, $m
  7,216
  7,837
  8,484
  9,159
  9,862
  10,593
  11,353
  12,143
  12,964
  13,817
  14,200
  15,122
  16,081
  17,078
  18,116
  19,197
  20,324
  21,498
  22,723
  24,001
  25,335
  26,728
  28,183
  29,705
  31,296
  32,960
  34,701
  36,524
  38,432
  40,431
Change in working capital, $m
  -130
  -136
  -142
  -148
  -154
  -160
  -167
  -173
  -180
  -187
  -195
  -202
  -210
  -219
  -228
  -237
  -247
  -258
  -269
  -280
  -293
  -306
  -319
  -334
  -349
  -365
  -382
  -400
  -418
  -438
Cash from operations, $m
  7,346
  7,973
  8,626
  9,307
  10,016
  10,754
  11,520
  12,317
  13,144
  14,004
  14,395
  15,324
  16,291
  17,297
  18,344
  19,435
  20,571
  21,756
  22,991
  24,281
  25,627
  27,033
  28,503
  30,039
  31,645
  33,325
  35,083
  36,924
  38,851
  40,869
Maintenance CAPEX, $m
  -2,288
  -2,525
  -2,774
  -3,034
  -3,306
  -3,588
  -3,882
  -4,187
  -4,505
  -4,835
  -5,178
  -5,534
  -5,905
  -6,290
  -6,691
  -7,108
  -7,542
  -7,995
  -8,467
  -8,959
  -9,472
  -10,008
  -10,567
  -11,152
  -11,763
  -12,401
  -13,070
  -13,769
  -14,500
  -15,266
New CAPEX, $m
  -2,730
  -2,864
  -2,991
  -3,119
  -3,248
  -3,379
  -3,513
  -3,651
  -3,795
  -3,943
  -4,098
  -4,261
  -4,431
  -4,610
  -4,798
  -4,996
  -5,205
  -5,425
  -5,657
  -5,903
  -6,161
  -6,434
  -6,722
  -7,026
  -7,346
  -7,684
  -8,039
  -8,414
  -8,809
  -9,225
Cash from investing activities, $m
  -5,018
  -5,389
  -5,765
  -6,153
  -6,554
  -6,967
  -7,395
  -7,838
  -8,300
  -8,778
  -9,276
  -9,795
  -10,336
  -10,900
  -11,489
  -12,104
  -12,747
  -13,420
  -14,124
  -14,862
  -15,633
  -16,442
  -17,289
  -18,178
  -19,109
  -20,085
  -21,109
  -22,183
  -23,309
  -24,491
Free cash flow, $m
  2,327
  2,584
  2,861
  3,154
  3,463
  3,787
  4,125
  4,478
  4,845
  5,226
  5,119
  5,530
  5,956
  6,398
  6,856
  7,331
  7,824
  8,336
  8,867
  9,420
  9,994
  10,591
  11,213
  11,861
  12,536
  13,240
  13,974
  14,741
  15,541
  16,378
Issuance/(repayment) of debt, $m
  2,849
  3,000
  3,133
  3,267
  3,402
  3,540
  3,680
  3,825
  3,975
  4,131
  4,293
  4,463
  4,642
  4,829
  5,026
  5,234
  5,452
  5,683
  5,927
  6,184
  6,455
  6,741
  7,042
  7,360
  7,696
  8,049
  8,422
  8,815
  9,228
  9,664
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2,849
  3,000
  3,133
  3,267
  3,402
  3,540
  3,680
  3,825
  3,975
  4,131
  4,293
  4,463
  4,642
  4,829
  5,026
  5,234
  5,452
  5,683
  5,927
  6,184
  6,455
  6,741
  7,042
  7,360
  7,696
  8,049
  8,422
  8,815
  9,228
  9,664
Total cash flow (excl. dividends), $m
  5,176
  5,583
  5,994
  6,421
  6,865
  7,326
  7,805
  8,303
  8,820
  9,357
  9,412
  9,993
  10,597
  11,226
  11,882
  12,564
  13,276
  14,019
  14,794
  15,603
  16,449
  17,332
  18,255
  19,221
  20,232
  21,289
  22,396
  23,555
  24,769
  26,041
Retained Cash Flow (-), $m
  -1,548
  -1,637
  -1,709
  -1,782
  -1,856
  -1,931
  -2,008
  -2,087
  -2,169
  -2,254
  -2,342
  -2,435
  -2,532
  -2,635
  -2,742
  -2,855
  -2,975
  -3,101
  -3,234
  -3,374
  -3,522
  -3,678
  -3,842
  -4,016
  -4,199
  -4,392
  -4,595
  -4,809
  -5,035
  -5,272
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  3,628
  3,947
  4,285
  4,639
  5,009
  5,395
  5,797
  6,216
  6,651
  7,103
  7,070
  7,558
  8,065
  8,592
  9,140
  9,709
  10,302
  10,918
  11,560
  12,229
  12,927
  13,654
  14,413
  15,205
  16,033
  16,897
  17,801
  18,746
  19,735
  20,769
Discount rate, %
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
  3,391
  3,425
  3,428
  3,397
  3,330
  3,229
  3,095
  2,932
  2,743
  2,534
  2,156
  1,946
  1,730
  1,514
  1,304
  1,104
  918
  750
  600
  471
  361
  271
  199
  142
  99
  67
  44
  28
  17
  10
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

BCE Inc. is a communications company. The Company's segments include Bell Wireless, Bell Wireline and Bell Media. Its Bell Wireless segment provides wireless voice and data communications products and services to its residential, small and medium-sized business and large enterprise customers across Canada. Its Bell Wireline segment provides data, including Internet access and Internet protocol television (IPTV), local telephone, long distance, as well as other communications services and products to its residential, small and medium-sized business and large enterprise customers, primarily in Ontario, Quebec and the Atlantic provinces, while Satellite television (TV) service and connectivity to business customers are available nationally across Canada. Its Bell Media segment provides conventional, specialty and pay Television, digital media, and radio broadcasting services and out of home (OOH) advertising services to customers across Canada.

