Sign in

    Maher Yaghi • Scotiabank

    Maher Yaghi's questions to BCE Inc (BCE) leadership

    Maher Yaghi's questions to BCE Inc (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.

    Ask Fintool Equity Research AI

    Maher Yaghi's questions to BCE Inc (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.

    Ask Fintool Equity Research AI

    Maher Yaghi's questions to BCE Inc (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.

    Ask Fintool Equity Research AI

    Maher Yaghi's questions to BCE Inc (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.

    Ask Fintool Equity Research AI

    Maher Yaghi's questions to BCE Inc (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.

    Ask Fintool Equity Research AI

    Maher Yaghi's questions to Thomson Reuters Corp (TRI) leadership

    Maher Yaghi's questions to Thomson Reuters Corp (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.

    Ask Fintool Equity Research AI

    Maher Yaghi's questions to Thomson Reuters Corp (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.

    Ask Fintool Equity Research AI

    Maher Yaghi's questions to Telus Corp (TU) leadership

    Maher Yaghi's questions to Telus Corp (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.

    Ask Fintool Equity Research AI

    Maher Yaghi's questions to Telus Corp (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.

    Ask Fintool Equity Research AI

    Maher Yaghi's questions to Telus Corp (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.

    Ask Fintool Equity Research AI

    Maher Yaghi's questions to Telus Corp (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.

    Ask Fintool Equity Research AI