$QBR.B

Research Alert: CFRA Maintains Hold Opinion On Shares Of Quebecor, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target by CAD10 to CAD70, applying an EV/EBITDA multiple of 8.4x to our 2026 estimate, comparable to its 3-year historical average multiple at 8.1x. We increase our 2026 EPS estimate by CAD0.11 to CAD4.29 and raise 2027's by CAD0.13 to CAD4.67. The media segment continues to face a deep structural crisis, characterized by challenges such as the dominance of large players in the advertising market, declining television subscriptions, reduced support from the Canadian media fund, unfair competition from public broadcasters, and a heavy regulatory burden from the CRTC. These factors undermine private broadcasters and threaten the viability of local content production and distribution. The wireless market experienced an aggressively promotional environment, leading to unsustainable pricing and heightened competition. This environment resulted in lower organic growth and net mobile additions, as the major players primarily competed for each other's customers at reduced prices.

Research Alert: Quebecor Inc. Profit Up On Higher Average Revenue Per User

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Quebecor delivered strong Q1 results with total revenue growing 3.9% to $1.40B, led by Telecommunications which expanded 4.9% to $1.22B. Mobile telephony service revenue surged 8.8% driven by 28,800 net subscriber additions and 1.4% ARPU growth, contrasting with declines at larger rivals. The company secured 286,900 trailing 12-month net mobile gains, representing 6.9% annual expansion that leads the Canadian telecom sector. Adjusted EBITDA rose 4.9% to $576.6M, or 13.1% excluding $47.3M equity compensation expenses. Media division showed significant improvement with negative EBITDA of $2.2M versus negative $18.6M prior year driven by operational efficiency measures. Free cash generation remained solid at $235.5M while consolidated net debt fell over $120M after $85.2M shareholder distributions. We believe the company's net debt leverage ratio of 2.86x maintains the strongest position among major Canadian telecom operators, preserving substantial financial capacity for strategic growth initiatives.

Earnings Flash (QBR.A, QBR.B) Quebecor Posts Q1 Adjusted Net Income $219.5M or $0.97 Per Basic Share, An Increase of 18.6%

Earnings Flash (QBR.A, QBR.B) Quebecor Reports Q1 Revenue $1.40B, Up $52.1 million or 3.9% Vs Year Ago

Research Alert: CFRA Initiates Coverage On Shares Of Quebecor Inc. With A Hold Opinion

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We set our 12-month target price at CAD60, applying an EV/EBITDA multiple of 7.6x to our 2026 estimate, comparable to its five-year historical average multiple at 7.9x. We set our 2026 EPS estimate at CAD4.18 and initiate 2027's at CAD4.54. In the telecom segment, competition continues to intensify in the mobile and wireline telephony, Internet access, television, and over-the-top markets. Due to ongoing technological developments, the distinction between various platforms is fading, and QBR expects increasing competition from non-traditional businesses across its key business segments. In the media segment, the industry has been experiencing fundamental and permanent structural changes for years. Generalized audience fragmentation has prompted many advertisers to review their media placement strategies and turn a significant part of their advertising budgets over to international competitors operating solely in digital media.