12:33 PM EDT, 04/04/2024 (MT Newswires) -- UBS expects its top pick Rogers to report strong results in wireless with higher net adds, ARPU growth (vs. declines at peers) and HSD revenue/EBITDA growth while cable results will be mixed with strong broadband adds but lower EBITDA.

In wireless, UBS is looking for 90K postpaid adds (prior UBSe 75K), driven by 30%+ yoy growth in loadings partly offset by +25 bps yoy higher churn. Along with ~0.5% ARPU growth and lower upgrade rates, UBS expects the telco to post ~9%yoy wireless revenue/EBITDA growth, reflecting 64% service margins, in line with trend.

In cable, Rogers is expected started to gain traction with broadband adds (+24K vs. prior 17K) while promotional pricing and limited price ups maintain cable service revenue declines at ~3%. UBS expects this to be the trough with improvement through the year, reaching growth in Q4.

Media revenues are expected to fall ~6% yoy (+2% ex-one timer) and EBITDA losses to widen to $82 million vs. $38 million.

UBS has largely maintained its 2024 estimates for 8%yoy revenue, 14% EBITDA growth and $3 billion in FCF.

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