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    Maher Yaghi

    Research Analyst at Scotiabank

    Maher Yaghi is a Managing Director and Telecom, Cable & Media Analyst at Scotiabank, specializing in communication services, real estate, and industrials with detailed coverage of major companies including American Tower, T-Mobile US, Comcast, AT&T Inc., Equinix, Crown Castle, and Thomson Reuters. He ranks #262 among nearly 5,000 analysts, maintaining a strong success rate of approximately 65.7% with an average return of 10% across over 65 stock ratings, as tracked by TipRanks. Yaghi joined Scotiabank as Managing Director more than three years ago and has an MBA degree, with earlier roles in the finance industry prior to his current position. His credentials include robust sector expertise and a consistent record of value-added investment calls, though no public record of FINRA licensing is available.

    Maher Yaghi's questions to BCE (BCE) leadership

    Maher Yaghi's questions to BCE (BCE) leadership • Q2 2025

    Question

    Maher Yaghi delved into wireless metrics, asking about the sustainability of churn improvements, the drivers of ARPU, and the penetration of bundled services. He also sought clarity on how the updated guidance reflects the performance of the core Canadian business.

    Answer

    President & CEO Mirko Bibic noted that excluding one-time items, ARPU decline was in line with prior quarters and expects positive ARPU movement in 3-5 quarters, contingent on pricing stability. He emphasized that churn reduction is a multifaceted effort. EVP & CFO Curtis Millen added that the guidance reflects a slightly decreased EBITDA view for the combined entity but a stable free cash flow outlook for the Canadian business with Zipline overlaid.

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    Maher Yaghi's questions to BCE (BCE) leadership • Q2 2025

    Question

    Maher Yaghi from Scotiabank questioned the sustainability of the improvement in wireless churn, the drivers of ARPU trends including any one-time impacts, and the current penetration of bundled wireless and internet services within BCE's customer base.

    Answer

    President & CEO Mirko Bibic noted that excluding one-time items, the ARPU decline was consistent with prior quarters but still industry-leading, and he anticipates positive ARPU movement in 3-5 quarters if pricing remains stable. He described the churn reduction as a result of a multifaceted approach. EVP & CFO Curtis Millen added that handset product margin is positive and has increased.

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    Maher Yaghi's questions to BCE (BCE) leadership • Q1 2025

    Question

    Maher Yaghi of Scotiabank inquired about whether unannounced asset sales are included in BCE's leverage targets and asked for commentary on the Q1 wireless loading environment.

    Answer

    CFO Curtis Millen confirmed that the leverage plan incorporates the previously announced $7 billion in asset sales. CEO Mirko Bibic explained that Q1 wireless results were impacted by a frothy pricing environment and a strategic decision to avoid non-accretive subscribers, but noted that key metrics are trending positively into Q2.

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    Maher Yaghi's questions to BCE (BCE) leadership • Q4 2024

    Question

    Maher Yaghi asked about BCE's U.S. fiber expansion strategy, specifically regarding the use of third-party capital. He also questioned whether Bell Media is considered a noncore asset for divestiture and sought clarity on the dividend policy's flexibility before the end of 2025.

    Answer

    Mirko Bibic, President and CEO, clarified that Bell Media is a core strategic pillar focused on becoming a digital content powerhouse and is not for sale. Regarding U.S. fiber, he stated the priority is closing the Ziply Fiber acquisition and noted inbound interest for third-party capital partnerships but offered no specifics. On the dividend, he confirmed the Board will continuously review it based on competitive, macroeconomic, and regulatory conditions, emphasizing the goals of deleveraging and maintaining investment-grade ratings.

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    Maher Yaghi's questions to BCE (BCE) leadership • Q2 2024

    Question

    Maher Yaghi questioned the profitability of BCE's fiber-to-the-home investments, asking if they still yield positive NPV given the current aggressive promotional environment and broadband ARPU levels of $55-$60, far below the original $90-$100 expectation.

    Answer

    CEO Mirko Bibic affirmed that fiber remains the critical growth engine for Bell's wireline segment and the investments will serve the company well long-term. He acknowledged the intense pricing environment but highlighted strong bundling success, which enhances customer lifetime value, and noted the company's ability to adjust its strategy, such as moderating the fiber build pace, in response to market pressures.

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    Maher Yaghi's questions to THOMSON REUTERS CORP /CAN/ (TRI) leadership

    Maher Yaghi's questions to THOMSON REUTERS CORP /CAN/ (TRI) leadership • Q2 2025

    Question

    Maher Yaghi of Scotiabank asked for details on the second-half drivers needed to achieve the full-year free cash flow guidance of $1.9 billion. He also questioned what would cause revenue growth to accelerate in the back half of the year to meet full-year targets.

    Answer

    CFO Michael Eastwood expressed strong confidence in hitting the $1.9 billion free cash flow target, noting that H1 is typically lower due to annual bonus payments in March. For revenue acceleration, he cited strong underlying bookings and a healthy pipeline, combined with significantly easier year-over-year comps in H2 for both the Reuters News and Tax & Accounting Professional businesses. This gives him strong confidence in delivering the 7-7.5% full-year organic growth.

