Canadian telecom stocks: dividend resets, Quebecor’s run, valuation and analyst targets

Five liquid Canadian names — BCE, Rogers, TELUS, Quebecor and Cogeco Communications — are about CA$88 billion of market value on the November 9, 2026 screener. Over the past month the peer median is about −3.4%, against an S&P/TSX Composite that was roughly +1.4%. Over one year the median is about −16%, against a Composite near +18%. One name did the opposite: Quebecor is up about 48% over the year. Setup for this living note: a cheap-looking forward multiple, a yield that only means something after the dividend cuts, and a November earnings pile-up.

Canadian telecom snapshot: market cap, P/E, yield and returns vs the TSX

Metric	Peer set (5)	vs TSX (approx.)
Combined market cap	~CA$89.6B	—
Median trailing P/E	16.0x	—
Median forward P/E	12.3x	—
Median indicated yield	5.82%	—
Median 1M price return	+7.1%	TSX ~+1.4%
Median 1Y price return	−14.6%	TSX ~+18.2%

Screener as of November 9, 2026 (CAD; merge tsx-2026-11-09.csv, 2,564 rows). Peer set: BCE, RCI.B, T, QBR.B, CCA. Medians skip blank cells; P/E medians skip non-positive multiples. Not in the November 9 export, so their rows still carry the previous build’s values: RCI.B, QBR.B. The TSX column is the approximate index return carried from the October 26 build and was not re-pulled for this refresh.

November 9, 2026 refresh. Between the November 3 and November 9 screener files the median peer price moved +5.0%. Best: BCE (+5.7%) and Cogeco (+5.0%). The snapshot and every peer table below are on the November 9 file. Commentary paragraphs between the tables were written on the October 25 file and quote those figures unless they give a later date.

Indicated yields, using the post-reset dividends at BCE and TELUS and Cogeco’s current quarterly rate, run from Quebecor at 2.75% to Cogeco at 7.31%. The median is 6.08%. That is an income sector again only if those new rates hold.

What is driving Canadian telecom stocks: resets, MLSE, spectrum and a November cluster

November 9, 2026 update. BCE reported third-quarter net earnings of C$630 million (C$0.67 a share) and adjusted EPS of C$0.74, and declared a quarterly dividend of C$0.4375 (C$1.75 a year), payable January 15, 2027. Quebecor reported adjusted EBITDA up 12.5% to C$706.7 million on revenue up 3.5% to C$1.45 billion. Between the November 3 and November 9 screener files the peer median price moved +5.0% (BCE +5.7%, Cogeco +5.0%); Rogers and Quebecor are missing from the November 9 export, so their rows still carry the previous build’s values. The Bank of Canada’s October 28 hike matters here as a debt-cost backdrop. Calendar items below dated November 3–8 have since reported; this update summarizes only the results named here.

1. July 31, 2026 — TELUS cuts the dividend. Under CEO Victor Dodig, TELUS reset the quarterly dividend to C$0.1875, or C$0.75 a year, from about C$1.67. The annual DPS field on the screener still shows about C$1.65. That trailing figure is stale. The indicated yield at the October 23 close is 6.08% (C$0.75 ÷ $12.34), not the teens. The July 31 guide that still frames the repair: 2026 service revenue flat to down 2%, adjusted EBITDA down 2% to 4%, capital spending around C$2.6 billion, free cash flow near C$1.8 billion, and a leverage path toward 3.0x by 2028. A November capital-returns update was already flagged on that quarter. TELUS had not posted a confirmed third-quarter date in the sources checked for this note. MarketBeat’s calendar estimates November 6, 2026, and labels that date as an estimate.

