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TU - Rogers Communications: Recovery May Be Slower
Telus Corporation
Investment Thesis
Rogers Communications (RCI) saw double-digit revenue and EBITDA decline in Q2 2020 primarily due to the impact of COVID-19. We see near-term weakness to continue in its wireless segment as social distancing due to the outbreak of COVID-19 will continue to result in lower roaming revenues. In addition, in this recessionary environment, people seek to find lower cost plans from its competitors. Fortunately, some part of the decline in its wireless segment may be offset by growth in its cable segment in the next few quarters. The company currently pays a