BCE Inc (BCE) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of BCE Inc stock $28.36, price $21.11, upside +34.3%, quality 58 out of 100. Rating: undervalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $18.78 – $43.23 · fair‑value band $16.20 – $51.99 · the $21.11 price screens below the $28.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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BCE Inc., a communications company, provides wireless, wireline, internet, streaming services, and television (TV) services to residential, business, and wholesale customers in Canada.
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The company operates through three segments: Bell Communication and Technology Services Canada, Bell Communication and Technology Services United States, and Bell Media.
The Bell Communication and Technology Services Canada segment provides wireless products and services, including mobile data and voice plans, streaming services, and devices; wireline products and services comprising data, including internet access, internet protocol television, cloud-based services, and AI-driven and business solutions, as well as voice, and other communication services and products, satellite TV and connectivity services for residential, small and medium-sized business, and large enterprise customers.
This segment also buys and sells local telephone, long distance, and data and other services to resellers and other carriers.
The Bell Communication and Technology Services United States segment provides wireline communication products and services comprising data, including broadband Internet, commercial ethernet, dedicated Internet-non-switched access, and other data transport networking options; and voice, including traditional and voice over Internet protocol voice services, such as local, long distance, and unified communications as a service and video products to residential, business, and wholesale customers.
The Bell Media segment provides a portfolio of video, audio, out-of-home advertising, and digital media services. BCE Inc. was founded in 1880 and is headquartered in Verdun, Canada.
Stock analysis
BCE Inc (BCE) currently trades at $21.11, while our model-based Fair Value estimate is $28.36, implying the stock looks roughly 26% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $82.08 per share, and 19 of the 22 models we run sit above the $21.11 price.
Bear case: the Earnings-Based group reads lowest at $11.91, and 3 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $16.20 (bear) to $51.99 (bull), the price of $21.11 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
BCE Inc reported revenue of C$24.5B in FY2025 versus C$23.4B in FY2021, a compound +1.1%/yr. Reported net income was C$6.5B in FY2025, compounding +22.8%/yr from FY2021.
Key figures
Market cap $19.7B Large · P/E ratio 4.3 · P/S ratio 1.14 · EPS (TTM) $4.88 · Dividend yield 6.0% · Net margin 26.4% · Return on equity 30.5% · Return on assets (EBIT) 7.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (medium confidence).
What moves the price
Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.
The share trades about 17% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at 34%, BCE screens richer than that median.
Fair Value models
Bear$16.20Fair Value $28.36Bull$51.99
Price $21.11 · Upside +34.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($3.07 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+0.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.3%
Start year 2020 (pandemic). Over 10 years: +1.3% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+18.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.8%
Dividend (yield on the price)6.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19.0% vs 8.2%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 22%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CAD, Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +4.3% a year for the price and −0.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (84 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: BCE maintains moderate business quality through its scale and margins, yet faces challenges from intense competition, high leverage and limited innovation signals.
Main risk: Aggressive low-price plans from Quebecor’s Freedom Mobile and similar moves by Rogers and Telus could force BCE to cut wireless rates further, hitting ARPU and margins in its core Canadian mobile business.
Bull case: BCE could leverage its Bell AI Fabric data centres and contracted enterprise deals to generate higher-margin recurring cash flows that offset any wireless pricing pressure from rivals.
Bear case: Sustained price competition and CRTC-mandated network sharing could keep wireless and fibre margins under pressure while AI infrastructure investments raise capex without delivering enough incremental returns to stabilise cash flows.
BCE is shifting emphasis from fibre and wireless growth toward AI infrastructure and contracted data centre cash flows. Wireless price pressure persists even as new high-margin enterprise opportunities emerge through partnerships like the sovereign AI platform. Will the AI investments generate enough incremental returns to offset ongoing competitive headwinds in the core telecom business?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 235 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+34.3% · Above median
Profitability
Return on equity (12 months)30.5% · Top 25%
Return on assets8.1% · Top 25%
Net margin (12 months)25.9% · Top 25%
Operating margin (12 months)22.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)1.5% · Below median
Dividend yield (12 months)6.0% · Top 25%
Balance sheet
Debt / equity1.52× · Highest 25%
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (12 months)4.3× · Cheapest 25%
P/B1.20× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "BCE Inc Fair Value". https://www.fairvalue-calculator.com/stock/BCE
Frequently asked questions
Is BCE Inc (BCE) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $28.36 versus a price of $21.11, about +34% upside (undervalued).
What is the fair value of BCE?
Our model-based fair value for BCE Inc is $28.36 (as of Nov 5, 2026), built from audited fundamentals. The current price: $21.11.
What is the quality score of BCE?
BCE Inc has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for BCE Inc (BCE)?
Our model-based price target is the fair value of $28.36 (as of Nov 5, 2026) from 22 valuation models. Cautious scenario $16.20, optimistic scenario $51.99. It is a calculation from audited fundamentals, not an analyst target.