2. BCE’s dividend is C$1.75, not the screener’s C$2.31. The September 18 brief used the reset annualized rate and showed trailing EPS inflated by one-time items, which made a trailing P/E near 4x meaningless. The same pattern is in this file: trailing P/E 4.3x on about C$6.4 billion of trailing earnings. Use the forward multiple (11.1x) and the C$1.75 dividend. BCE said on October 14, 2026 that it will report third-quarter results on November 5, 2026, with a call at 10:00 a.m. ET (Mirko Bibic and Curtis Millen). The Saskatchewan AI Fabric memorandum from September 14 is still the growth story next to that dividend: a path toward 1.2 GW, with the cash question unchanged — capital spending versus free cash flow.

3. October 1, 2026 — Rogers closes the rest of MLSE. Rogers completed the purchase of Kilmer’s 25% of Maple Leaf Sports & Entertainment for C$4.35 billion, after the earlier Bell stake. The October 3 brief is the write-up. Rogers then reported third-quarter 2026 results before the open on October 23, the morning of the close in this table, with a call at 8:00 a.m. ET. This note does not restate that quarter. The price is the same day’s close. Use the RCI.B line. RCI.A volume is a rounding error next to it.

4. October 9, 2026 — the spectrum selloff. SpaceX spectrum headlines hit the group, Cogeco included. The October 11 Cogeco brief is the tape. Cogeco reports fourth-quarter fiscal 2026 results after the close on October 28, with a call on October 29. The U.S. Breezeline write-down, about C$1.7 billion, is why trailing earnings are a loss and why the payout cell below is blank. The dividend that matters is the current C$0.987 quarterly rate, about C$3.95 a year, not the trailing C$3.69 in the annual DPS field.

5. November 5, 2026 — Quebecor, then BCE. Quebecor said on September 30 that Pierre Karl Péladeau and CFO Hugues Simard will hold the third-quarter call on Thursday, November 5, at 9:00 a.m. ET. The replay runs on quebecor.com until February 3, 2027. BCE’s call is an hour later. Quebecor is the one-year leader in this set (+48.3%). The November print is where that re-rating either gets a number or meets a target that is only 7% above the October 23 price.

6. October 28, 2026 — Bank of Canada hike, as a funding-cost backdrop. On October 28, 2026 the Bank of Canada raised the overnight target by 25 basis points to 2.50%, its first hike since July 2023 and the end of seven straight holds at 2.25%. It said further increases may be needed but it would proceed carefully; the next decision is December 9. Telecom is not a margin story the way the banks are. It is a debt-cost and competitive story: BCE’s net debt was about C$41 billion in the September brief, and TELUS is explicitly on a deleveraging path.

Which Canadian telecom stocks are leading and lagging

One month: only Quebecor (+2.8%) and TELUS (+2.7%) are green. BCE (−6.2%) is the softest, then Cogeco (−3.7%) and Rogers (−3.4%). The median is about −3.4%. Nothing in the last month looks like a sector rebound.

One year: Quebecor (+48.3%) is the entire leadership story. Every other name is down: TELUS (−41.6%), Cogeco (−19.6%), Rogers (−16.0%), BCE (−14.3%). Against the TSX’s approximate +18%, four of the five lost, and TELUS lost by a wide margin. That is the dividend-cut tape, not a mystery.

Canadian telecom peer comparison: size, performance, valuation, dividends and targets

Peer set: BCE (BCE), Rogers (RCI.B), TELUS (T), Quebecor (QBR.B) and Cogeco Communications (CCA). RCI.A and QBR.A are the illiquid classes and stay out. Parent Cogeco Inc. (CGO) is about CA$450 million of market value on the same close, with thin volume next to CCA, so it is not a sixth row. The screener files Cogeco under consumer services, not communications. It is here because it is the liquid Canadian cable name the October 11 brief already pairs with these carriers. Preferreds are out. Five names is the liquid set. Padding it with illiquid lines would not make it a better table.

