Quebecor

From a valuation standpoint one could argue it is the most attractive telecom in the country. It is certainly trading at large discounts to major industry peers like Telus, BCE, Rogers etc. However, this is likely due to its smaller reach and concentration in Quebec.

Quebecor was a former Bull List stock that we ended up removing in the higher rate environment. I do believe it is a value play at this point in time but I do also think that TELUS has a larger chance of rebounding. Quebecor's smaller reach with the added regulatory uncertainty in the Canadian telecom space would make me opt for a larger player, and it doesn't move the needle too much for me overall.