FINANCIAL RATIOS  of  BCE (BCE)

Valuation Ratios
P/E Ratio 16.2
Price to Sales 2.3
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 17.1
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 94.5%
Total Debt to Equity 122.3%
Interest Coverage 6
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 7.5%
Return On Equity 17.5%
Return On Equity - 3 Yr. Avg. 17%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 69.1%
Gross Margin - 3 Yr. Avg. 69.6%
EBITDA Margin 39.5%
EBITDA Margin - 3 Yr. Avg. 38.2%
Operating Margin 23.6%
Oper. Margin - 3 Yr. Avg. 22.1%
Pre-Tax Margin 19.3%
Pre-Tax Margin - 3 Yr. Avg. 17.9%
Net Profit Margin 14%
Net Profit Margin - 3 Yr. Avg. 12.8%
Effective Tax Rate 26.4%
Eff/ Tax Rate - 3 Yr. Avg. 25.7%
Payout Ratio 80.2%

BCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCE stock intrinsic value calculation we used $17846.8185389 million for the last fiscal year's total revenue generated by BCE. The default revenue input number comes from 0001 income statement of BCE. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BCE stock valuation model: a) initial revenue growth rate of 10.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7%, whose default value for BCE is calculated based on our internal credit rating of BCE, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of BCE.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BCE stock the variable cost ratio is equal to 76.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BCE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for BCE.

Corporate tax rate of 27% is the nominal tax rate for BCE. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BCE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BCE are equal to 147.4%.

Life of production assets of 11.5 years is the average useful life of capital assets used in BCE operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BCE is equal to -7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $15051.060487 million for BCE - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 897.969 million for BCE is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of BCE at the current share price and the inputted number of shares is $37.4 billion.

RELATED COMPANIES Price Int.Val. Rating
SJR Shaw Communica 19.00 37.17  str.buy
AAPL Apple 191.41 344.94  str.buy
IBM International 121.44 191.80  buy

COMPANY NEWS

▶ PRESS DIGEST- Canada - Nov 6   [Nov-06-18 05:40PM  Reuters]
▶ BCE: 3Q Earnings Snapshot   [Nov-01-18 08:15AM  Associated Press]
▶ BCE reports third quarter 2018 results   [07:00AM  PR Newswire]
▶ Bell and Ford partner in new Connected Car initiative   [Oct-18-18 01:00PM  CNW Group]
▶ BCE Q3 2018 results to be announced November 1   [Oct-15-18 04:15PM  CNW Group]
▶ [$$] The week in energy: climate shock   [Oct-13-18 07:00AM  Financial Times]
▶ BCE appoints Mirko Bibic as Chief Operating Officer   [Oct-04-18 08:00AM  CNW Group]
▶ Bell Canada announces re-opening of Series US-1 Notes   [Sep-11-18 07:28PM  CNW Group]
▶ Bell announces offering of MTN Debentures   [Aug-16-18 07:30PM  CNW Group]
▶ BCE (BCE) Q2 Earnings Lag Estimates   [Aug-02-18 12:20PM  Zacks]
▶ BCE: 2Q Earnings Snapshot   [11:14AM  Associated Press]
▶ BCE reports second quarter 2018 results   [07:00AM  PR Newswire]
▶ BCE Inc. to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ BCE Q2 2018 results to be announced August 2   [Jul-12-18 08:00AM  CNW Group]
▶ Should BCE Incs (TSE:BCE) Recent Earnings Worry You?   [Jun-21-18 10:32AM  Simply Wall St.]
▶ Is BCE Incs (TSE:BCE) PE Ratio A Signal To Sell For Investors?   [Jun-20-18 07:25PM  Simply Wall St.]
▶ Bell Canada renews Medium Term Notes (MTN) program   [Jun-19-18 05:48PM  PR Newswire]
▶ How Financially Strong Is BCE Inc (TSE:BCE)?   [Jun-10-18 12:11PM  Simply Wall St.]
▶ BCE announces election of Directors   [May-03-18 01:12PM  CNW Group]
▶ BCE: 1Q Earnings Snapshot   [08:44AM  Associated Press]
▶ BCE reports first quarter 2018 results   [07:00AM  CNW Group]
▶ PRESS DIGEST- Canada- April 9   [Apr-09-18 07:29AM  Reuters]
▶ Bell Canada announces offering of Series US-1 Notes   [Mar-26-18 08:08PM  PR Newswire]
▶ BCE files 2017 annual report on Form 40-F   [Mar-14-18 10:10AM  PR Newswire]
▶ Bell Canada announces offering of MTN Debentures   [Mar-07-18 07:31PM  CNW Group]
▶ Normal Course Issuer Bid Program   [Mar-01-18 05:24PM  PR Newswire]
▶ [$$] Anbang arrest demonstrates Beijings hostility to business   [Feb-28-18 07:15AM  Financial Times]
▶ BCE beats 4Q profit forecasts   [08:21AM  Associated Press]
▶ BCE Inc. to Host Earnings Call   [06:10AM  ACCESSWIRE]

CONTACT US       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.