Financials TELUS Corporation

Equities

T

CA87971M1032

Integrated Telecommunications Services

Market Closed - Toronto S.E. 04:16:18 2024-05-31 pm EDT 5-day change 1st Jan Change
22.41 CAD +1.54% Intraday chart for TELUS Corporation +0.86% -4.96%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 30,399 32,540 40,538 37,288 34,500 33,216 - -
Enterprise Value (EV) 1 48,438 52,366 60,781 61,473 61,114 60,080 59,096 58,351
P/E ratio 17.3 x 26.8 x 24.2 x 22.7 x 40.7 x 29.1 x 21.5 x 18.1 x
Yield 4.48% 4.7% 4.27% 5.19% 6.17% 6.94% 7.42% 7.93%
Capitalization / Revenue 2.07 x 2.1 x 2.35 x 2.03 x 1.72 x 1.62 x 1.56 x 1.48 x
EV / Revenue 3.3 x 3.39 x 3.52 x 3.34 x 3.04 x 2.93 x 2.77 x 2.61 x
EV / EBITDA 8.51 x 9.19 x 10 x 9.25 x 8.55 x 7.92 x 7.42 x 6.96 x
EV / FCF 52 x 36.5 x 78.2 x 48.3 x 34.7 x 26.6 x 22.5 x 18.8 x
FCF Yield 1.92% 2.74% 1.28% 2.07% 2.88% 3.76% 4.45% 5.31%
Price to Book 2.88 x 2.7 x 2.7 x 2.26 x 2.15 x 2.11 x 2.27 x 2.4 x
Nbr of stocks (in thousands) 1,209,173 1,290,757 1,360,785 1,427,000 1,463,117 1,482,207 - -
Reference price 2 25.14 25.21 29.79 26.13 23.58 22.41 22.41 22.41
Announcement Date 2/13/20 2/11/21 2/10/22 2/9/23 2/9/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,658 15,463 17,258 18,412 20,116 20,530 21,302 22,387
EBITDA 1 5,693 5,701 6,069 6,643 7,149 7,588 7,960 8,380
EBIT 1 2,977 2,482 3,074 2,954 2,362 3,011 3,612 3,971
Operating Margin 20.31% 16.05% 17.81% 16.04% 11.74% 14.67% 16.95% 17.74%
Earnings before Tax (EBT) 1 2,244 1,711 2,278 2,322 1,089 1,646 2,257 2,721
Net income 1 1,746 1,207 1,655 1,615 841 1,175 1,631 1,931
Net margin 11.91% 7.81% 9.59% 8.77% 4.18% 5.72% 7.66% 8.62%
EPS 2 1.450 0.9400 1.230 1.150 0.5800 0.7698 1.044 1.239
Free Cash Flow 1 932 1,435 777 1,274 1,759 2,261 2,631 3,098
FCF margin 6.36% 9.28% 4.5% 6.92% 8.74% 11.01% 12.35% 13.84%
FCF Conversion (EBITDA) 16.37% 25.17% 12.8% 19.18% 24.6% 29.8% 33.06% 36.97%
FCF Conversion (Net income) 53.38% 118.89% 46.95% 78.89% 209.16% 192.48% 161.34% 160.45%
Dividend per Share 2 1.126 1.185 1.271 1.356 1.454 1.555 1.663 1.778
Announcement Date 2/13/20 2/11/21 2/10/22 2/9/23 2/9/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 4,872 4,282 4,401 4,671 5,058 4,964 4,946 5,008 5,198 4,932 5,054 5,189 5,408 5,097 -
EBITDA 1 1,517 1,608 1,622 1,724 1,689 1,779 1,703 1,820 1,847 1,856 1,817 1,941 1,978 1,960 -
EBIT 1 1,052 727 762 796 669 599 582 517 664 575 731.4 857.4 845.6 848 -
Operating Margin 21.59% 16.98% 17.31% 17.04% 13.23% 12.07% 11.77% 10.32% 12.77% 11.66% 14.47% 16.52% 15.64% 16.64% -
Earnings before Tax (EBT) 1 860 548 665 762 347 - 259 - 386 181 390 541 531.5 - -
Net income 1 644 385 468 514 248 217 200 136 288 127 298.3 385.1 405.1 301.8 -
Net margin 13.22% 8.99% 10.63% 11% 4.9% 4.37% 4.04% 2.72% 5.54% 2.58% 5.9% 7.42% 7.49% 5.92% -
EPS 2 0.4700 0.2800 0.3400 0.3700 0.1700 0.1500 0.1400 0.0900 0.2000 0.0900 0.1728 0.2346 0.2504 0.2165 -
Dividend per Share 2 0.3274 0.3274 0.3386 0.3386 0.3511 0.3511 0.3636 0.3636 0.3761 0.3891 0.3898 0.3898 0.4006 0.4164 0.4164
Announcement Date 2/10/22 5/6/22 8/5/22 11/4/22 2/9/23 5/4/23 8/4/23 11/3/23 2/9/24 5/9/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 18,039 19,826 20,243 24,185 26,614 26,864 25,880 25,135
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.169 x 3.478 x 3.335 x 3.641 x 3.723 x 3.54 x 3.251 x 2.999 x
Free Cash Flow 1 932 1,435 777 1,274 1,759 2,261 2,631 3,098
ROE (net income / shareholders' equity) 16.8% 12% 12.2% 10.2% 8.4% 9.11% 11.4% 14.1%
ROA (Net income/ Total Assets) 4.92% 3.35% 3.63% 3.17% 2.49% 2.62% 3.24% 3.77%
Assets 1 35,516 36,058 45,630 51,014 33,752 44,829 50,338 51,192
Book Value Per Share 2 8.720 9.350 11.00 11.60 11.00 10.60 9.880 9.350
Cash Flow per Share 2 3.260 3.580 3.250 3.430 3.090 3.240 3.600 -
Capex 1 2,952 2,775 3,097 3,647 3,182 2,677 2,614 2,694
Capex / Sales 20.14% 17.95% 17.95% 19.81% 15.82% 13.04% 12.27% 12.04%
Announcement Date 2/13/20 2/11/21 2/10/22 2/9/23 2/9/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
22.41 CAD
Average target price
25.63 CAD
Spread / Average Target
+14.38%
Consensus
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