“Bottom line, we believe the logical expectation should be that Quebecor will maintain its pricing methodology in the coming years,” Yaghi wrote. “Actually stepping back and accepting to be a 10-12 per cent market share player would be an admission that it will likely not be able to compete longer term.” That pricing methodology includes “maintaining a 10-30 per cent discount to incumbents on price, offering price-lock guarantees, and publicly calling out incumbent pricing to create friction in the market,” Yaghi notes. Scotia expects Telus to suffer the fewest losses to Quebecor’s ongoing campaign “due to its high customer bundling rate.” Quebecor’s market share gains in the third quarter of 2024 came mostly at the expense of BCE, Scotia believes. Story