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ZYBERNO

Stock Report

Updated Aug 28, 2026

BCE INC. (BCE)

Technology • NYSE

$23.57

BCE Inc. is a Canadian telecommunications and media company headquartered in Verdun, Quebec, and Canada's largest communications company. Operating under the Bell brand, BCE provides wireless, broadband internet, television, and landline telephone services to residential and business customers across Canada, as well as media properties including CTV (Canada's largest private broadcaster), The Globe and Mail (partial interest), and Bell Media specialty channels.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

17.0/100

POOR BUSINESS

BCE INC. (BCE) scores 17/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full BCE quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+47.6%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

⚠ Owner Earnings and Free Cash Flow show moderate divergence (0.48×). Intrinsic Value and Brina Gap may be overstated — possibly from acquisition-related D&A. Treat both signals as upper bounds.

🎯 Expected Annual Return →

13.3%

5-year annualised assuming price converges to intrinsic value

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full BCE valuation analysis · → View full BCE Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):POOR (1.50x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):CRITICAL (0.0%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

BCE INC. (BCE) stock report — Zyberno Score 17/100 (POOR BUSINESS), Margin of Safety +47.6%, 13% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, BCE INC. (BCE) trades at $23.57 against an estimated intrinsic value per share of $45.00 — a +47.6% Margin of Safety based on Owner Earnings of $3.47B TTM, projected at -0.5% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 13.3% annually.

Over the trailing twelve months, BCE generated $3.47B in Owner Earnings. Capital was deployed as follows: $1.55B paid as dividends. Owner Earnings have declined at 0.5% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:23.57

Market Cap:$21.50B

Valuation Multiples (2)

P/B Ratio:1.30x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$46.35B

Ev Ebitda Ratio:12.43x

Pfcf Ratio:9.17x

Price Action & Momentum (3)

12-1 Momentum:

-3.9% (40th pctile)

📈 Click to view full BCE Momentum analysis →

Momentum Percentile:40 / 100

% of 52-Week High:65.0%

B. Profitability Assessment

Margin Analysis (1)

Ebitda Margin:21.4%

Yield Metrics (3)

Earnings Yield:-$999.00

Owner Earnings Yield:$16.14

Dividend Yield:7.2%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):1.0%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-2.2%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):0.1%

Operating Cash Flow Growth Rate (Linear):-0.6%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.58x

Quick Ratio:0.55x

Cash Ratio:0.00x

Leverage Analysis (3)

Debt To Equity Ttm:1.50x

Debt-to-Equity Ratio:1.50x

Debt To Ebitda:6.66x

Coverage Ratios (2)

Interest Coverage Ratio:0.00x

Times Interest Earned:0.00

Capital Structure (4)

Working Capital:-3,879,099,508.00

Cash And Cash Equivalents:0.00

Long Term Debt:$24.85B

Net Debt:$24.85B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $17.42B

Linear Growth: 98.0%

📊 Click to view full BCE Revenue analysis & methodology →

Cost Of Revenue Ttm:$5.50B

Profitability Breakdown (2)

Gross profit TTM: $11.92B

Linear Growth: 53.0%

📊 Click to view full BCE Gross Profit analysis & methodology →

$0.00

Bottom Line Performance (3)

Net income TTM: $4.64B

Linear Growth: -2.2%

📊 Click to view full BCE Net Income analysis & methodology →

Income Before Tax:$0.00

Ebitda Ttm:3,728,890,296.00

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:0.00

Income Tax Expense:$694.81M

Interest Expense:1,064,990,432.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:0.0%

Ebitda Margin:21.4%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$57.07B

Current Assets:$5.27B

Ppe Net:21,015,051,840.00

Goodwill:9,419,043,052.00

Intangible Assets:$12.27B

Liability Structure (4)

Total Liabilities:40,474,619,660.00

Current Liabilities:9,152,083,552.00

Long Term Debt:$24.85B

Short Term Debt:$0.00

Equity & Capital (3)

Equity:$16.59B

Retained Earnings:$0.00

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:3,185,004,808.00

Inventory:276,925,988.00

Accounts Payable:3,126,629,664.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $4.98B

Linear Growth: -57.0%

Free cash flow TTM: $2.34B

Linear Growth: 6.0%

📊 Click to view full BCE Free Cash Flow analysis & methodology →

Investment Activities (1)

Investing Cash Flow:-$533.92M

Financing Activities (3)

Financing Cash Flow:-$1.24B

Dividends Paid Ttm:1,549,788,884.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$5.08

Revenue & Cash Per Share (2)

Sales Per Share Ttm:19.09

Operating Cash Flow Per Share:$5.46

Book Value & Capital (2)

Book Value Per Share:$18.19

Cash Per Share:-999.00

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.31x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:5.47x

Days Sales Outstanding Ttm:66.74

Inventory Management (2)

Inventory Turnover Ttm:19.85x

Days Inventory Outstanding Ttm:18.39

Payables & Cash Cycle (2)

Days Payable Outstanding:207.65

Cash Conversion Cycle:-122.52

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:75.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $3.47B

Linear Growth: -46.3%

📊 Click to view full BCE Owner Earnings analysis & methodology →

Owner Earnings Per Share:$3.80

Owner Earnings Yield:$16.14

Growth Assessment (1)

Owner Earnings Growth Rate:-$0.46

Intrinsic Value Models (1)

Intrinsic Value:

$41.05B

📊 Click to view full BCE DCF valuation →

Margin of Safety (1)

Margin Of Safety:

47.6%

📊 Click to view full BCE valuation analysis →

Return Scenarios (1)

Theoretical 5-Year Return:

13.3%

📊 Click to view full BCE expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):1.0%

Net Income Growth Rate (Linear):-2.2%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):0.1%

Operating Cash Flow Growth Rate (Linear):-0.6%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):0.5%

Owner Earnings Growth Rate:-$0.46

C. Company Profile & Context

Corporate Information (6)

Symbol:BCE

Company Name:BCE INC.

Sector:Technology

Industry:Telecommunications

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:912.27M

Shares Outstanding Basic:0

Shares Outstanding Diluted:0

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-28 23:29:54 UTC

Data Timestamp:2026-08-28T23:29:54.372857