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    Vince Valentini

    Managing Director and Senior Equity Research Analyst at TD Securities

    Vince Valentini is a Managing Director and Senior Equity Research Analyst at TD Cowen, focused on the telecom, cable, and electronic publishing sectors. He has a long-standing track record covering major companies such as BCE Inc, Telus Corp, Thomson Reuters Corp, and Manitoba Telecom, frequently engaging in industry earnings calls and offering differentiated equity ratings. Valentini is recognized for over three decades of experience, having specialized in these sectors since 1993 with TD Securities, and his research stands out for its unique perspectives and active participation in industry dialogues. He holds senior leadership in institutional equities, and his professional credentials include extensive expertise in investment banking and capital markets, though specific securities licenses are not publicly disclosed.

    Vince Valentini's questions to BCE (BCE) leadership

    Vince Valentini's questions to BCE (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.

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    Vince Valentini's questions to BCE (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.

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    Vince Valentini's questions to BCE (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.

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    Vince Valentini's questions to BCE (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.

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    Vince Valentini's questions to BCE (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.

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    Vince Valentini's questions to THOMSON REUTERS CORP /CAN/ (TRI) leadership

    Vince Valentini's questions to THOMSON REUTERS CORP /CAN/ (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.

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    Vince Valentini's questions to THOMSON REUTERS CORP /CAN/ (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.

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    Vince Valentini's questions to TELUS (TU) leadership

    Vince Valentini's questions to TELUS (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.

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

    Question

    Vince Valentini asked for clarification on a working capital outflow and questioned how long it would take for wireless service revenue to return to positive growth if current pricing discipline holds.

    Answer

    EVP & CFO Doug French noted the working capital outflow was due to timing and seasonality, expecting it to be net neutral for the year. President and CEO Darren Entwistle stated that the majority of the wireless base has been repriced and that an inflection point to positive growth could occur in the next three to four quarters if market conditions persist.

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    Vince Valentini's questions to TELUS (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.

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    Vince Valentini's questions to TELUS (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.

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    Vince Valentini's questions to ROGERS COMMUNICATIONS (RCI) leadership

    Vince Valentini's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q2 2025

    Question

    Vince Valentini of TD Cowen sought clarification on whether MLSE has material debt to be consolidated, how the Blackstone minority interest payments will be treated in the free cash flow calculation, and whether potential MLSE synergies require a full merger with the Blue Jays.

    Answer

    CFO Glenn Brandt confirmed MLSE has no material debt to consolidate and that the Blackstone distributions will be reflected above the line in the free cash flow calculation. Brandt also clarified that the 2025 pro forma for MLSE is a straight aggregation, and while revenue and cost synergies are expected from combining sports assets, they are not yet included in the figures.

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    Vince Valentini's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q1 2025

    Question

    Vince Valentini asked if Rogers hopes to announce a transaction with third-party investors for its sports assets within the calendar year. He also inquired about the pacing of wireless subscriber additions during Q1 and into April, comparing it to trends seen in the U.S.

    Answer

    President and CEO Anthony Staffieri confirmed a Q1 wireless trend similar to the U.S., with a slow January-February followed by a March pickup, and noted good volume continuing in April. He reiterated a full-year market growth outlook of around 3%. CFO Glenn Brandt called it 'premature' to speculate on the timing of a sports asset deal but confirmed they are in 'earnest' discussions, valuing the portfolio at approximately $15 billion post-MLSE close.

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    Vince Valentini's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q4 2024

    Question

    Vince Valentini questioned the implied ARPU trajectory within the 2025 revenue guidance, asking if flat ARPU is the best-case scenario given recent market price changes. He also sought clarification on CapEx related to subsidized rural projects.

    Answer

    President and CEO Tony Staffieri responded that the guidance is a balanced view considering various factors and that the company has an internal 'ARPU playbook' to monetize value, so 0% growth is not necessarily the limit. CFO Glenn Brandt added that the company balances ARPU with subscriber growth. Regarding CapEx, he confirmed that multi-year rural project spending is factored into the guidance and will temper in future years.

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    Vince Valentini's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q3 2024

    Question

    Vince Valentini followed up on prepaid performance, asking about ARPU levels and churn, and questioned the economics of the $7 billion infrastructure financing, asking what the investor receives for their capital.

