Rogers is a premier national telecom provider in Canada that is as well positioned as any peer. It is the largest wireless services provider, based on mobile phone customers served, and after acquiring Shaw in 2023, it has a nationwide fixed-line network that covers two thirds of the country.
With the Canadian wireless market less penetrated than the US and Europe and the country receptive to immigrants and foreign workers, wireless subscriber growth should remain high. As the industry leader, Rogers is well positioned.
Bears
A heavy-handed regulatory environment and competition will prevent Rogers from raising prices substantially, thus damping hopes for material revenue growth.
Rogers Communications is the largest wireless service provider in Canada, with its more than 11 million subscribers equating to one third of the total Canadian market. Its wireless business accounted for more than half of total revenue and has increasingly been providing a bigger portion of total company sales over the last several years. Rogers' cable segment, which provides about 35% of total revenue after acquiring Shaw, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers' media unit, which owns and operates various television and radio stations and the Toronto Blue Jays. Rogers' significant exposure to sports also includes ownership stakes in the Toronto Maple Leafs, Raptors, FC, and Argonauts.