Telus Earnings: Good Performance Throughout the Business for the Industry’s Model of Consistency

As has been the case in recent quarters, Telus’ wireless net additions, which tend to dominate the headlines, didn’t keep pace with Rogers’. However, Telus posted industry-best growth in average revenue per wireless phone customer, or ARPU, while maintaining a steady pace, and the firm’s wireline business continues to impress with its consistent success in taking broadband share while continuing to add television subscribers. Overall, revenue growth was very good across business lines while margins held up pretty well. We’re raising our fair value estimate to CAD 33 from CAD 32 and believe Telus’ stock is the most attractive of the Big Three Canadian telecom companies.