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Shaw Communications Inc Shs -B- Non-Voting Stock Quote SJR

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Morningstar's Shaw Communications Inc Shs -B- Non-Voting Stock Analysis

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Shaw’s Fiscal Q3 Is Generally Consistent With Lackluster Recent Trends; Merger Resolution Awaits

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

A few bright spots emerged in Shaw’s fiscal third quarter, but generally the firm continues to see a contracting of its wireline business and underwhelming progress in taking wireless market share. The read-through from the results may be more consequential for Rogers and Quebecor, which are in line to take over Shaw’s wireline and wireless businesses, respectively, pending regulatory approval. Shaw’s press release shared more detail on the status of its merger with Rogers than it has in the past, but it mostly confirmed information that is widely known. The press release intimated that the final approval decision could drag into calendar 2023 if Rogers and Shaw can’t come to an agreement with the Competition Bureau and instead take their case before the Competition Tribunal.

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Business Description

Shaw Communications is a Canadian cable company that is one of the biggest providers of internet, television, and landline telephone services in British Columbia, Alberta, Saskatchewan, Manitoba, and northern Ontario. In fiscal 2021, more than 75% of Shaw's total revenue resulted from this wireline business. Shaw is also now a national wireless service provider after acquiring Wind Mobile in 2016. Shaw has upgraded its wireless network, undertaken an aggressive pricing strategy, and significantly enhanced its spectrum holdings. As a smaller carrier, Shaw has favored bidding status in spectrum auctions, giving it a further boost in enhancing its wireless network. At the 2019 auction, Shaw added significant amounts of 600 MHz spectrum to the 700 MHz spectrum it is currently deploying.

Contact
630 - 3rd Avenue S.W., Suite 900
Calgary, AB, T2P 4L4, Canada
T +1 403 750-4500
Industry Telecom Services
Most Recent Earnings May 31, 2022
Fiscal Year End Aug 31, 2022
Stock Type
Employees 9,400

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