    Answer

    Chief Financial Officer Glenn Brandt explained the investor receives distributions from a subsidiary that earns revenue from Rogers for transporting data traffic, based on wholesale rates, creating a return without a lease. President and CEO Tony Staffieri added that the lines between prepaid and postpaid are blurring, noting that Chatr's ARPU is strong and comparable to competitor postpaid offerings.

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    Vince Valentini's questions to illumin Holdings (ILLMF) leadership

    Vince Valentini's questions to illumin Holdings (ILLMF) leadership • Q4 2024

    Question

    Vince Valentini asked two questions: first, for a quantification of the foreign exchange impact on Q4 revenue, and second, for clarification on the Q1 outlook, questioning whether warnings of weaker seasonality implied modest growth or a potential temporary decline.

    Answer

    CFO Elliot Muchnik addressed the first question, quantifying the full-year FX benefit to the bottom line at approximately $2.5 million, with the majority occurring in Q4, while noting that over 90% of expenses are also in USD. CEO Simon Cairns answered the second question, acknowledging that Q1 started slower than desired but that deal velocity picked up in the second half of the quarter. He confirmed that the company is currently tracking ahead of Q1 2024, despite ongoing macroeconomic uncertainty.

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    Vince Valentini's questions to QUEBECOR MEDIA (QBCRF) leadership

    Vince Valentini's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2023

    Question

    Vince Valentini from TD Securities asked a series of questions on the balance sheet, including the timing of transaction costs, 5G CapEx cash flow, and potential differences in leverage calculation by rating agencies. He also inquired about the run-rate of cost synergies and CEO satisfaction with Freedom's subscriber additions.

    Answer

    CFO Hugues Simard confirmed transaction costs were booked in Q2 and that there are no major CapEx timing issues, noting Freedom was advanced in its 5G readiness. President and CEO Pierre Karl Péladeau expressed he is 'very satisfied' with progress, emphasizing a focus on the total financial picture, including free cash flow and debt reduction, not just subscriber numbers.

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    Vince Valentini's questions to QUEBECOR MEDIA (QBCRF) leadership • Q1 2023

    Question

    Vince Valentini of TD sought to clarify segment performance, asking about the drivers behind the surprising year-over-year increase in video revenue. He also asked for long-term market share targets for Freedom and confirmation of the 5G rollout timeline.

    Answer

    CFO Hugues Simard confirmed wireline EBITDA was flat and explained that the video revenue growth was driven by rate increases and a slower pace of subscriber decline, with a small contribution from VMedia. President and CEO Pierre Karl Péladeau declined to provide specific long-term targets for Freedom, emphasizing a focus on execution. However, he definitively confirmed that Quebecor will 'absolutely' meet its commitment to begin rolling out 5G on the Freedom network within the promised timeframe.

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    Vince Valentini's questions to QUEBECOR MEDIA (QBCRF) leadership • Q4 2022

    Question

    Vince Valentini from TD Securities sought clarification on the wireline EBITDA decline, calculating it to be around 5%. He also questioned the company's low 12% CapEx intensity, asking if accounting changes were a factor and if this was a strategy to conserve capital for a large future spend on the Freedom network.

    Answer

    CFO Hugues Simard corrected that the wireline EBITDA decline was 3% year-over-year, including equipment. He assured that the low CapEx intensity was not due to accounting changes but rather a result of increased discipline, focusing on high-value projects, and leveraging network advantages that require less investment than peers. President and CEO Pierre Karl Peladeau added that reducing consultant costs also contributed. Simard acknowledged CapEx will increase with Freedom but emphasized they have a sufficient timeframe to invest efficiently without being rushed.

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    Vince Valentini's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2022

    Question

    Vince Valentini from TD Securities sought clarification on the fiber-to-the-home network overlap percentage in Quebec, the mix of retail versus wholesale internet adds, and whether the Competition Bureau had formally rejected Quebecor as a buyer for Freedom Mobile.

    Answer

    CFO Hugues Simard confirmed the network overlap in Quebec is 87%, much higher than the national average. President and CEO Pierre Peladeau clarified that while it is their understanding the Bureau has concerns, they have not received a formal rejection and are actively working to provide arguments to convince them of the deal's merits.

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