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    Jérome Dubreuil

    Senior Equity Analyst at Desjardins Group

    Jérome Dubreuil is a Senior Equity Analyst at Desjardins Securities specializing in Canadian telecommunications and technology services, where he covers leading companies such as BCE, Rogers Communications, Quebecor, Cogeco Communications, and Dialogue Health Technologies. With a coverage portfolio spanning 15 stocks and a focus on the Communication Services sector, Dubreuil has generated an overall success rate of 44.9% and an average return of -2.6%, with notable outperforming calls including an 18.2% return on Shaw Communications and a 13% return on Quebecor. He began his sell-side research career at Desjardins in the early 2020s and has since provided hundreds of price targets and recommendations, often cited in major media for his analysis of industry-defining deals. Dubreuil's professional credentials include registration as a securities analyst and compliance with Canadian regulatory standards.

    Jérome Dubreuil's questions to BCE (BCE) leadership

    Jérome Dubreuil's questions to BCE (BCE) leadership • Q2 2025

    Question

    Jérome Dubreuil asked about the long-term free cash flow profile of the Zipline acquisition, specifically focusing on the evolution of CapEx and cash flow after the initial build-out phase.

    Answer

    EVP & CFO Curtis Millen stated that Zipline's EBITDA growth is expected to exceed 20% in 2025. He explained that the PSP Investments partnership will handle the majority of future fiber builds, significantly lowering Zipline's consolidated CapEx and accelerating free cash flow growth once the partnership is active.

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    Jérome Dubreuil's questions to BCE (BCE) leadership • Q2 2025

    Question

    Jérome Dubreuil of Desjardins Securities asked about the long-term free cash flow profile of Zipline Fiber, specifically its evolution after the initial high-capital expenditure period and the impact of the PSP Investments partnership.

    Answer

    EVP & CFO Curtis Millen confirmed that Zipline's EBITDA growth is projected to exceed 20% in 2025. He detailed that once the initial copper-overbuild is complete, the partnership with PSP Investments will handle the majority of future fiber builds, significantly lowering Zipline's consolidated CapEx and accelerating free cash flow growth.

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    Jérome Dubreuil's questions to BCE (BCE) leadership • Q1 2025

    Question

    Jerome Dubreuil of Desjardins Securities inquired about the rationale for accelerating the fiber deployment and asked for details on the pro forma free cash flow impact from the announced transactions.

    Answer

    CEO Mirko Bibic clarified that the PSP partnership provides a more capital-efficient path to its initial 3 million home target and unlocks a larger 8 million home opportunity long-term. CFO Curtis Millen added that pro forma CapEx intensity is now expected to be around 14.5%, down from a prior estimate of 16.5%, which will benefit free cash flow.

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    Jérome Dubreuil's questions to BCE (BCE) leadership • Q4 2024

    Question

    Jerome Dubreuil asked for clarification on the CapEx reduction, questioning if spending would increase again in 2025 if the CRTC reverses its decision on wholesale fiber access. He also inquired about the long-term potential to reduce CapEx by using fixed wireless to decommission expensive copper networks.

    Answer

    Mirko Bibic, President and CEO, explained that the 2025 CapEx budget is set, but a future CRTC reversal would influence how capital is allocated *within* that budget, potentially increasing the fiber build pace. Curtis Millen, CFO, acknowledged the long-term efficiency benefits of retiring copper but noted that the timeline and scale are dependent on the Canadian regulatory environment, which is less permissive than in the U.S.

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    Jérome Dubreuil's questions to BCE (BCE) leadership • Q2 2024

    Question

    Jerome Dubreuil asked about the dollar margin profile of prepaid versus postpaid wireless subscribers and inquired about the future direction of wireless CapEx, excluding spectrum, given the challenging return environment.

