Quebecor (TSE:QBR.B)
TSX:QBR.B
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Quebecor
(TSX:QBR.B)
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Rating:73Outperform
Price Target:
C$69.00
â–²(22.25% Upside)
Action:Reiterated
Date:05/15/26
The score is driven by a strong technical uptrend and solid operating profitability/cash generation. It is moderated by leverage risk on the balance sheet and the earnings-call caveats around nonrecurring 2025 working-capital benefits, higher capex, and persistent weakness in non-telecom segments; valuation remains reasonable with a moderate dividend yield.
Positive Factors
Cash generation
Sustained operating cash flow (~$2.06B TTM) and FCF (~$1.42B TTM) support durable capital allocation: they fund telecom capex, dividend increases, buybacks and debt service. Reliable subscription cashflows underlie flexibility to invest and return capital over multiple years.
Negative Factors
Elevated leverage
Although leverage improved from prior years, debt metrics remain elevated for a defensive telecom business. Higher indebtedness keeps interest and refinancing risk material, constrains strategic flexibility, and means improving returns have been partially debt‑funded.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained operating cash flow (~$2.06B TTM) and FCF (~$1.42B TTM) support durable capital allocation: they fund telecom capex, dividend increases, buybacks and debt service. Reliable subscription cashflows underlie flexibility to invest and return capital over multiple years.
Read all positive factors
Quebecor (QBR.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$14.72B
Dividend Yield2.69%
Average Volume (3M)836.01K
Price to Earnings (P/E)14.8
Beta (1Y)-0.12
Revenue Growth1.93%
EPS Growth18.42%
CountryCA
Employees10,000
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)3.91
Shares Outstanding150,339,860
10 Day Avg. Volume781,744
30 Day Avg. Volume836,007
Financial Highlights & Ratios
PEG Ratio0.90
Price to Book (P/B)4.52
Price to Sales (P/S)2.09
P/FCF Ratio8.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$64.40Price Target Upside14.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)4.3
Revenue Forecast (FY)C$5.79B
Quebecor Business Overview & Revenue Model
Company Description
Quebecor Inc., together with its subsidiaries, operates in the telecommunications, media, and sports and entertainment businesses in Canada. Its Telecommunications segment offers television distribution, Internet access, wireline and mobile teleph...
How the Company Makes Money
Quebecor makes money primarily by selling subscription-based telecommunications services and, to a lesser extent, by monetizing media/content and related services.
1) Telecommunications (primary revenue driver)
- Wireless service revenue: Monthly...
Quebecor Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational momentum in the telecom segment, clear improvements in cash generation, margin expansion, market share gains, a positive ARPU inflection and disciplined capital allocation (debt reduction, buybacks and dividend increase). These positives are tempered by persistent structural challenges in the Media and Sports & Entertainment segments, a sizable noncash stock-based compensation headwind, heavier capex in 2025 that pulled on short-term adjusted cash flows, and some one-time working capital benefits that may not recur. Management framed media improvements as partly nonrecurring and emphasized continued cost discipline; they also signaled confidence in sustaining telecom growth while cautiously monitoring competitive dynamics and spectrum markets.Positive Updates
Strong Free Cash Flow Growth
Free cash flow increased 21.9% in Q4 and 27.3% for FY2025, with management reporting approximately $1.1 billion of free cash flow generated for the year and guidance for continued growth in 2026.
Negative Updates
Media Segment Structural Challenges and Nonrecurring Adjustment
TVA reported adjusted EBITDA of $50 million in 2025, up $39 million vs 2024 largely due to a favorable retroactive royalty adjustment; management emphasized this is nonrecurring and TVA still carries cumulative net losses attributable to shareholders of $61 million driven by falling subscribers and ad revenues.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Free Cash Flow Growth
Free cash flow increased 21.9% in Q4 and 27.3% for FY2025, with management reporting approximately $1.1 billion of free cash flow generated for the year and guidance for continued growth in 2026.
