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    Tim Casey

    Managing Director and Senior Equity Analyst at BMO Capital Markets

    Tim Casey is a Managing Director and Senior Equity Analyst at BMO Capital Markets, specializing in Canadian telecommunications, media, and technology sectors. He provides coverage on major companies such as BCE Inc., Telus Corp., Rogers Communications, and Thomson Reuters, maintaining a strong performance record with an 82% Buy rating distribution and recognized analytical insights on earnings calls. Casey began his career in equity research in the 1990s, previously holding positions at leading Canadian financial firms before joining BMO Capital Markets, where he has established himself as a prominent voice in telecom and media equity research. He holds key securities industry qualifications and often appears as an expert panelist and media commentator on sector trends.

    Tim Casey's questions to BCE (BCE) leadership

    Tim Casey's questions to BCE (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 (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 /CAN/ (TRI) leadership

    Tim Casey's questions to THOMSON REUTERS CORP /CAN/ (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 /CAN/ (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 (TU) leadership

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

    Question

    Tim Casey questioned the sustainability of the 3% growth in fixed data services and requested an update on other deleveraging initiatives, particularly real estate.

    Answer

    Zainul Mawji, EVP & President of Consumer Solutions, and Navin Arora, EVP and President of Business Solutions, affirmed the sustainability of fixed data growth, citing a diverse and profitable portfolio across consumer and business segments. EVP & CFO Doug French detailed ongoing deleveraging, including a multi-billion dollar real estate portfolio being prepared for a future REIT, copper decommissioning, and pruning of non-core assets.

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    Tim Casey's questions to TELUS (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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    Tim Casey's questions to ROGERS COMMUNICATIONS (RCI) leadership

    Tim Casey's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q2 2025

    Question

    Tim Casey from BMO Capital Markets pressed for more specific timing on when investors can expect clarity regarding the monetization plan for the company's sports assets, asking if it's a 2026 or 2027 event.

    Answer

    President & CEO Tony Staffieri reiterated that it's difficult to set a specific timeline, as the company is being thoughtful about maximizing value. However, he indicated that clarity should be expected sooner than 2027, suggesting it is a midterm priority. CFO Glenn Brandt added that it is a priority for the next year and a half, but they need to get it right.

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    Tim Casey's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q1 2025

    Question

    Tim Casey asked for clarification on the MLSE transaction, questioning whether Rogers would own the entire acquired stake at closing or if third-party investors would be involved from the outset, and also inquired about the remaining regulatory hurdles.

    Answer

    CFO Glenn Brandt stated that Rogers expects to close the transaction by acquiring the full stake from BCE first. He confirmed they are actively exploring opportunities with institutional investors post-closing. Regarding hurdles, he does not anticipate substantial issues with league or CRTC approvals and maintained a mid-year closing expectation.

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    Tim Casey's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q4 2024

    Question

    Tim Casey asked about the closing timeline for the MLSE acquisition and potential holdups, the interplay between the MLSE and structured equity deals, and how the broader Canadian economic outlook is factored into the company's guidance.

    Answer

    President and CEO Tony Staffieri explained the MLSE approval process involves leagues and the CRTC, which is proceeding but slower than anticipated. CFO Glenn Brandt clarified that the MLSE and structured equity deals are independent and that the company has ample liquidity. He confirmed the 2025 guidance reflects current economic conditions, including moderating immigration levels.

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    Tim Casey's questions to QUEBECOR MEDIA (QBCRF) leadership

    Tim Casey's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2022

    Question

    Tim Casey from BMO sought more details on the VMedia acquisition's strategic purpose and financial impact, and asked for management's perspective on the likelihood of the Competition Bureau process for the Rogers-Shaw deal proceeding to a full tribunal.

    Answer

    President and CEO Pierre Peladeau clarified the VMedia acquisition was a non-material, technology-focused purchase to gain agility and interconnection capabilities. Regarding the regulatory process, he acknowledged it is delicate and not under their control but affirmed they are working with Rogers to address the Bureau's concerns to secure approval.

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