BCE Inc. (BCE-PA.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+744.4%

CA$244.29

vs CA$28.93 price

Levered DCF

CA$46.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.24

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	4.82×	185.11×	22.88×	19.96×	22.01×	21.6×	18.01×	17.4×
P/B	1.33×	1.78×	2.35×	2.44×	2.64×	2.35×	2.56×	2.38×
P/S	1.24×	1.25×	1.93×	2.24×	2.54×	2.15×	2.28×	2.07×
EV / EBITDA	4.83×	9×	8.54×	8.81×	9.25×	8.5×	8.13×	8×
Gross margin	68.4%	68.4%	67.9%	68.4%	68.9%	83.7%	69.1%	68.7%
Operating margin	22.2%	22.7%	22.3%	22.7%	22.5%	22.7%	23.8%	23.5%
Net margin	26.4%	1.4%	9.2%	11.9%	12.1%	11.5%	13.4%	12.5%
Current ratio	0.58×	0.6×	0.65×	0.57×	0.68×	0.69×	0.56×	0.56×
Debt / equity	1.79×	2.37×	1.79×	1.44×	1.31×	1.24×	1.24×	1.2×
Interest coverage	3.05×	3.24×	3.73×	4.78×	4.88×	4.5×	4.77×	5.16×
Dividend yield	7.2%	12.5%	7.7%	6.4%	5.5%	6.3%	5.5%	5.8%
Payout ratio	33.7%	1104.7%	162.1%	120.2%	114.7%	118.0%	92.9%	96.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.2%	2.0%	11.2%	12.9%	12.5%	12.5%	15.1%	14.4%
Return on invested capital	6.2%	3.3%	5.9%	6.6%	6.4%	7.2%	7.7%	8.1%
Return on assets	8.1%	0.5%	3.1%	4.1%	4.3%	4.3%	5.3%	5.1%
Free cash flow yield	10.8%	8.4%	6.7%	6.0%	1.8%	7.0%	7.3%	6.9%
Earnings yield	21.2%	1.1%	4.8%	5.3%	4.8%	5.4%	5.9%	6.0%
Enterprise value	CA$71.1B	CA$69.3B	CA$83B	CA$86B	CA$89B	CA$75B	CA$80.3B	CA$72.4B
Net debt / EBITDA	2.77×	5.05×	3.64×	3.25×	3.05×	2.92×	2.65×	2.65×
Cash conversion cycle (days)	-39	-46	-65	-72	-55	-143	-44	-42