Canadian telecom overview: price, market cap, revenue and earnings

Company (Ticker)	Price	Market cap	Revenue (LTM)	Net income (LTM)
BCE (BCE)	$30.57	$27.5B	$24.8B	$6.4B
Rogers (RCI.B)	$45.36	$24.6B	$22.7B	$897M
TELUS (T)	$12.81	$20.5B	$20.2B	−$919M
Quebecor (QBR.B)	$65.39	$14.7B	$5.8B	$944M
Cogeco (CCA)	$55.20	$2.3B	$2.8B	−$1.1B
Average	—	$17.9B	$15.3B	$1.2B

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD · LTM = last 12 months. Average includes every row. Not in the November 9 export, so their rows still carry the previous build’s values: RCI.B, QBR.B.

BCE, Rogers and TELUS are the national revenue pool, each above CA$20 billion of trailing revenue. Quebecor earns about as much as Rogers (CA$944 million versus CA$897 million) on about a quarter of the revenue. That is the margin story behind the one-year chart. Cogeco is a CA$2.3 billion cable company next to them, liquid enough to matter for an income investor and too small to move the combined CA$88 billion.

Canadian telecom performance: returns from one month to ten years

Company (Ticker)	1M	3M	6M	YTD	1Y	5Y	10Y
BCE (BCE)	+8.8%	−3.9%	−8.7%	−6.7%	−5.9%	−53%	−49%
Rogers (RCI.B)	−3.4%	−1.4%	−11.3%	−12.5%	−16.0%	−24%	−16%
TELUS (T)	+14.8%	−7.0%	−26.7%	−29.3%	−38.0%	−55%	−40%
Quebecor (QBR.B)	+2.8%	−1.2%	+17.3%	+26.3%	+48.3%	+107%	+244%
Cogeco (CCA)	+7.1%	−9.3%	−13.5%	−17.4%	−14.6%	−48%	−11%
Average	+6.0%	−4.6%	−8.6%	−7.9%	−5.3%	−14%	+26%

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD · price returns. Bold = leader on 1M and on 1Y. Average skips blanks.

Five-year and ten-year returns say the same thing as the one-year, with more time on the clock. BCE, TELUS and Cogeco are down about half over five years. Rogers is down about a quarter. Quebecor has doubled over five years and more than tripled over ten. The ten-year average of +24% is Quebecor’s +244% doing all of the lifting.

Canadian telecom valuation: P/E, forward P/E, price to book and price to sales

Company (Ticker)	P/E	Fwd P/E	PEG	P/S	P/B	P/FCF
BCE (BCE)	4.5	12.3	0.00	1.09	1.38	10.7
Rogers (RCI.B)	27.4	9.6	—	1.08	1.48	7.4
TELUS (T)	—	17.5	—	0.98	1.52	9.3
Quebecor (QBR.B)	16.0	15.2	0.69	2.60	5.34	9.6
Cogeco (CCA)	—	7.8	—	0.79	1.22	5.1
Average	16.0	12.5	0.35	1.31	2.19	8.4

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD. Average skips blanks; one large multiple can dominate a column average, so read the medians in the snapshot.

Do not buy BCE because it says 4.3x. That multiple is the one-time-item problem from the September brief, still in the trailing earnings. On forward earnings BCE is 11.1x, Rogers is 9.6x, and Cogeco is 6.1x. TELUS at 17.6x forward is the expensive repair story: the market is not paying a distressed multiple for the post-cut equity. Quebecor at 16.0x trailing and 15.2x forward, and 5.34x book, is the quality multiple. It earned it with the one-year return. Cogeco’s 6.1x price to free cash flow is the cheap cell, and it sits next to a trailing loss.

Canadian telecom dividends: indicated yield and payout ratio

Company (Ticker)	Dividend / share	Yield (ind.)	Payout ratio
BCE (BCE)	$2.31	5.94%	26.0%
Rogers (RCI.B)	$2.00	4.41%	120.4%
TELUS (T)	$1.65	5.82%	—
Quebecor (QBR.B)	$1.40	2.75%	36.1%
Cogeco (CCA)	$3.95	7.36%	—
Average	$2.26	5.25%	60.8%

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD. DPS is annual; yield is indicated. Payout is trailing; negative payouts show as — and are left out of the average.

