Verdict
Undervalued
What is Rogers Communications Inc. (RCI-B.TO) worth?
Currently $46.36 — 16% discount to Dolphy’s fair value · ● live
Steady operator
medium confidence in the point estimate
● live · as of 2026-07-22 22:51 · Market cap $25.4B
As of 2026-07-22, Rogers Communications Inc. (RCI-B.TO) looks undervalued. Dolphy estimates a fair value of $55.00 versus a current price of $46.36 — a 16% discount to fair value.
Executive summary
Rogers Communications trades at ~C$47, ~9.5x forward earnings and ~7.4x normalised EV/EBITDA — cheap on cash generation but appropriately discounted for the heaviest balance sheet among Canadian telecoms following the 2023 Shaw acquisition. Stripping the ~C$5.0B non-cash MLSE revaluation gain that inflated Q3-2025/2025 results, the underlying business generates ~C$10.3B adjusted EBITDA and ~C$2.4B levered FCF. We anchor fair value at ~C$55, a modest premium to the current price, implying the stock is slightly undervalued. The gap between the pure-comps value (~C$45) and the cash-flow-based DCF (C$60-75) captures the debate: bulls see a deleveraging, FCF-compounding wireless leader with under-appreciated sports/media assets; bears see a levered telecom in a price war. We lean modestly constructive.
How we value it
EV/EBITDA comps + levered FCF DCF, cross-checked against sports-asset optionality
Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.
Investment thesis
About 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 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.
Frequently asked questions
Is RCI-B.TO a buy?
As of 2026-07-22, Rogers Communications Inc. (RCI-B.TO) looks undervalued. Dolphy estimates a fair value of $55.00 versus a current price of $46.36 — a 16% discount to fair value.
What is RCI-B.TO's fair value?
Dolphy's estimated fair value for Rogers Communications Inc. (RCI-B.TO) is $55.00, versus a current market price of $46.36.
Is RCI-B.TO overvalued or undervalued?
Rogers Communications Inc. (RCI-B.TO) currently looks undervalued — trading at a 16% discount to Dolphy's estimated fair value of $55.00.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.