    Answer

    CFO Curtis Millen stated that BCE manages EBITDA on a consolidated basis and does not disclose the margin profile of prepaid versus postpaid services. CEO Mirko Bibic addressed CapEx by stating that overall capital spending will continue to decline, with next year's being lower than 2024. He expressed confidence in running the company at a capital intensity below 15% in the short- to medium-term while still investing in key strategic areas.

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    Jérome Dubreuil's questions to TELUS (TU) leadership

    Jérome Dubreuil's questions to TELUS (TU) leadership • Q2 2025

    Question

    Jérome Dubreuil of Desjardins Group inquired if the proposed privatization of TELUS Digital (TIAXT) signals a strategic shift for other tech ventures and requested financial details, like EBITDA, for the new tower entity.

    Answer

    President and CEO Darren Entwistle clarified the TIAXT move is solely to support deleveraging and does not alter monetization strategies for other assets. EVP & CFO Doug French added that while tower entity EBITDA is not disclosed, the deal is structured to be free cash flow positive for TELUS with no impact on consolidated debt or EBITDA.

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    Jérome Dubreuil's questions to TELUS (TU) leadership • Q2 2025

    Question

    Jérome Dubreuil inquired about the strategic implications of the proposed TELUS Digital privatization and requested financial details, specifically EBITDA, for the new wireless tower entity.

    Answer

    President and CEO Darren Entwistle clarified the privatization is solely to support deleveraging and does not signal a broader strategic shift for other ventures. EVP & CFO Doug French stated that the tower entity's EBITDA is not disclosed but confirmed the deal will be consolidated with no impact on TELUS's reported debt or EBITDA and will be free cash flow positive.

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    Jérome Dubreuil's questions to TELUS (TU) leadership • Q1 2025

    Question

    Jerome Dubreuil of Desjardins asked about the factors supporting the free cash flow outlook that underpins the new three-year dividend growth plan and inquired about specific events, beyond organic growth, that could accelerate the removal of the dividend reinvestment plan (DRIP).

    Answer

    President & CEO Darren Entwistle and EVP & CFO Doug French addressed the question. Entwistle emphasized the dividend plan is conservatively modeled and supported by a combination of strong EBITDA growth, lower CapEx intensity, and contributions from growth businesses like Health and Agriculture. French added that free cash flow will also benefit from decreasing interest costs, and lower restructuring and lease payments. He specified that faster-than-planned execution on asset monetization—including copper, real estate, and non-core asset sales—could accelerate the deleveraging and allow for an earlier removal of the DRIP.

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    Jérome Dubreuil's questions to TELUS (TU) leadership • Q4 2024

    Question

    Jerome Dubreuil inquired about TELUS's 2027 leverage target of 3x, asking how much asset divestiture is included and whether this implies satisfaction with the current asset portfolio. He also questioned the merits of a long-term dividend growth plan given market volatility and changing interest rates.

    Answer

    EVP and CFO Doug French confirmed that the deleveraging plan includes a placeholder for approximately $500 million in non-core asset divestitures over the next three years. President and CEO Darren Entwistle defended the dividend growth model, highlighting its 15-year track record and the company's strong prospective free cash flow outlook. He emphasized that balance sheet improvement is the top priority and that the Board retains quarterly discretion over the dividend.

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    Jérome Dubreuil's questions to TELUS (TU) leadership • Q2 2024

    Question

    Jerome Dubreuil asked to reconcile TELUS Digital's pivot to revenue growth with the traditional telecom investor focus on free cash flow growth.

    Answer

    Jeffrey Puritt, outgoing President & CEO of TELUS Digital, explained that while the goal is high single-digit revenue growth, the business maintains a strong free cash flow yield (15% YoY). He stated that this cash flow is reinvested to fuel the return to desired growth and profitability levels, aligning both objectives.

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    Jérome Dubreuil's questions to TELUS International (Cda) (TIXT) leadership

    Jérome Dubreuil's questions to TELUS International (Cda) (TIXT) leadership • Q2 2025

    Question

    Jérome Dubreuil of Desjardins Group asked for an update on the market dynamics for reinforcement learning through human feedback (RLHF) and the AI solutions business. He also questioned the impact of Meta's acquisition of Scale AI on TELUS Digital's client relationships.