Cogeco is the yield. TELUS and BCE are the reset yields, both just over 6%, and they are only as good as the free-cash-flow guides. Rogers at 4.41% with a payout above 100% of trailing earnings is a covered-or-not question the October 23 quarter was supposed to start answering. Quebecor at 2.75% and a 36% payout is the compounder that happens to pay a dividend.

Canadian telecom analyst targets: ratings, one-year targets and upside

Company (Ticker)	Rating	Price	Target 1Y	Upside	Analysts
BCE (BCE)	Buy	$30.57	CA$37.12	+21.4%	13
Rogers (RCI.B)	Buy	$45.36	CA$58.77	+29.6%	11
TELUS (T)	Neutral	$12.81	CA$16.30	+27.2%	13
Quebecor (QBR.B)	Buy	$65.39	CA$70.12	+7.2%	13
Cogeco (CCA)	Buy	$55.20	CA$71.17	+28.9%	8
Average	—	—	CA$50.70	+22.9%	—

Rating = screener analyst rating on the November 9, 2026 file. Target 1Y and analyst counts are the MarketBeat TSE consensus figures (CAD) pulled October 27, 2026, not re-pulled in bulk for this refresh (Royal Bank spot-checked November 9, unchanged). Upside is the October 27 target versus the November 9 screener price. The dollar average mixes very different share prices; read the upside column.

The Street still has about 30% of gap at BCE, Rogers, TELUS and Cogeco, and almost none at Quebecor (+7.2% to CA$70.12). That split matches the tape. Quebecor already ran. The other four are the “if the dividend holds and the multiple normalizes” trade, and TELUS carries a Neutral rating on the screener even with +32% to the average target. A target 30% above a stock that cut the dividend is not the same thing as a target 30% above a stock that just beat.

How the national carriers differ from Quebecor and Cogeco

BCE is the national incumbent with the reset dividend and the AI Fabric spending plan. The trailing P/E is a trap. The forward multiple and the free-cash-flow guide are the file. Rogers is the wireless scale name, now the full owner of MLSE, with the highest payout in the set and a forward multiple under 10x. TELUS is the deepest drawdown (−41.6% over one year, −56% over five) and the explicit deleveraging story. The C$0.75 dividend is the new contract with income holders.

Quebecor (Videotron and Freedom) is the fourth national player and the only compounder in the table. It trades at a premium book and a low yield because the market already paid for the growth. Cogeco is regional cable in Canada and a shrinking U.S. Breezeline unit. The screener does not even file it under communications. It is here for the 7.31% indicated yield and the 6.1x forward earnings, with a trailing loss that keeps the payout blank.

Bull case for Canadian telecom stocks

1. Four of the five trade far under the CAD target. BCE +29.7%, Rogers +29.6%, TELUS +32.1% and Cogeco +31.7% are not one-analyst gaps. Each line has at least eight analysts. Forward earnings at Rogers and Cogeco are under 10x.

2. The dividends have already been reset. TELUS at C$0.75 and BCE at C$1.75 are the rates in the company guides, not the stale screener DPS. A buyer who uses the 6% yield is at least using the right coupon. Cogeco’s C$3.95 is the current quarterly rate, and the October brief’s cash test was that the dividend used under half of free cash flow.

3. Quebecor shows the sector can re-rate. +48% over one year and +107% over five years is the existence proof. It does not make BCE a Quebecor. It does say a Canadian telecom equity is not condemned to the five-year drawdown if the operating story changes.

Bear case and risks for Canadian telecom stocks

1. The one-year tape already voted. Median −16% against a TSX near +18%, with TELUS −42%, is a lot of bad news that a target can sit above for a long time. TELUS’s rating is still Neutral.

