Company Valuation: TELUS Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 40,538 37,288 34,500 29,242 28,057 18,385 - -
Change - -8.02% -7.47% -15.24% -4.05% -34.47% - -
Enterprise Value (EV) 1 60,781 61,473 61,114 58,149 53,246 47,387 46,205 45,854
Change - 1.14% -0.58% -4.85% -8.43% -11% -2.49% -0.76%
P/E 24.2x 22.7x 40.7x 29.1x 25.1x -13.8x 21.8x 18.2x
PBR 2.7x 2.26x 2.15x 1.86x 1.78x 1.53x 1.6x 1.65x
PEG - -3.49x -0.8x 1.9x 3.36x 0x -0x 0.9x
Capitalization / Revenue 2.35x 2.03x 1.72x 1.43x 1.37x 0.91x 0.91x 0.91x
EV / Revenue 3.52x 3.34x 3.04x 2.85x 2.6x 2.36x 2.29x 2.26x
EV / EBITDA 10x 9.25x 8.55x 7.93x 7.24x 6.63x 6.36x 6.27x
EV / EBIT 19.8x 20.8x 25.9x 20.7x 22.5x 33x 16.9x 16x
EV / FCF 78.2x 48.3x 34.7x 26.3x 23.2x 25.6x 22.1x 20.2x
FCF Yield 1.28% 2.07% 2.88% 3.8% 4.32% 3.91% 4.52% 4.96%
Dividend per Share 2 1.271 1.356 1.454 1.557 1.653 1.239 0.7512 0.7517
Rate of return 4.27% 5.19% 6.17% 7.99% 9.14% 10.4% 6.29% 6.29%
EPS 2 1.23 1.15 0.58 0.67 0.72 -0.8648 0.5489 0.6554
Distribution rate 103% 118% 251% 232% 230% -143% 137% 115%
Net sales 1 17,258 18,412 20,116 20,386 20,506 20,104 20,208 20,292
EBITDA 1 6,069 6,643 7,149 7,333 7,354 7,151 7,265 7,308
EBIT 1 3,074 2,954 2,362 2,804 2,363 1,436 2,739 2,873
Net income 1 1,655 1,615 841 993 777 -1,406 959.9 1,095
Net Debt 1 20,243 24,185 26,614 28,907 25,189 29,002 27,820 27,469
Reference price 2 29.79 26.13 23.58 19.49 18.09 11.95 11.95 11.95
Nbr of stocks (in thousands) 1,360,785 1,427,000 1,463,117 1,500,346 1,550,956 1,589,000 - -
Announcement Date 2/10/22 A 2/9/23 A 2/9/24 A 2/13/25 A 2/12/26 A - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.08x1.31x4.14x7.01% 223B
10.16x2.47x6.52x6.14% 191B
12.71x2.09x5.41x4.27% 144B
13.45x1.84x8.04x3.12% 88.46B
11.81x0.9x3.36x6.54% 80.48B
11.7x1.79x4.53x2.8% 65.5B
14.8x2.64x8.24x5.16% 56.88B
23.03x5.24x19.11x4.74% 54.63B
14.93x2.76x6.17x4.35% 51.66B
Average 13.74x 2.34x 7.28x 4.9% 106.16B
Weighted average by Cap. 12.58x 2.09x 6.34x 5.35%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation TELUS Corporation