Sign in

    Vince Valentini • TD Securities

    Vince Valentini's questions to BCE Inc (BCE) leadership

    Vince Valentini's questions to BCE Inc (BCE) leadership • Q2 2025

    Question

    Vince Valentini of TD Cowen sought clarification on the Zipline Fiber contribution within the updated guidance and questioned the implied EBITDA multiple paid for the acquisition. He also asked for the proceeds from the sale of the alarm monitoring assets.

    Answer

    EVP & CFO Curtis Millen explained the guidance reflects a consolidated view where Zipline is outperforming. He argued the transaction multiple is lower than calculated when considering 2025 EBITDA, announcement-date debt, and benefits from FX hedging and tax shields. He disclosed the alarm asset sale proceeds are $90 million guaranteed with an $80 million earn-out.

    Ask Fintool Equity Research AI

    Vince Valentini's questions to BCE Inc (BCE) leadership • Q2 2025

    Question

    Vince Valentini sought to clarify the math behind Zipline's contribution to guidance, questioning the implied EBITDA multiple paid for the acquisition. He also asked for the specific proceeds from the sale of the alarm monitoring assets.

    Answer

    EVP & CFO Curtis Millen defended the Zipline valuation, stating the transaction multiple has decreased since announcement due to EBITDA outperformance, favorable currency hedging, and tax benefits. He clarified the alarm asset sale proceeds are $90 million guaranteed with a potential $80 million earn-out.

    Ask Fintool Equity Research AI

    Vince Valentini's questions to BCE Inc (BCE) leadership • Q1 2025

    Question

    Vince Valentini of TD Securities questioned why the free cash flow guidance wasn't raised after a Q1 gain on bond redemptions and asked about the exclusivity and build strategy for the Ziply joint venture.

    Answer

    CFO Curtis Millen clarified that the gain on bond repurchases is not included in the free cash flow calculation. CEO Mirko Bibic confirmed that Ziply will be the exclusive retail tenant on the new fiber network and that while the current focus is on new construction, M&A could be a future possibility if it aligns with strategic and financial goals.

    Ask Fintool Equity Research AI

    Vince Valentini's questions to BCE Inc (BCE) leadership • Q4 2024

    Question

    Vince Valentini sought clarification on the revenue guidance, asking if the recent market price increases are sufficient to reach the high end of the range. He also asked for a breakdown of the $7 billion noncore asset sale target, questioning if the remaining $1.3 billion would be net cash proceeds or could include transactions with EBITDA implications like sale-leasebacks.

    Answer

    Curtis Millen, CFO, confirmed the implied $1.3 billion in other asset sales would be from noncore assets and structured as deleveraging transactions, not sale-leasebacks. Regarding revenue guidance, he explained that while sustained price increases are helpful and a key driver, they are one of many factors that will determine the final revenue performance within the guided range.

    Ask Fintool Equity Research AI

    Vince Valentini's questions to BCE Inc (BCE) leadership • Q2 2024

    Question

    Vince Valentini sought clarification on whether the 70% BYOD rate was for total or just postpaid activations and asked why BCE has not implemented a discounted dividend reinvestment plan (DRIP) like its peers to help manage its balance sheet.

    Answer

    CFO Curtis Millen confirmed the 70% BYOD (Bring Your Own Device) rate applied to postpaid gross activations. Regarding the DRIP, he stated that while it has been considered and remains a potential future tactic, it is not in the current plan. The company believes it has a clear path to lowering its dividend payout ratio below 100% through organic free cash flow generation.

    Ask Fintool Equity Research AI

    Vince Valentini's questions to Thomson Reuters Corp (TRI) leadership

    Vince Valentini's questions to Thomson Reuters Corp (TRI) leadership • Q2 2025

    Question

    Vince Valentini of TD Cowen asked about the extent of AI-driven automation within Thomson Reuters' internal workflows and its potential for margin improvement. He also sought confirmation that the unchanged margin guidance was not a buffer for potential macro weakness or pricing pressure.

    Answer

    CEO Steve Hasker stated that while the company has been aggressive in deploying internal AI tools with good uptake, it's too early to quantify the productivity benefits, though early successes are seen in software engineering and customer support. CFO Michael Eastwood confirmed that the decision to maintain the full-year margin guidance was based solely on the factors he outlined (timing and mix), and not due to any assumed weakness in pricing or other external factors.

    Ask Fintool Equity Research AI

    Vince Valentini's questions to Thomson Reuters Corp (TRI) leadership • Q1 2025

    Question

    Vince Valentini from TD Cowen asked about the drivers of the foreign currency impact on margins in Q1 and key exposures to watch. He also asked what portion of the high-growth revenue bucket comes from acquisitions since 2019.

    Answer

    CFO Mike Eastwood explained that FX provided a 40 basis point tailwind to Q1 margins, driven primarily by the British pound, Argentine peso, and Brazilian real. Regarding the high-growth bucket, CEO Steve Hasker and CFO Mike Eastwood noted it was driven by both organic investments and acquisitions, listing SurePrep, Casetext, Pagero, and SafeSend as recent examples that have augmented growth.

    Ask Fintool Equity Research AI

    Vince Valentini's questions to Telus Corp (TU) leadership

    Vince Valentini's questions to Telus Corp (TU) leadership • Q2 2025

    Question

    Vince Valentini from TD Cowen asked for clarification on a working capital outflow and questioned how long it might take for wireless service revenue to inflect positively if current pricing discipline holds.

    Answer

    EVP & CFO Doug French stated the working capital outflow was due to normal seasonality and should be net neutral for the year. President and CEO Darren Entwistle noted that the majority of the wireless base has been repriced and that an inflection to positive revenue growth could occur in the next three to four quarters if market rationality continues.

    Ask Fintool Equity Research AI

    Vince Valentini's questions to Telus Corp (TU) leadership • Q1 2025

    Question

    Vince Valentini from TD Cowen sought clarification on the ownership structure of the Workplace Options acquisition and expressed concern over the nearly 1% decline in wireless service revenue, asking for management's perspective on market dynamics and TELUS's leadership role in balancing volume and pricing.

    Answer

    EVP & CFO Doug French clarified the deal structure, noting the partner's investment is less than 50%. On wireless, EVP Zainul Mawji, EVP Navin Arora, and President & CEO Darren Entwistle acknowledged dissatisfaction with the results. They outlined a strategy to improve performance by enhancing product bundling, improving loyalty, and optimizing subsidy investments. Entwistle stressed that TELUS has the latitude to take a market leadership position, leverage its unique AI capabilities for revenue management, and more aggressively scale its IoT business to drive profitable growth.

    Ask Fintool Equity Research AI

    Vince Valentini's questions to Telus Corp (TU) leadership • Q2 2024

    Question

    Vince Valentini asked about the disconnect between record subscriber growth and low revenue growth, and whether TELUS would consider privatizing TELUS Digital.

    Answer

    Zainul Mawji, an executive, acknowledged dissatisfaction with performance but highlighted a focus on profitable household loading and product intensity. CFO Doug French pointed to flat Internet ARPU and 5.1% EBITDA growth as evidence of focusing on economic value. CEO Darren Entwistle stated there is no intention to privatize TELUS Digital, expressing confidence in the new leadership to drive a recovery.

    Ask Fintool Equity Research AI