Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Rogers Communications Inc. (RCI-B.TO)

Price updated 06 Nov 2026 14:48; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 14:12.

Starts from TTM through 30 Sep 2026 financials in CAD and a share price of CAD 47.11. Growth begins at 8.7% a year (the valuation's blended assumption) and fades to 2.9% by year 10. Margins held at EBITDA 39.7%, net 4.1%, free cash flow 15.0% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

Free cash flow is more than twice net income, which is often a one-off (working capital or timing). Lean on the net income line.
Margins drift toward their 5-year average over 5 years (free cash flow), because today's margin is far above the company's own average.
CAD 30.71Model fair value (Dividend discount model); range CAD 24.01 to CAD 42.28
-35%Fair value vs today's price
HighModel confidence
75%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF agrees; trailing-twelve-month data; profit and cash flow steady for 3 years.

6.2%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
CAD 39.78BRevenue in year 10 (base)
CAD 1.64BNet income in year 10 (base)
CAD 4.73BFree cash flow in year 10 (base)
CAD 3.03Dividend per share in year 10 (base)
CAD 60.96Implied share price in year 10 (base), today CAD 47.11
18.5%Year-10 free cash flow per share vs today's price

Dividend per share over time

CAD 0.00 CAD 1.04 CAD 2.09 CAD 3.13 CAD 4.18 FY2021 FY2023 FY2025 TTM through 30 Sep 2026 +1 +3 +5 +7 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Dividend per share in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear 2.7% CAD 2.17 -0.3%
Base 8.7% CAD 3.03 3.1%
Bull 14.7% CAD 4.18 6.4%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Sep 2026– CAD 22.71BCAD 9.01BCAD 937.00MCAD 3.41B 1.736.292.2430.5047.11
Year 18.7% CAD 24.68BCAD 9.79BCAD 1.02BCAD 3.55B 1.886.551.8830.5048.52
Year 28.0% CAD 26.66BCAD 10.58BCAD 1.10BCAD 3.67B 2.036.772.0330.5049.52
Year 37.4% CAD 28.63BCAD 11.36BCAD 1.18BCAD 3.76B 2.186.942.1830.5050.07
Year 46.7% CAD 30.55BCAD 12.12BCAD 1.26BCAD 3.82B 2.337.052.3330.5050.14
Year 56.1% CAD 32.42BCAD 12.86BCAD 1.34BCAD 3.85B 2.477.112.4730.5049.68
Year 65.5% CAD 34.19BCAD 13.57BCAD 1.41BCAD 4.06B 2.607.502.6030.5052.39
Year 74.8% CAD 35.84BCAD 14.22BCAD 1.48BCAD 4.26B 2.737.862.7330.5054.92
Year 84.2% CAD 37.33BCAD 14.81BCAD 1.54BCAD 4.44B 2.848.192.8430.5057.22
Year 93.5% CAD 38.66BCAD 15.34BCAD 1.59BCAD 4.59B 2.948.482.9430.5059.24
Year 102.9% CAD 39.78BCAD 15.78BCAD 1.64BCAD 4.73B 3.038.723.0330.5060.96

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.