Telus Posts Another Strong Quarter on Wireless Strength; Shares Modestly Overvalued
Telus posted third-quarter results that were in line with our expectations for top-line growth and margin. Total revenue grew 4% year over year with solid growth in the wireless and wireline segments. The total adjusted EBITDA margin was 36.6% this quarter versus 36.2% a year ago, which tracked closely with our forecast. We are maintaining our narrow moat rating and reiterating our fair value estimates at CAD 42 for the Canadian shares and $33 for the U.S.-listed shares. We consider the shares s...TELUS is a telecommunications company providing a range of communications products and services, including wireless and wireline voice and data. Data services include: internet protocol; television; hosting, managed information technology, security and cloud-based services; healthcare solutions; and business process outsourcing. As of Dec 31 2017, Co. had approximately 13.1 million subscriber connections, including 8.9 million wireless subscribers, 1.7 million high-speed Internet subscribers, 1.3 million residential network access lines, and 1.1 million TELUS TV® customers.
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