2. Cash, not the trailing P/E, pays the dividend. BCE’s 4.3x and 26% payout are flattered by one-time earnings. The September brief put the C$1.75 dividend at roughly three-quarters of the free-cash-flow guide, with an AI build still in front of it. Rogers’ payout is already above 100% of trailing earnings. Cogeco’s earnings are a loss.

3. Competition and spectrum are not finished. Quebecor’s gain is someone else’s lost pricing. The October 9 spectrum move showed how fast a headline still hits the whole group, including a cable name the screener files elsewhere.

What to watch next for Canadian telecom: Cogeco’s year-end, then November 5

1. October 28–29, 2026 — Cogeco fourth-quarter fiscal 2026. After the close on the 28th, call on the 29th. U.S. cash flow and whether the C$3.95 dividend rate still has a growth sentence attached.

2. December 9 — next Bank of Canada decision. After the October 28 hike to 2.50%, a debt-cost check for BCE and TELUS, not a margin check.

3. November 5 — Quebecor at 9:00 a.m. ET, BCE at 10:00 a.m. ET. The leader’s quarter and the reset incumbent’s quarter on the same morning. Watch whether Quebecor’s CA$70 target still looks close, and whether BCE’s free cash flow still covers C$1.75.

4. TELUS’s date, whenever the company confirms it. Do not trade a MarketBeat estimate as a company release. When the date is real, the questions are the C$1.8 billion free-cash-flow guide and the path to 3.0x leverage, not the stale 13% yield.

5. Rogers after MLSE. The October 23 quarter is in the price. The next proof is whether the sports asset and the wireless book show up as cash, given a 120% trailing payout.

Related StockSummarizer videos: BCE, TELUS, Rogers and Cogeco

• BCE — the dividend reset and the Saskatchewan AI Fabric path · Watch on YouTube
• TELUS — the July 31 dividend cut to C$0.75 · Watch on YouTube
• Rogers — the MLSE close · Watch on YouTube
• Cogeco — the October selloff and the 7% yield · Watch on YouTube

Quebecor is not in the coverage log yet. Those briefs use earlier screener files. The tables on this page are the October 23 closes. Where a brief and this page both discuss the dividend, the indicated rate is the company’s, not the stale annual DPS field.

Data notes: screener date, peer set and where the targets come from

November 9, 2026 refresh. The snapshot strip and every peer table now come straight from merge tsx-2026-11-09.csv (2,564 rows): prices, market caps, LTM revenue and net income, returns, multiples, dividends and screener ratings. Average rows skip blanks. Analyst targets were not re-pulled in bulk: Target 1Y and analyst counts are still the MarketBeat TSE figures pulled October 27, 2026 (a November 9 spot-check of Royal Bank’s MarketBeat page showed the consensus unchanged at C$292.86 on 12 analysts, with the latest broker action dated September 3); upside compares those targets with the November 9 price. Rows for tickers missing from the November 9 export keep the previous build’s values and are named under the snapshot. The November 9 update paragraph uses the news and company releases listed under Sources, checked November 9, 2026; the TSX comparison column is the approximate index return carried from the October 26 build. The method notes below describe the October 27 build and still apply to the commentary written on it.

