Telus Earnings: Performance and Financial Position Looking Good as 2024 Begins

Telus reported a very good fourth quarter, outperforming major rivals BCE and Rogers. Of the three, Telus had the best telecom revenue and EBITDA growth and added the most internet and wireless phone customers. With capital spending resetting at a lower level as the firm nears the end of its fiber network building, the firm is also in a good position to grow free cash flow and profits in a competitive industry from which we don't expect robust top-line growth. We're maintaining our CAD 33 fair value estimate and believe the shares are undervalued.