02:44 PM EDT, 04/09/2024 (MT Newswires) -- National Bank previewed Rogers Communications' Q1 results.

Analyst Adam Shine forecast service revenue of $4350 million, total revenue of $4897 million (CE $4944 million), Adj. EBITDA $2200 million (CE $2289 million) and Adj. EPS of $1.00 (CE $1.05). Media losses are elevated due to higher Blue Jays salaries, Shine adds.

Since acquiring Shaw early last year, Rogers has reduced headcount and is working to extract scale-related savings from suppliers (including content providers), as it pursues at least $1 billion in synergies. Up to $1 billion in non-core assets are to be sold in 2024 (redundant real estate and most data centres, not yet in NBF forecast), Shine notes.

Maintain Outperform, target lowered to $76, from $78.

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