Prices are the October 23, 2026 TSX closes (the close inside merge tsx-2026-10-25.csv; the file itself is not in this checkout). Market cap, revenue, net income, trailing P/E, P/S, P/B, P/FCF and the raw annual DPS field are reconstructed from TradingView Canada fields that reproduce that file on the published Royal Bank, Enbridge and October 26 Constellation rows, with market cap scaled back to the October 23 close. P/S can sit about 0.02 away from the file. Forward P/E is October 23 price ÷ TradingView’s next-fiscal-year EPS consensus, pulled October 27, 2026. It is not the file’s forward-P/E cell (Royal Bank: file 16.2, this method 17.2). Performance is the exchange-close price return on the windows under the performance table, not the file’s Perf column. Peer rule: liquid Canadian carriers — BCE, RCI.B, T, QBR.B, plus CCA. Excluded: RCI.A, QBR.A, preferreds, and Cogeco Inc. (CGO, about CA$450 million). Average rows include all five names and skip blank cells. Dividends: BCE uses the reset C$1.75 (the DPS field still shows C$2.31); TELUS uses the July 31 C$0.75 (the DPS field still shows about C$1.65); Cogeco uses C$3.95 from the current C$0.987 quarterly rate (the DPS field still shows C$3.69). Those three yields are the new dividend divided by the October 23 price. Target 1Y is MarketBeat TSE consensus in CAD, pulled October 27, 2026 (8–13 analysts). Upside is versus the October 23 price. Screener ratings are in the analyst table. TSX Composite 1M/1Y are approximate public index price returns near October 26, 2026. Snapshot medians use the five-name set; trailing P/E uses BCE, Rogers and Quebecor.

Sources for the dividend resets, the November calls, targets and the screener

• TradingView Canada scanner and TSX closes for October 23, 2026, cross-checked against merge tsx-2026-10-25.csv on the published Royal Bank, Enbridge and Constellation rows
• TELUS, July 31, 2026 dividend reset to C$0.1875 quarterly (C$0.75 annualized), free-cash-flow guide near C$1.8 billion, as reported in the StockSummarizer TELUS brief dated 2026-09-12
• BCE annualized dividend C$1.75 and the one-time-item warning on trailing earnings, StockSummarizer BCE brief dated 2026-09-18; BCE third-quarter call November 5, 2026, 10:00 a.m. ET, announced October 14, 2026
• Rogers MLSE close, C$4.35 billion for Kilmer’s 25%, StockSummarizer Rogers brief dated 2026-10-03; Rogers third-quarter teleconference October 23, 2026, 8:00 a.m. ET
• Cogeco quarterly dividend C$0.987 (about C$3.95) and the U.S. write-down, StockSummarizer Cogeco brief dated 2026-10-11; fourth-quarter fiscal 2026 results after the close on October 28, call October 29
• Quebecor media advisory, September 30, 2026: third-quarter call November 5, 2026, 9:00 a.m. ET, Pierre Karl Péladeau and Hugues Simard; replay until February 3, 2027
• Bank of Canada policy rate, 2.25% to October 27, 2026; raised to 2.50% on October 28, 2026 (see the November 9 sources below)
• MarketBeat TSE forecast pages for BCE, T, RCI.B, QBR.B and CCA, pulled October 27, 2026
• S&P/TSX Composite approximate 1M/1Y price returns (public index trackers near October 26, 2026)
• BCE and Quebecor third-quarter 2026 news releases (November 5, 2026)
• Bank of Canada rate announcement, October 28, 2026 (overnight target raised to 2.50%; Bank Rate 2.75%), as reported by Reuters and CBC; next decision December 9, 2026
• TD Securities, Weekly Bottom Line, November 6, 2026 (WTI, copper, gold, Canada 10-year yield); Baystreet.ca and Investcom TSX close reports, November 6, 2026 (S&P/TSX Composite 35,789.09, +0.48% on the week; October unemployment rate 6.7%)

Media credits

Wikimedia Commons photographs, cropped to 16:9 and resized for this page. No AI-generated images were used. Company logos and video thumbnails on linked stock summaries keep the credits on those pages.

• Hero: “Edifice Bell Montreal 03” by Jeangagnon, CC BY-SA 3.0, via Wikimedia Commons. Édifice de Bell, 1050 Côte du Beaver Hall, Montréal.
• Rogers Building: “Newer and heritage elements of Rogers Building” by Gary J. Wood, Toronto, CC BY-SA 2.0, via Wikimedia Commons.
• SaskTel tower: “SaskTel Communications Tower in Saskatoon” by SSPWXR, CC BY-SA 4.0, via Wikimedia Commons.

By Andrew · stocksummarizer.com