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 21,515 - -
Change - -8.02% -7.47% -15.24% -4.05% -23.32% - -
Enterprise Value (EV) 1 60,781 61,473 61,114 58,149 53,246 50,230 49,063 48,628
Change - 1.14% -0.58% -4.85% -8.43% -5.66% -2.32% -0.89%
P/E 24.2x 22.7x 40.7x 29.1x 25.1x -15.1x 25.1x 20.3x
PBR 2.7x 2.26x 2.15x 1.86x 1.78x 1.74x 1.82x 1.87x
PEG - -3.49x -0.8x 1.9x 3.36x 0x -0x 0.8x
Capitalization / Revenue 2.35x 2.03x 1.72x 1.43x 1.37x 1.07x 1.06x 1.04x
EV / Revenue 3.52x 3.34x 3.04x 2.85x 2.6x 2.49x 2.42x 2.36x
EV / EBITDA 10x 9.25x 8.55x 7.93x 7.24x 7.01x 6.74x 6.55x
EV / EBIT 19.8x 20.8x 25.9x 20.7x 22.5x 19x 17.4x 16.2x
EV / FCF 78.2x 48.3x 34.7x 26.3x 23.2x 27.6x 23.6x 18.5x
FCF Yield 1.28% 2.07% 2.88% 3.8% 4.32% 3.63% 4.23% 5.41%
Dividend per Share 2 1.271 1.356 1.454 1.557 1.653 1.301 0.875 0.9383
Rate of return 4.27% 5.19% 6.17% 7.99% 9.14% 9.61% 6.46% 6.93%
EPS 2 1.23 1.15 0.58 0.67 0.72 -0.8939 0.5386 0.6681
Distribution rate 103% 118% 251% 232% 230% -146% 162% 140%
Net sales 1 17,258 18,412 20,116 20,386 20,506 20,134 20,277 20,639
EBITDA 1 6,069 6,643 7,149 7,333 7,354 7,167 7,284 7,420
EBIT 1 3,074 2,954 2,362 2,804 2,363 2,650 2,815 3,002
Net income 1 1,655 1,615 841 993 777 -1,406 909.7 1,095
Net Debt 1 20,243 24,185 26,614 28,907 25,189 28,715 27,548 27,113
Reference price 2 29.79 26.13 23.58 19.49 18.09 13.54 13.54 13.54
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 2/9/23 2/9/24 2/13/25 2/12/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.3x1.32x4.18x6.99% 224B
10.88x2.57x6.79x5.71% 205B
13.71x2.2x5.66x4% 158B
13.31x1.82x7.83x3.18% 85.97B
12.8x0.92x3.46x6.05% 82B
11.86x1.81x4.56x2.76% 70.62B
15.7x2.74x8.57x4.94% 59.39B
24.27x5.46x19.93x4.43% 57.92B
15.76x2.78x6.22x4.4% 51B
Average 14.40x 2.40x 7.47x 4.72% 110.4B
Weighted average by Cap. 13.18x 2.17x 6.52x 5.14%

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