Financials TELUS Corporation

Equities

T

CA87971M1032

Integrated Telecommunications Services

Market Closed - Toronto S.E. 04:00:00 2024-04-26 pm EDT 5-day change 1st Jan Change
21.95 CAD -0.23% Intraday chart for TELUS Corporation +0.37% -6.91%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 30,399 32,540 40,538 37,288 34,500 32,407 - -
Enterprise Value (EV) 1 48,438 52,366 60,781 61,473 61,114 58,881 58,109 57,267
P/E ratio 17.3 x 26.8 x 24.2 x 22.7 x 40.7 x 24.8 x 19.3 x 17 x
Yield 4.48% 4.7% 4.27% 5.19% 6.17% 7.1% 7.59% 8.13%
Capitalization / Revenue 2.07 x 2.1 x 2.35 x 2.03 x 1.72 x 1.57 x 1.5 x 1.43 x
EV / Revenue 3.3 x 3.39 x 3.52 x 3.34 x 3.04 x 2.84 x 2.7 x 2.52 x
EV / EBITDA 8.51 x 9.19 x 10 x 9.25 x 8.55 x 7.75 x 7.28 x 6.85 x
EV / FCF 52 x 36.5 x 78.2 x 48.3 x 34.7 x 26.3 x 21.7 x 19.3 x
FCF Yield 1.92% 2.74% 1.28% 2.07% 2.88% 3.8% 4.62% 5.18%
Price to Book 2.88 x 2.7 x 2.7 x 2.26 x 2.15 x 2.1 x 2.25 x 2.39 x
Nbr of stocks (in thousands) 1,209,173 1,290,757 1,360,785 1,427,000 1,463,117 1,476,407 - -
Reference price 2 25.14 25.21 29.79 26.13 23.58 21.95 21.95 21.95
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 20,704 21,550 22,696
EBITDA 1 5,693 5,701 6,069 6,643 7,149 7,595 7,980 8,366
EBIT 1 2,977 2,482 3,074 2,954 2,362 3,127 3,697 4,013
Operating Margin 20.31% 16.05% 17.81% 16.04% 11.74% 15.1% 17.15% 17.68%
Earnings before Tax (EBT) 1 2,244 1,711 2,278 2,322 1,089 1,850 2,358 2,720
Net income 1 1,746 1,207 1,655 1,615 841 1,310 1,699 1,965
Net margin 11.91% 7.81% 9.59% 8.77% 4.18% 6.33% 7.88% 8.66%
EPS 2 1.450 0.9400 1.230 1.150 0.5800 0.8854 1.139 1.293
Free Cash Flow 1 932 1,435 777 1,274 1,759 2,239 2,683 2,964
FCF margin 6.36% 9.28% 4.5% 6.92% 8.74% 10.81% 12.45% 13.06%
FCF Conversion (EBITDA) 16.37% 25.17% 12.8% 19.18% 24.6% 29.48% 33.62% 35.43%
FCF Conversion (Net income) 53.38% 118.89% 46.95% 78.89% 209.16% 170.92% 157.91% 150.86%
Dividend per Share 2 1.126 1.185 1.271 1.356 1.454 1.559 1.667 1.784
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 Q3 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
Net sales 1 4,251 4,872 4,282 4,401 4,671 5,058 4,964 4,946 5,008 5,198 5,009 5,073 5,186 5,407 -
EBITDA 1 1,559 1,517 1,608 1,622 1,724 1,689 1,779 1,703 1,820 1,847 1,843 1,825 1,934 1,974 -
EBIT 1 692 1,052 727 762 796 669 599 582 517 664 680.2 732 861.9 853 -
Operating Margin 16.28% 21.59% 16.98% 17.31% 17.04% 13.23% 12.07% 11.77% 10.32% 12.77% 13.58% 14.43% 16.62% 15.78% -
Earnings before Tax (EBT) 1 498 860 548 665 762 347 - 259 - 386 323.5 408.5 538 528.5 -
Net income 1 345 644 385 468 514 248 217 200 136 288 257.5 291.8 387.9 400.6 -
Net margin 8.12% 13.22% 8.99% 10.63% 11% 4.9% 4.37% 4.04% 2.72% 5.54% 5.14% 5.75% 7.48% 7.41% -
EPS 2 0.2500 0.4700 0.2800 0.3400 0.3700 0.1700 0.1500 0.1400 0.0900 0.2000 0.1884 0.1843 0.2359 0.2697 -
Dividend per Share 2 0.3162 0.3274 0.3274 0.3386 0.3386 0.3511 0.3511 0.3636 0.3636 0.3761 0.3790 0.3899 0.3899 0.4007 0.4167
Announcement Date 11/5/21 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 - - - - -
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 26,473 25,702 24,860
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.169 x 3.478 x 3.335 x 3.641 x 3.723 x 3.486 x 3.221 x 2.972 x
Free Cash Flow 1 932 1,435 777 1,274 1,759 2,239 2,683 2,964
ROE (net income / shareholders' equity) 16.8% 12% 12.2% 10.2% 8.4% 9.15% 11.4% 14.2%
ROA (Net income/ Total Assets) 4.92% 3.35% 3.63% 3.17% 2.49% 2.6% 3.22% 3.83%
Assets 1 35,516 36,058 45,630 51,014 33,752 50,414 52,795 51,237
Book Value Per Share 2 8.720 9.350 11.00 11.60 11.00 10.40 9.740 9.200
Cash Flow per Share 2 3.260 3.580 3.250 3.430 3.090 3.470 3.740 -
Capex 1 2,952 2,775 3,097 3,647 3,182 2,657 2,674 2,725
Capex / Sales 20.14% 17.95% 17.95% 19.81% 15.82% 12.83% 12.41% 12%
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
17
Last Close Price
21.95 CAD
Average target price
25.98 CAD
Spread / Average Target
+18.36%
Consensus
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