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    Maher Yaghi's questions to THOMSON REUTERS CORP /CAN/ (TRI) leadership • Q2 2024

    Question

    Maher Yaghi from Scotiabank asked for clarification on the implied revenue deceleration in the second half of 2024, given the strong first half, and how this aligns with the company's outlook for accelerating growth in 2025. He also inquired if AI could create new revenue streams for law firms.

    Answer

    CFO Mike Eastwood attributed the H2 moderation to the non-recurrence of a $25 million one-time GenAI licensing deal from Q1, seasonal factors in the tax businesses, and a tough year-over-year comparison in Q4. CEO Steve Hasker addressed the second question, stating that while it's early, innovative customers are already experimenting with new lines of business using AI. He drew a parallel to e-discovery, which ultimately allowed firms to grow revenue by reallocating talent and adopting value-based billing.

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    Maher Yaghi's questions to TELUS (TU) leadership

    Maher Yaghi's questions to TELUS (TU) leadership • Q2 2025

    Question

    Maher Yaghi from Scotiabank asked about the long-term free cash flow impact of the tower monetization deal and questioned what factors support the view that recent wireless pricing improvements can be sustained.

    Answer

    EVP & CFO Doug French stated the tower deal will remain cash flow positive long-term through new builds and co-location leases. President and CEO Darren Entwistle expressed cautious optimism on pricing, citing the unsustainability of prior irrationality, encouraging trends, and TELUS's unique resilience due to its diversified wireline, health, and digital businesses.

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    Maher Yaghi's questions to TELUS (TU) leadership • Q2 2025

    Question

    Maher Yaghi asked about the long-term free cash flow impact of the tower monetization deal and sought management's view on the sustainability of recent improvements in wireless market pricing.

    Answer

    EVP & CFO Doug French explained the tower business model is designed to remain cash flow positive long-term, even with new builds. President and CEO Darren Entwistle expressed cautious optimism on pricing, citing encouraging trends and the unsustainability of prior irrational behavior. He highlighted TELUS's resilience through cost management, a diversified portfolio including wireline and TELUS Health, and AI-driven efficiencies.

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    Maher Yaghi's questions to TELUS (TU) leadership • Q1 2025

    Question

    Maher Yaghi from Scotiabank questioned the long-term outlook for wireless ARPU, noting the decline and the gap between back-book and front-book pricing. He also challenged the logic of increasing the dividend while the dilutive DRIP program remains active, suggesting a pause until the DRIP is eliminated.

    Answer

    EVP & CFO Doug French and EVP Zainul Mawji explained that ARPU is a complex mix and the goal is to avoid gravitating to the market floor by leveraging product intensity and bundling. President & CEO Darren Entwistle defended the dividend policy, stating it's based on a long-term view of sustainable free cash flow growth, not a short-term payout ratio metric. He expressed confidence in a specific, 24-month deleveraging plan that will enable the expedient removal of the D-DRIP, arguing this was a superior strategy to altering the long-term dividend program.

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    Maher Yaghi's questions to TELUS (TU) leadership • Q4 2024

    Question

    Maher Yaghi from Scotiabank noted the acceleration in fixed data services revenue growth for a second consecutive quarter and asked about the underlying KPIs driving this improvement, such as pricing and customer intensity. He also requested commentary on the general pricing environment in TELUS's marketplace.

    Answer

    Zainul Mawji, EVP and President of Consumer and Small Business Solutions, attributed the growth to a foundation of strong customer volume, a diversified portfolio of services, and customers upgrading to higher-speed fiber plans. Navin Arora, EVP and President of Business Solutions, added that the B2B segment, particularly SMB, saw significant volume growth and increased product intensity, contributing to the positive results.

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    Maher Yaghi's questions to TELUS (TU) leadership • Q2 2024

    Question

    Maher Yaghi questioned the low fixed data growth given TELUS's product mix and asked about remaining repricing pressure and the potential to tier 5G on Public Mobile.

    Answer

    Executive Zainul Mawji acknowledged seeing upside for differentiation on Public Mobile. For fixed data, she said the company counters cord-shaving with differentiated OTT bundles. CEO Darren Entwistle added that despite repricing, the company guides for 6%+ EBITDA profitability in H2, showing an ability to absorb pressure and positioning it for future upside as that pressure moderates.

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    Maher Yaghi's questions to ROGERS COMMUNICATIONS (RCI) leadership

    Maher Yaghi's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q2 2025

    Question

    Maher Yaghi of Scotiabank asked for the company's current pro forma leverage ratio after accounting for the Blackstone and MLSE transactions. He also inquired about the potential pace of wireless ARPU improvement heading into 2026, considering recent pricing changes and the impact of a prior subscriber reclassification.