What is the BCE Inc stock forecast for 2026?
Our models put fair value at $28.36, about +34% upside versus a price of $21.11 (undervalued). Cautious scenario $16.20, optimistic scenario $51.99. The calculation is refreshed regularly with new filings.
What is the revenue of BCE Inc (BCE)?
BCE Inc reported trailing-twelve-month revenue of about C$24.8B (latest available figure, as of Nov 5, 2026).
Does BCE Inc pay a dividend?
BCE Inc currently shows a dividend yield of 5.99% relative to its recent price (as of Nov 5, 2026).
What growth is priced into BCE Inc (BCE)?
For today's price to be fair in a discounted-cash-flow model, BCE Inc would have to grow free cash flow by +6.5 % per year for five years (discount rate 8.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.4 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of BCE use?
Our models discount BCE Inc at 8.4 %: a base by market capitalisation (large), damped by beta 0.65, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For BCE Inc that is +6.5 % per year a year over ten years, using the same discount rate (8.4 %) and the same formula as our fair value.
How much growth has BCE Inc (BCE) delivered so far?
Over the past 5 years revenue at BCE Inc grew +1.4 % a year. The price currently implies +6.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of BCE Inc (BCE) growing?
The median revenue growth in the sector is +3.7 % a year. That is the yardstick for the growth priced into BCE Inc (+6.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of BCE Inc (BCE)?
The free-cash-flow yield on the price is 11.91 %: that much free cash flow BCE Inc produces per unit of market value. When it exceeds the discount rate of our models (8.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BCE Inc (BCE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BCE Inc it is $28.36 per share (as of Nov 5, 2026), against a price of $21.11. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is BCE Inc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, BCE trades below its calculated fair value: price $21.11, fair value $28.36, a gap of about +34% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BCE?
No. The price is what the market pays today ($21.11); the fair value is what the company's own numbers justify ($28.36). For BCE Inc the two are $7.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is BCE Inc worth?
The market values BCE Inc at about $19.7B (market capitalisation, as of Nov 5, 2026). Per share that is $21.11; our models calculate a fair value of $28.36 per share.
What do the bullish and bearish scenarios say about BCE?
Our models span a range for BCE Inc: cautious scenario $16.20, base $28.36, optimistic $51.99 per share (as of Nov 5, 2026, price $21.11). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BCE?
BCE Inc trades at a price-to-earnings ratio of 4.3 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $28.36 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 10.6 (reported for FY2025: 4.3). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 6 of the years ex one-offs: 18.2. Other multiples: PEG 0.2, P/B 1.2, P/S 1.1, EV/EBITDA 7.2.
What is the PEG ratio of BCE?
The PEG ratio of BCE Inc is 0.22 (P/E divided by earnings growth, as of Nov 5, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of BCE Inc (BCE)?
Balance-sheet figures for BCE Inc (as of Nov 5, 2026): return on equity 30.5%, debt of 1.52 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is BCE from its 52-week high?
BCE Inc trades at $21.11, about 17% below its 52-week high of $25.43 and 12% above the low of $18.78 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $28.36 is for.
Which stocks are comparable to BCE Inc?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is BCE Inc stock attractive at the current price?
The data as of Nov 5, 2026: price $21.11, calculated fair value $28.36 (+34%), Quality Score 58/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BCE calculated?
We run BCE Inc through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $28.36, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. BCE Inc currently trades 26% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of BCE Inc (BCE)?
The closing price on Nov 4, 2026 was $21.11. Our model-based fair value is $28.36, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BCE Inc right now?
The model range is unusually wide ($16.20 to $51.99). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of BCE Inc (BCE) come from?
Earnings per share at BCE Inc grew +0.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.5 %, EBIT margin −0.7 %, tax rate +0.5 %, residual (interest, one-offs) −0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of BCE Inc
How large is the market capitalisation of BCE Inc (BCE)?
The market capitalisation of BCE Inc is $19.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of BCE Inc (BCE)?
The price-to-sales ratio of BCE Inc is 1.14 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of BCE Inc (BCE)?
Earnings per share at BCE Inc are $4.88 (price ÷ EPS = P/E 4.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of BCE Inc (BCE)?
The dividend yield of BCE Inc is 6.0% (payout 63.6%, on adjusted earnings, reported 25.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of BCE Inc (BCE)?
The net margin of BCE Inc is 26.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of BCE Inc (BCE)?
The return on equity (ROE) of BCE Inc is 30.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of BCE Inc (BCE)?
On an EBIT basis the return on assets of BCE Inc is 7.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of BCE Inc (BCE)?
The operating margin of BCE Inc is 22.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BCE Inc (BCE)?
Revenue at BCE Inc is growing +1.5% versus a year earlier (3y avg +0.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at BCE Inc (BCE)?
Earnings per share at BCE Inc are growing −3.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does BCE Inc (BCE) carry?
The net debt of BCE Inc is C$40.7B (fiscal year 2025, ≈ 12.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 5, 2026