BCE Inc.

With the exception of business wireline, BCE's wireline division has remained resilient as reflected in the company's 66,000 net retail internet adds in third-quarter 2021 versus 63,000 last year. Strong wireline performance through the COVID-19 pandemic have kept revenue and EBITDA essentially unchanged. We believe the accelerated expansion of BCE's fiber network (reaching about 65% of broadband footprint by year-end 2022) should also contribute to sustained data-revenue growth, helping to offset a temporary reduction in business revenues and a secular decline in voice and legacy data services. At the same time, increasing self-installs and digital customer service transactions are reducing costs. Therefore, we expect the increasing mix of broadband revenue and an ongoing focus on cost reductions will drive wireline

...Company growth is buoyed by wireless expansion and residential internet adds, strengthened by steady FTTP expansion. BCE Inc.'s wireless division reported robust subscriber gains of 115,000 in the third quarter compared with 79,000 in third -quarter 2020. Low postpaid churn (0.93%), pent-up demand, and increased retail traffic have supported activations. At the same time, a focus on higher-value plans, increased bring your own device (BYOD), and recovering roaming revenues have boosted EBITDA margins by about 3% to 44% from 41% last year. With growing service revenue amid lower churn, operating costs and handset subsidies, S&P Global Ratings expects wireless revenue margins will remain strong through 2022. With the exception of business wireline, BCE's wireline division has remained resilient as reflected in the company's 66,000 net retail internet adds in third-quarter 2021 versus 63,000 last year. Strong wireline performance through the COVID-19 pandemic have kept revenue and EBITDA essentially...

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