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    Tim Casey • BMO Capital Markets

    Tim Casey's questions to BCE Inc (BCE) leadership

    Tim Casey's questions to BCE Inc (BCE) leadership • Q2 2025

    Question

    Tim Casey of BMO Capital Markets asked about the market dynamics that led to BCE's improved wireless metrics in Q2 and the outlook for Q3. He also sought comment on the company's position following the federal government's decision on wholesale network access.

    Answer

    President & CEO Mirko Bibic attributed the strong wireless performance to a customer-first strategy that significantly reduced churn, noting that Bell is capturing its fair share of a slowing market. On the regulatory decision, he expressed disappointment and stated the focus is now on ensuring network builders are fully compensated for their investments.

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    Tim Casey's questions to BCE Inc (BCE) leadership • Q2 2025

    Question

    Tim Casey asked about the wireless market dynamics that contributed to BCE's strong Q2 performance and the outlook for Q3. He also inquired about any remaining avenues of appeal following the government's decision on wholesale access.

    Answer

    President & CEO Mirko Bibic attributed the strong wireless results to a customer-first strategy that significantly reduced churn, allowing BCE to capture its fair share of the market. On the regulatory decision, he expressed disappointment and stated the focus is now on ensuring network builders are fully compensated for their investments.

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    Tim Casey's questions to Thomson Reuters Corp (TRI) leadership

    Tim Casey's questions to Thomson Reuters Corp (TRI) leadership • Q2 2025

    Question

    Tim Casey of BMO Capital Markets asked about the company's plans for its excess capital and strong balance sheet, inquiring about potential returns of capital. He also questioned the thinking on CapEx intensity and the current M&A environment.

    Answer

    CFO Michael Eastwood reiterated the $10 billion capital capacity through 2027, with strategic M&A remaining the top priority, particularly in risk, fraud, compliance, and indirect tax. He noted that share buybacks are a possibility to meet the goal of returning 75% of free cash flow to shareholders. CEO Steve Hasker added that M&A will be both 'aggressive and opportunistic' within the Big Three segments. Eastwood also confirmed that capital intensity is expected to remain at approximately 8% for 2025 and 2026.

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    Tim Casey's questions to Thomson Reuters Corp (TRI) leadership • Q4 2024

    Question

    Tim Casey inquired about potential demand increases from the new U.S. administration and how the company will measure success on its internal execution initiatives in 2025.

    Answer

    CEO Stephen Hasker expressed cautious optimism about increased demand from regulatory changes but noted it's too early to tell. Regarding execution, he explained Thomson Reuters would apply the same rigor as its prior 'Change Program,' focusing on customer success, product innovation, and internal GenAI adoption. CFO Mike Eastwood added that retention and solutions selling are also key focus areas.

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    Tim Casey's questions to Telus Corp (TU) leadership

    Tim Casey's questions to Telus Corp (TU) leadership • Q2 2025

    Question

    Tim Casey of BMO Capital Markets inquired about the sustainability of the 3% growth in fixed data services and asked for an update on other deleveraging initiatives, particularly real estate.

    Answer

    EVP & President of TELUS Consumer Solutions, Zainul Mawji, and EVP Navin Arora expressed confidence in sustained fixed data growth, citing diversification across consumer and business services. EVP & CFO Doug French detailed the multi-faceted deleveraging plan, including a future real estate REIT, ongoing property sales, and significant runway in copper decommissioning.

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    Tim Casey's questions to Telus Corp (TU) leadership • Q2 2024

    Question

    Tim Casey asked for clarification on the TELUS Health EBITDA contribution figure and questioned the outlook for the fixed data line metric, which slowed significantly.

    Answer

    CEO Darren Entwistle clarified the 33% figure was year-over-year EBITDA contribution growth, not margin. CFO Doug French added that Health margins are below 20% with room to improve. Regarding fixed data, executive Zainul Mawji highlighted that product superiority, such as the new 5-gig internet, and strong customer step-ups are expected to drive positive momentum despite competitive pressures.

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