    Answer

    CFO Glenn Brandt stated that pro forma leverage is approximately 4.0x after the MLSE purchase, up from just over 3.5x, and expects organic deleveraging to continue. President & CEO Tony Staffieri expressed confidence in strengthening ARPU through a simplified value proposition, base management, and new features like satellite service, expecting roaming headwinds to ease. Brandt also clarified the prior subscriber base adjustment no longer impacts churn calculations.

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    Maher Yaghi's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q1 2025

    Question

    Maher Yaghi questioned the impact of the recent backhaul deal on free cash flow guidance and real cash generation. He also asked for the outlook on the increasing losses and CapEx in the Corporate segment.

    Answer

    CFO Glenn Brandt explained that the net cash flow impact of the backhaul deal (distributions paid less interest savings) is not substantial and would not have altered the free cash flow guidance. Regarding the Corporate line, he attributed the increased loss to startup investments in Rogers Bank and remaining Shaw integration costs, while noting that CapEx can have year-to-year variations. He affirmed that corporate efficiency remains a key focus.

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    Maher Yaghi's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q4 2024

    Question

    Maher Yaghi focused on balance sheet uncertainties, asking if Rogers could opt out of the MLSE transaction, what caused the delay in the backhaul infrastructure deal, and why the company isn't pursuing a capital raise on its sports assets as a definite backstop.

    Answer

    President and CEO Tony Staffieri affirmed the company's intent to close the MLSE deal and remain investment grade. CFO Glenn Brandt described the backhaul financing as a complex transaction with good progress but no firm timeline, clarifying that the free cash flow guidance is not dependent on it. He emphasized that Rogers has multiple options to maintain balance sheet strength.

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    Maher Yaghi's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q3 2024

    Question

    Maher Yaghi probed the structured financing deal for the effective rate for the investor, its impact on future free cash flow, the percentage of backhaul included, any minimum commitments, and whether Rogers has a repurchase option.

    Answer

    Chief Financial Officer Glenn Brandt stated the investor's return is based on tiered wholesale rates tied to data traffic growth, with no guaranteed minimums. He noted that while annual distributions will be slightly higher than the after-tax interest savings, the impact is not material to free cash flow. He also confirmed Rogers will have full control over the investment's duration and that distributions are not tax-deductible.

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    Maher Yaghi's questions to QUEBECOR MEDIA (QBCRF) leadership

    Maher Yaghi's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2023

    Question

    Maher Yaghi from Scotiabank inquired about the initial performance of Freedom Mobile since its acquisition, focusing on subscriber loading and the competitive response. He also asked for the timeline to launch a bundled wireless and internet service in Freedom's markets.

    Answer

    President and CEO Pierre Karl Péladeau described the market as intensely competitive post-acquisition but noted Quebecor is executing a multi-step plan including new pricing, more data, and 5G. CFO Hugues Simard added that bundled services are part of this staged rollout and are expected in the coming weeks and months, without providing a specific date.

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    Maher Yaghi's questions to QUEBECOR MEDIA (QBCRF) leadership • Q1 2023

    Question

    Maher Yaghi of Scotiabank questioned Quebecor's bundling strategy and profitability in Freedom Mobile's new markets, particularly concerning the ability to compete with low retail internet prices in Ontario given the high regulated wholesale access costs.

    Answer

    President and CEO Pierre Karl Péladeau acknowledged the competitive landscape and stated that the current wholesale FTTP access price of $122 makes it impossible to profitably sell internet at the $60 retail price offered by competitors like Bell. He expressed confidence that regulators like the CRTC and ISED will address these inflated wholesale rates to foster fair competition. CFO Hugues Simard added that the company anticipated this price pressure and has agreements with Rogers to ensure necessary margins and compete aggressively on bundled services.

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    Maher Yaghi's questions to QUEBECOR MEDIA (QBCRF) leadership • Q4 2022

    Question

    Maher Yaghi of Scotiabank inquired about the sustainability of Quebecor's internet pricing strategy amidst aggressive competition from BCE in Québec. He also asked if the company remains confident in the terms of the Freedom Mobile acquisition and its ability to outperform Shaw's previous results.

    Answer

    President and CEO Pierre Karl Peladeau responded that Quebecor differentiates itself through superior customer service and bundled offerings, which foster customer loyalty. He argued that Bell's aggressive pricing is unsustainable given the regulated wholesale FTTH rates, a matter the CRTC is reviewing. Regarding the Freedom Mobile deal, Peladeau expressed strong confidence, stating the extended review period allowed them to assemble the right tools to compete effectively and profitably, and they are ready to proceed upon receiving ministerial approval.

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    Maher Yaghi's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2022

    Question

    Maher Yaghi of Scotiabank inquired about the status of the definitive agreement with Rogers for the Freedom Mobile acquisition and asked if Quebecor is observing a trend of wireless net adds shifting towards higher-end brands, similar to its competitors.

    Answer

    President and CEO Pierre Peladeau stated that details of the agreement with Rogers remain confidential to facilitate a successful approval process. CFO Hugues Simard confirmed a similar trend, noting that the main Videotron brand performed very well, although the flanker brand Fizz also continued to show strong performance.

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