QBR.B changes
Pick any two versions below to diff them.
- Price
- CA$65.44 → CA$78.10(+19.3%)
- Discount category
- Close to intrinsic value → Far above intrinsic value
- Next earnings
- Nov 5, 2026 → Feb 5, 2027
- Next earnings is estimate
- No → Yes
- Thesis
- The market prices Quebecor for strong price competition in Canadian wireless and for the cost of its national expansion. The market fears that price cuts by the large carriers will lower revenue per user. Quebecor must also invest to grow Freedom in Western Canada and to expand Fizz. The results show progress: in removed: Q2 added: Q3 2026, mobile ARPU grew removed: for added: 2.9%, the removed: third quarter added: fourth increase in a row, removed: net mobile removed: additions rose to 53,200, added: connections grew by a record 136,700, and removed: free cash flow added: adjusted EBITDA grew removed: 11.7%. added: 12.5%. The consolidated net debt leverage ratio removed: was 2.87x, which added: fell to 2.69x at September 30, 2026, and Quebecor says added: it is the lowest of Canada's major telecom companies. For the gap to close, mobile ARPU must keep growing, Quebecor must keep adding mobile subscribers outside Quebec without large price cuts, and leverage must stay below 3x while it raises its dividend and buys back shares. removed: Quebecor reports Q3 added: The Q4 2026 removed: results on November 5, 2026, which added: report, estimated for early February 2027, is the next test. If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is a new price war in Canadian wireless.
- Balance sheet
- Cash: removed: CA$98M added: CA$135M Debt: removed: CA$6.8B added: CA$6.6B Net debt: removed: CA$6.7B added: CA$6.4B Net debt / EBITDA: removed: 2.9× added: 2.7× (medium) Quebecor holds most of its debt at Videotron. At removed: June added: September 30, 2026, long-term debt was removed: C$6.12 billion, excluding financing costs, added: C$5.94 billion and short-term borrowings were removed: C$661 added: C$645.8 million. Cash was removed: C$97.6 added: C$135.3 million, and lease liabilities were removed: C$413.7 added: C$423.3 million. Consolidated net debt, as Quebecor defines it, was removed: C$7.00 added: C$6.78 billion, and the consolidated net debt leverage ratio was removed: 2.87x, added: 2.69x, down from removed: 2.95x added: 2.87x at removed: December 31, 2025. In Q2 2026, added: June 30, 2026. Videotron repaid removed: C$800 added: C$200 million of added: the third tranche of its term credit removed: facility, added: facility in Q3 2026 and removed: it repaid C$100 million more on removed: July 8, 2026. added: October 6, 2026, so C$100 million is left. In April 2026, it set up a US$1.00 billion commercial paper program, backed by its revolving credit facility. removed: The added: Free cash flow was C$422.3 million in Q3 2026, and the quarterly dividend removed: rose to added: is C$0.45 per share. As of removed: Jun added: Sep 30, 2026.
- Checkpoints
- Nov 5, 2026: Q3 2026 earnings: mobile ARPU and subscribers. removed: Pending. added: Passed. Watch: Mobile ARPU growth and positive net mobile additions with leverage below 3x pass; falling ARPU fails. added: Outcome: Mobile ARPU rose 2.9%, mobile connections grew by a record 136,700, and leverage fell to 2.69x. Feb added: 5, 2027 (estimate): Q4 2026 results: free cash flow. Pending. Watch: Higher free cash flow in 2026 than in 2025 and a stable leverage ratio pass; lower free cash flow fails.
- Recent events
- added: Nov 5, 2026: Quebecor reported Q3 2026 results. Revenues rose 3.5% to C$1.45 billion, and adjusted EBITDA rose 12.5% to C$706.7 million. Net income attributable to shareholders was C$296.4 million (C$1.33 per share), and adjusted net income was C$294.1 million (C$1.32 per share). Free cash flow was C$422.3 million. Mobile ARPU rose 2.9%, and mobile connections grew by a record 136,700. In the first nine months of 2026, Quebecor bought back 3,899,900 Class B shares for C$237.6 million. Nov 4, 2026: Quebecor declared a quarterly dividend of C$0.45 per share. Quebecor also reported a new 12-year sublicence with Rogers for the French-language broadcast rights of NHL games. Oct 6, 2026: Videotron repaid C$100 million more of the third tranche of its term credit facility, after it repaid C$200 million in Q3 2026. C$100 million of the tranche is left. Sep 30, 2026: Quebecor said that it will hold its Q3 2026 results call on November 5, 2026. Aug 6, 2026: Quebecor reported Q2 2026 results. Revenues rose 4.3% to C$1.44 billion, and adjusted EBITDA rose 3.7% to C$627.4 million. Net income attributable to shareholders was C$270.9 million (C$1.21 per share), up 24.4%, and adjusted net income was C$241.3 million (C$1.07 per share). Free cash flow rose 11.7% to C$418.7 million. Mobile ARPU rose 2.5%, and mobile connections grew by 53,200. Aug 6, 2026: Quebecor raised its quarterly dividend by 12.5% to C$0.45 per share and renewed its normal course issuer bid until August 14, 2027, for up to 1,000,000 Class A and 7,000,000 Class B shares. In the first half of 2026, it bought back and cancelled 3,124,900 Class B shares for C$184.9 million. Jul 8, 2026: Videotron repaid C$100 million more of the third tranche of its term credit facility. In Q2 2026, it had repaid the C$500 million second tranche and C$300 million of the C$700 million third tranche. Apr 1, 2026: Videotron set up a US commercial paper program of up to US$1.00 billion, with maturities of up to 364 days. Its revolving credit facility serves as a liquidity backstop.