    Answer

    President of Digital Solutions Tobias Dengel noted that the AI consulting business is maturing from proofs-of-concept to full production deployments. Acting CEO Jason Macdonnell added that the Scale AI acquisition by Meta created immediate new business opportunities from clients seeking an independent partner, and that they have not yet seen a significant negative impact on their relationship with Meta.

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    Jérome Dubreuil's questions to TELUS International (Cda) (TIXT) leadership • Q1 2025

    Question

    Jerome Dubreuil asked a follow-up question on guidance, seeking to clarify if the performance assumptions for the core TELUS business have changed for the remainder of 2025.

    Answer

    CFO Gopi Chande confirmed they expect continued strength and consistent work from TELUS throughout the year, supported by a strong project pipeline across multiple business units, including health and agriculture. Executive Jason Macdonnell expanded on the strategic value of the partnership, describing it as a cohesive end-to-end ecosystem for developing and scaling AI solutions, which provides long-term sustainability.

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    Jérome Dubreuil's questions to CGI (GIB) leadership

    Jérome Dubreuil's questions to CGI (GIB) leadership • Q3 2025

    Question

    Jérome Dubreuil questioned CGI's view on the M&A environment, contrasting it with peer commentary, and asked for an update on the U.S. Federal government business, specifically a potential shift from cost-cutting to modernization.

    Answer

    President and CEO François Boulanger expressed a bullish outlook on M&A, citing lower valuations and a very active pipeline, and confirmed CGI has the capacity for both acquisitions and buybacks. Regarding the U.S. Federal segment, he noted that intense information requests have subsided, leading to more productive discussions about modernization. He explained that cost savings necessitate new systems and automation, which is driving these new conversations and a sequential pickup in bookings.

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    Jérome Dubreuil's questions to ROGERS COMMUNICATIONS (RCI) leadership

    Jérome Dubreuil's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q2 2025

    Question

    Jérome Dubreuil from Desjardins Group inquired about the company's longer-term capital expenditure profile, asking specifically about the potential for Cable CapEx reduction as the integration of Shaw's assets advances.

    Answer

    CFO Glenn Brandt reiterated the company's intention to lower capital intensity within the Cable segment over time, noting that efforts are already underway as reflected by the guidance to be at the low end of the 2025 range. While not providing a specific future number, he confirmed that Cable capital intensity is higher than it needs to be and that there is more work to do in the coming years.

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    Jérome Dubreuil's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q1 2025

    Question

    Jerome Dubreuil posed a long-term question about satellite-to-mobile technology, asking if it could eventually compete with traditional cellular networks for data transmission in urban areas.

    Answer

    President and CEO Anthony Staffieri described satellite-to-device as an emerging, 'game changer' technology that will augment, not replace, terrestrial wireless networks. He explained it will dramatically expand coverage for services like emergency texting but has limitations, such as requiring a direct satellite view, which makes it less of a threat to cellular in urban environments. He compared its role to how wireless augmented, rather than supplanted, wireline.

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    Jérome Dubreuil's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q4 2024

    Question

    Jerome Dubreuil asked for a summary of the synergies between Rogers' sports assets and its core telecom business, and for guidance on organic deleveraging for 2025, excluding any potential structured equity transaction.

    Answer

    President and CEO Tony Staffieri outlined a three-part sports strategy: leveraging significant asset value, creating operating and revenue synergies, and monetizing the sports ecosystem to surface value for shareholders. CFO Glenn Brandt addressed deleveraging by pointing to the EBITDA and free cash flow guidance, stating that a substantial portion of free cash flow will be used to lower leverage organically, though he did not provide a specific target.

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    Jérome Dubreuil's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q3 2024

    Question

    Jerome Dubreuil asked for clarification on the tax impact of the equity sale to understand the net value of the $7 billion proceeds and inquired about the long-term CapEx outlook for Rogers.

