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Quebecor

QBCRF
56
Telecommunications Services · Communication Services
Price
$44.68
-3.18 (-6.64%)
Market Cap
$10.20B
Exchange
Other OTC
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.

Share count falling — buybacks

6.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 248.3M (2021) → 232.0M (2025)

Quebecor is a Canadian media and telecommunications company based in Quebec. It sells mobile phone plans, home internet, cable TV, and streaming services mostly to everyday consumers and businesses in Canada. It also owns Videotron, one of the largest cable and wireless providers in Quebec, as well as TVA Group, a major French-language television network.

Quebecor earns money through monthly subscription fees for wireless, internet, and TV services, plus advertising revenue from its media properties. The company operates almost entirely in Canada, with its strongest foothold in Quebec, where its French-language focus gives it a cultural advantage that is hard for English-speaking competitors to replicate. Quebecor has been expanding its wireless business outside Quebec into other Canadian provinces, which is its main growth opportunity, but that expansion puts it in direct competition with much larger national carriers like Rogers, Bell, and Telus.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+22.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

0.5%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$412M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Quebecor is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
43.6%
Healthy — 43.6% gross margin
Operating Margin
26.3%
Excellent — 26.3% operating margin
ROCE
3.9%
Weak — 3.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+2.0%
Nearly flat sales (2.0% YoY)
EPS YoY
+17.9%
Earnings growing fast (17.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion
231%
Turns 231% of profit into real cash
FCF Margin
24.7%
Converts sales into free cash efficiently (24.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
2.56
Heavy debt load (2.56)
Interest Cover
4.75x
Adequate interest coverage (4.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
11.5x
Attractive valuation — P/E 11.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+0.5
GROWING
Earnings roughly flat

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Dividends

Dividend Yield
2.18%
Moderate income — 2.18% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+11.6%
Dividend growing fast (11.6% YoY)

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