Rogers Communications Inc.
Rogers Communications Inc. operates as a communications, sports, and entertainment company in Canada. It operates through Wireless, Cable, and Media segments. The company offers mobile internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roa…
Rogers Communications Inc. operates as a communications, sports, and entertainment company in Canada. It operates through Wireless, Cable, and Media segments. The company offers mobile internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and pickup services; satellite-to-mobile service; and wireless solutions under the Rogers, Fido, and chatr brands. It also provides Internet access, Internet protocol-based (IP) television, applications, online viewing, phone, home monitoring, and advanced home WiFi services to consumer and businesses. In addition, the company offers local and network TV; on-demand television; cloud-based digital video recorders; voice-activated remote controls, restart, and integrated apps; linear and time-shifted programming; digital specialty channels; and 4K television programming. Further, it provides residential and small business local telephony services; voicemail, call waiting, and long distance; video and audio programming; voice, data networking, IP, and Ethernet services; private networking, Internet, IP voice, and cloud solutions; optical wave and multi-protocol label switching services; information technology and network technologies; cable access network services; telecommunications technical consulting services; and season games through television, smartphones, tablets, personal computers, and other streaming devices. Additionally, the company owns Toronto Blue Jays and the Rogers Centre event venue; and operates Sportsnet ONE, Sportsnet 360, Sportsnet World, Citytv, OMNI, FX (Canada), FXX (Canada), and HGTV television networks, as well as AM and FM radio stations. It also offers Rogers and the Rogers Red World Elite Mastercard. The company was founded in 1960 and is headquartered in Toronto, Canada.Looks overvalued
Other models: CAD 23.72–119.30 (median 71.51). The recommended value is in line with them.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price above modeled range
Uses reported dividends of CAD 2.2380 per share from TTM through 30 Sep 2026, with 2.9% perpetual growth (base growth capped at the terminal rate) and 10.4% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 8.66%, discount rate 10.40%, terminal growth 2.90% (sector defaults). See a worked example.
Blended growth assumption: 8.7% (sector default 7.0%, own revenue history 10.3%).
5-year outlook: relative outlook of about 9.1% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Adjust assumptions
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — CAD 30.71 (-34.8%)
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EPS-based Gordon proxy
— CAD 23.72 (-49.7%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— CAD 119.30 (+153.2%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— CAD 324.89 (+589.6%)
Not used: Used only when cash-flow models land far below the price; here they do not.
| Bear CAD 24.01 | -96.2% |
| Base CAD 30.71 | -53.4% |
| Bull CAD 42.28 | -11.4% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At CAD 47.11 the market implies perpetual dividend growth of about this rate (discount rate 10.4%).
Compare: the market implies 5.4% a year, this model assumes 2.9%. The market expects more than this model does, which is why it reads as overvalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 8.4% | 9.4% | 10.4% | 11.4% | 12.4% |
|---|---|---|---|---|---|
| -1.1% | 23.30 | 21.08 | 19.25 | 17.71 | 16.40 |
| 0.9% | 30.11 | 26.57 | 23.77 | 21.51 | 19.64 |
| 2.9% | 41.87 | 35.43 | 30.71 | 27.09 | 24.24 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 80 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +10.2% a year | 20 / 20 |
| Balance sheet | net debt 4.8x EBITDA | 0 / 20 |
| Margins | EBITDA margin 40% | 20 / 20 |
Peers in Communication Services
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| RCI-B.TO (this company) | CAD 47.11 | -53.4% | 27.3 | 1.5 | 4.8% | 80 |
| VOD.L Vodafone Group Public Limited Company | GBP 1.14 | 43.5% | – | 0.6 | 3.3% | 66 |
| PUB.PA Publicis Groupe S.A. | EUR 102.40 | 42.1% | 15.7 | 2.5 | 3.5% | 90 |
| CMCSA Comcast | USD 24.23 | 40.8% | 7.6 | 0.9 | 5.6% | 82 |
| TEF.MC Telefonica, S.A. | EUR 3.34 | 34.2% | – | – | 9.0% | 59 |
| INF.L Informa plc | GBP 8.40 | 23.0% | – | 1.9 | 2.4% | 66 |
| SONY Sony Group Corporation | USD 26.66 | 22.1% | – | – | – | 82 |
| EMBRAC-B.ST Embracer Group AB | SEK 95.20 | 18.7% | – | 1.0 | – | 56 |
| GOOG Alphabet Inc. (Class C) | USD 286.13 | 10.4% | 15.0 | 5.2 | 0.3% | 100 |
| Peer median | 15.0 | 1.5 | ||||
Dividends
Paid in the last 12 months: CAD 2.00 per share · yield 4.25% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 1.500 |
| 2025 | 2.000 |
| 2024 | 2.000 |
| 2023 | 2.000 |
| 2022 | 2.000 |
| 2021 | 2.000 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 14:12
| Revenue | CAD 22,712,000,000 |
|---|---|
| EBITDA | CAD 9,012,000,000 |
| EBIT | CAD 4,052,000,000 |
| Net income | CAD 937,000,000 |
| Free cash flow | CAD 3,409,000,000 |
| Capital expenditures | CAD 2,961,000,000 |
| Debt | CAD 46,638,000,000 |
| Cash | CAD 3,152,000,000 |
| Working capital | CAD -5,681,000,000 |
| Shares outstanding | 542,000,000 |
| Reported dividends per share | CAD 2.2380 |