Want to see TSE:QBR.B full AI Analyst Report?
Top Page
Quebecor
(TSX:QBR.B)
Select Model
Select Model
Rating:70Outperform
Price Target:
C$75.00
â–²(20.44% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by strong underlying profitability and free cash flow, reinforced by a positive earnings call with supportive guidance, improving telecom/wireless performance, and shareholder returns. Offsetting factors are still-elevated leverage on the financial statements and only moderate technical momentum (slightly negative MACD), while valuation appears fair rather than compelling.
Positive Factors
Strong Free Cash Flow
Substantial TTM free cash flow (~$1.57B) and operating cash (~$2.09B) indicate durable cash conversion across cycles. This supports ongoing network investment, debt reduction, buybacks and a higher dividend, giving the company long-term strategic and financial flexibility.
Negative Factors
Elevated Leverage
Despite improvement, leverage remains elevated relative to conservative peers. Higher debt ratios increase interest-rate and refinancing sensitivity, constrain large M&A or aggressive buybacks, and limit flexibility if cash generation faces pressure from cyclical or structural shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Free Cash Flow
Substantial TTM free cash flow (~$1.57B) and operating cash (~$2.09B) indicate durable cash conversion across cycles. This supports ongoing network investment, debt reduction, buybacks and a higher dividend, giving the company long-term strategic and financial flexibility.
Read all positive factors
Quebecor (QBR.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$14.18B
Dividend Yield2.54%
Average Volume (3M)1.24M
Price to Earnings (P/E)15.1
Beta (1Y)-0.04
Revenue Growth3.12%
EPS Growth24.49%
CountryCA
Employees11,000
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)4.17
Shares Outstanding148,567,430
10 Day Avg. Volume816,796
30 Day Avg. Volume1,238,622
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$73.83Price Target Upside18.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)4.26
Revenue Forecast (FY)C$5.85B
Quebecor Business Overview & Revenue Model
Company Description
Quebecor Inc. is a diversified Canadian enterprise with significant holdings in telecommunications, media, and sports and entertainment sectors across Canada. Its Telecommunications division delivers an array of services such as television broadca...
How the Company Makes Money
Quebecor makes money mainly by selling subscription and usage-based telecommunications services and by monetizing media audiences and content.
1) Telecommunications revenue (primary driver)
- Mobile (wireless) services: Recurring monthly service ...
Quebecor Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and financial story: solid revenue and profit growth, strong free cash flow, record Telecom performance, accelerating subscriber additions and ARPU gains, continued network investment and a conservative, low-leverage balance sheet supporting buybacks and a dividend increase. Notable concerns centered on media industry structural headwinds, elevated stock-based compensation that depressed reported EBITDA, modest contribution/near-term uncertainty from the Etiya acquisition, and ongoing competitive pressures in certain product lines. Overall the positives (broad financial improvement, cash generation, balance sheet strength, and clear growth runway for wireless) outweighed the negatives.Positive Updates
Consolidated revenue and profit growth
Consolidated revenues rose 4% year-over-year to $1.44 billion, consolidated EBITDA increased 4% to $627 million, and net income attributable to shareholders grew to $271 million (up ~24% YoY). Adjusted EBITDA excluding stock-based compensation improved by $62 million or 10% to $691 million.
Negative Updates
Structural challenges in Media business
Management reiterated that the media industry faces persistent structural headwinds. Television revenues declined 1.1% and Sports & Entertainment revenues fell $3 million to $48 million with adjusted EBITDA down $1.6 million to $3 million. NHL rights renewal remains unresolved, creating uncertainty for future sports revenue.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated revenue and profit growth
Consolidated revenues rose 4% year-over-year to $1.44 billion, consolidated EBITDA increased 4% to $627 million, and net income attributable to shareholders grew to $271 million (up ~24% YoY). Adjusted EBITDA excluding stock-based compensation improved by $62 million or 10% to $691 million.
