After Freedom Mobile Acquisition, Quebecor’s Best Growth Opportunities Come From Outside Quebec

Telecom dominates Quebecor’s business, making up more than 85% of revenue and nearly all of its 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.