Read all positive updates
Company Guidance
Management gave directional 2026 guidance focused on continued cash‑flow growth and measured investment: they expect free cash flow to be roughly in the ~$1.1B range (possibly higher), noting 2025 FCF was about $1.1B but benefited from a ~ $300M working‑capital tailwind unlikely to fully recur; CapEx will rise gradually in line with 2025 (telecom capex rose about $55M year‑over‑year, with a telecom capex base near $615M and management flagging another ~$50–60M incremental spend as reasonable); the company will remain opportunistic on capital returns (buybacks and debt paydowns) while targeting a net‑debt/EBITDA around 3.0x (current 2.95x), maintain >$1.6B liquidity, continue to allocate 30–50% of FCF to returns (current payout ~35%), and has already raised the quarterly dividend to $0.40 (up 14%), repurchased 5.3M Class B shares for $218M in 2025 and issued $800M of 3.95% notes last year to fund its plan.Quebecor Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
55
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.73B | 5.68B | 5.64B | 5.43B | 4.53B | 4.55B |
| Gross Profit | 2.22B | 1.54B | 3.12B | 2.99B | 2.63B | 2.66B |
| EBITDA | 2.40B | 2.39B | 2.35B | 2.18B | 1.89B | 1.89B |
| Net Income | 890.70M | 856.00M | 747.50M | 650.50M | 599.70M | 578.40M |
Balance Sheet | ||||||
| Total Assets | 12.80B | 12.81B | 13.00B | 12.74B | 10.63B | 10.76B |
| Cash, Cash Equivalents and Short-Term Investments | 316.50M | 195.80M | 61.80M | 11.10M | 6.60M | 64.70M |
| Total Debt | 7.27B | 7.50B | 8.00B | 8.17B | 6.83B | 6.86B |
| Total Liabilities | 10.01B | 10.08B | 10.73B | 10.90B | 9.14B | 9.38B |
| Stockholders Equity | 2.68B | 2.63B | 2.16B | 1.73B | 1.36B | 1.26B |
Cash Flow | ||||||
| Free Cash Flow | 1.42B | 1.42B | 820.60M | 898.90M | 653.10M | -265.40M |
| Operating Cash Flow | 2.06B | 2.06B | 1.72B | 1.46B | 1.26B | 1.18B |
| Investing Cash Flow | -694.80M | -675.80M | -921.90M | -2.68B | -631.30M | -1.54B |
| Financing Cash Flow | -1.32B | -1.29B | -712.20M | 1.18B | -812.60M | 281.90M |
Quebecor Technical Analysis
Positive
56.44
Price Trends
57.66
Positive
54.61
Positive
49.64
Positive
Market Momentum
1.05
Negative
79.98
Negative
94.42
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:QBR.B, the sentiment is Positive. The current price of 56.44 is below the 20-day moving average (MA) of 57.19, below the 50-day MA of 57.66, and above the 200-day MA of 49.64, indicating a bullish trend. The MACD of 1.05 indicates Negative momentum. The RSI at 79.98 is Negative, neither overbought nor oversold. The STOCH value of 94.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:QBR.B.
Quebecor Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$14.72B | 14.83 | 35.07% | 2.69% | 1.93% | 18.42% | |
71 Outperform | C$26.36B | 16.49 | 40.28% | 3.94% | 7.44% | 297.46% | |
67 Neutral | C$30.51B | 12.53 | 29.69% | 7.42% | 1.55% | 1496.64% | |
62 Neutral | C$2.66B | 9.50 | 9.93% | 5.69% | -4.35% | -3.51% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | C$26.21B | 51.31 | 6.41% | 9.49% | 0.13% | -23.84% | |
58 Neutral | C$596.70M | 9.19 | 9.64% | 5.98% | -4.10% | -2.14% |
* Communication Services Sector Average
TSE:QBR.B
Quebecor
64.82
28.01
76.08%
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TSE:CCA
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.