Read all positive updates
Company Guidance
Quebecor guided to stable-to-slightly-better free cash flow year‑over‑year and reiterated its 2026 CapEx guidance, saying it expects to meet annual targets despite some quarter‑to‑quarter timing, noting Q2 telecom CapEx (ex‑spectrum) rose 12% (+$18M) and total CapEx in the quarter was $174M; Q2 free cash flow was $419M (+$44M, +12%), cash from operations $570M (+$32M, +6%), consolidated revenues $1.44B (+4%), reported EBITDA $627M (+$22M, +4%) and EBITDA excluding share‑based compensation $691M (+$62M, +10%). Management reaffirmed its balance‑sheet focus — net debt/EBITDA at 2.87x, available liquidity $926M, US$1B commercial paper program fully operational, term‑loan repayments of $500M + $300M + $100M completed in the period — and signaled continued capital allocation to deleveraging, a renewed NCIB (3.1M Class B shares repurchased YTD for $185M and nearly $100M repurchased in the quarter) and a raised quarterly dividend to $0.45/share (up 12.5%).Quebecor Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.79B | 5.68B | 5.64B | 5.43B | 4.53B | 4.55B |
| Gross Profit | 1.83B | 1.54B | 3.12B | 2.99B | 2.63B | 2.66B |
| EBITDA | 2.44B | 2.39B | 2.35B | 2.18B | 1.89B | 1.89B |
| Net Income | 943.90M | 856.00M | 747.50M | 650.50M | 599.70M | 578.40M |
Balance Sheet | ||||||
| Total Assets | 12.95B | 12.81B | 13.00B | 12.74B | 10.63B | 10.76B |
| Cash, Cash Equivalents and Short-Term Investments | 124.70M | 195.80M | 61.80M | 11.10M | 6.60M | 64.70M |
| Total Debt | 7.17B | 7.20B | 8.00B | 8.17B | 6.83B | 6.86B |
| Total Liabilities | 9.97B | 10.08B | 10.73B | 10.90B | 9.14B | 9.38B |
| Stockholders Equity | 2.74B | 2.63B | 2.16B | 1.73B | 1.36B | 1.26B |
Cash Flow | ||||||
| Free Cash Flow | 1.57B | 1.42B | 820.60M | 898.90M | 653.10M | -265.40M |
| Operating Cash Flow | 2.09B | 2.06B | 1.72B | 1.46B | 1.26B | 1.18B |
| Investing Cash Flow | -776.00M | -675.80M | -921.90M | -2.68B | -631.30M | -1.54B |
| Financing Cash Flow | -1.26B | -1.29B | -712.20M | 1.18B | -812.60M | 281.90M |
Quebecor Technical Analysis
Neutral
62.27
Price Trends
64.89
Negative
63.76
Negative
58.23
Positive
Market Momentum
-0.55
Negative
47.01
Neutral
74.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:QBR.B, the sentiment is Neutral. The current price of 62.27 is below the 20-day moving average (MA) of 62.86, below the 50-day MA of 64.89, and above the 200-day MA of 58.23, indicating a neutral trend. The MACD of -0.55 indicates Negative momentum. The RSI at 47.01 is Neutral, neither overbought nor oversold. The STOCH value of 74.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | C$27.39B | 4.32 | 32.78% | 4.01% | 8.73% | 302.65% | |
70 Outperform | C$14.18B | 15.08 | 35.86% | 2.54% | 3.12% | 24.49% | |
67 Neutral | C$30.07B | 4.76 | 27.73% | 5.45% | 1.59% | 1374.54% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | C$2.49B | -2.16 | -38.76% | 6.91% | -4.86% | -440.35% | |
55 Neutral | C$527.56M | -1.49 | -43.86% | 7.33% | -4.64% | -491.61% | |
50 Neutral | C$20.77B | -21.92 | -6.56% | 11.48% | -1.06% | -188.85% |
* Communication Services Sector Average
TSE:QBR.B
Quebecor
62.89
20.94
49.90%
TSE:BCE
BCE
32.13
0.24
0.76%
TSE:RCI.B
Rogers Communication
49.92
2.04
4.25%
TSE:T
Telus
12.56
-7.76
-38.17%
TSE:CGO
Cogeco Inc. SV
53.85
-3.81
-6.60%
TSE:CCA
Cogeco Communications
57.15
-4.02
-6.57%
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.