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TELUS Corp TU Stock Quote

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Telus Reports a Good Q3, but the Declining Focus on Telecom Unsettles Us

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

Telus continued its trend of good telecom results in the third quarter, with very strong wireless subscriber additions and growth in average revenue per wireless user (wireless ARPU) as well as continued gains with TV and internet customers as the firm nears completion of its fiber network overhaul. As the fiber building dwindles and the firm is on the cusp of significantly less capital need, it is choosing to expand its exposure to peripheral businesses rather than simply enjoy the spoils of what we think is best-in-class telecom positioning. The decision may prove to be very lucrative for shareholders, but it increases the risk and makes for a business that is much more opaque. We are maintaining our CAD 32 fair value estimate and prefer the stocks of competitors BCE and Rogers at current levels.

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Company Profile TU

Business Description

Telus is one of the Big Three wireless service providers in Canada, with its 9 million mobile phone subscribers nationwide constituting about 30% of the total market. It is the incumbent local exchange carrier in the western Canadian provinces of British Columbia and Alberta, where it provides internet, television, and landline phone services. It also has a small wireline presence in eastern Quebec. In recent years Telus has moved to bring fiber to the home over most of its wireline footprint as it upgrades its legacy copper network, leaving it able to compete on more equal footing with cable providers. Telus’ other businesses participate in the international business services, health, security, and agriculture industries.

510 West Georgia Street, 23rd Floor
Vancouver, BC, V6B 0M3, Canada
T +1 604 697-8044
Industry Telecom Services
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 90,800

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