Quebecor Inc Shs -B- Subord.Voting

QBR.B: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 17.00	Psmkdz	Bymqpbgv

Expansion Outside of Quebec After Freedom Mobile Acquisition Provides Quebecor’s Best Opportunities

Matthew Dolgin

May 12, 2023

Business Strategy and Outlook

Telecom dominates Quebecor’s business, making up more than 80% of revenue and nearly 100% of EBITDA. The firm has historically focused its telecom efforts in Quebec, where it dominates the fixed-line market--providing broadband service to 60% of the homes its network passes--and holding its own in wireless against national providers. We estimate Quebecor has a 21% wireless market share in Quebec.

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