    Answer

    Chief Financial Officer Glenn Brandt estimated the net after-tax savings from the debt repayment would be roughly $250 million. He also reiterated that the long-term capital spending outlook remains in the range of approximately $4 billion annually to support growth across the businesses, with capital intensity expected to soften as revenues grow.

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    Jérome Dubreuil's questions to Alithya Group (ALYAF) leadership

    Jérome Dubreuil's questions to Alithya Group (ALYAF) leadership • Q3 2025

    Question

    Jerome Dubreuil asked about the new CFO's key priorities and the expected timeline for lapping the year-over-year impact of a large client contract ramp-down. He also followed up on whether governments favoring local suppliers could create a tailwind.

    Answer

    Chief Financial Officer Nicolas Lavoie outlined his priorities as focusing on internal analytics to support the three-year plan, driving M&A growth, and managing investor communications. Chief Operating Officer Bernard Dockrill explained that the ramp-down effect of the large client project will likely impact comparisons for another couple of quarters. On government procurement, President and CEO Paul Raymond expressed hope for a positive impact but noted that changing procurement laws is a slow process with an uncertain outcome.

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    Jérome Dubreuil's questions to QUEBECOR MEDIA (QBCRF) leadership

    Jérome Dubreuil's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2023

    Question

    Jerome Dubreuil of Desjardins sought confirmation of the $251 million wireless EBITDA and asked about expected margin impacts from increased Q3 spending. He also questioned Quebecor's stance on the TPIA review, given the potential impact on its Quebec broadband business.

    Answer

    CFO Hugues Simard confirmed the wireless EBITDA figure and affirmed that higher promotional spending is expected in Q3. President and CEO Pierre Karl Péladeau defended their pro-TPIA stance, stating they are accustomed to competition in Quebec and advocating for fair FTTH access nationwide, which they see as essential for becoming a fourth national player.

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    Jérome Dubreuil's questions to QUEBECOR MEDIA (QBCRF) leadership • Q1 2023

    Question

    Jerome Dubreuil from Desjardins asked for guidance on the CapEx plans for the Freedom Mobile initiative, including 5G investments, and inquired about the underlying trend in retail internet net additions in Quebec.

    Answer

    CFO Hugues Simard provided a CapEx guidance of approximately $200 million annually for Freedom Mobile, which includes all network improvements and 5G investments. Regarding internet loading, he noted a significant year-over-year improvement in retail net adds, stating that Quebecor's competitive response to Bell has been successful and that they continue to capture a higher share of gross adds in Quebec.

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    Jérome Dubreuil's questions to QUEBECOR MEDIA (QBCRF) leadership • Q4 2022

    Question

    Jerome Dubreuil from Desjardins Bank questioned the potential synergies Quebecor expects from the Freedom Mobile acquisition. He also asked about the anticipated financial impact from the recent M&A activity among internet resellers.

    Answer

    President and CEO Pierre Karl Peladeau detailed several synergies with Freedom Mobile, including leveraging Quebecor's e-commerce platform, improving procurement for handsets, gaining scale for negotiating roaming costs, and implementing cost-conscious management. Regarding internet resellers, Peladeau noted that competitors have acquired many of them at high prices, but he believes Quebecor's strategy of competing with its Fizz brand was correct and that they remain well-positioned to compete effectively in that market segment.

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    Jérome Dubreuil's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2022

    Question

    Jerome Dubreuil from Desjardins asked about Quebecor's confidence in financing the Freedom Mobile acquisition without an equity issuance and questioned the timing of the VMedia acquisition, given uncertainties around the Freedom deal and MVNO rates.

    Answer

    CFO Hugues Simard expressed confidence in securing financing for the Freedom acquisition without issuing equity, citing productive and supportive conversations with credit agencies. President and CEO Pierre Peladeau described the VMedia acquisition as an opportunistic move to acquire valuable technology for unregulated video services and to prepare for future service bundling.

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