Telus Is in a Good Spot With Wireless and Fixed-Line Offerings

We think Telus’ wireline unit is its best business and the one most likely to drive future returns. The firm has replaced most of its legacy copper network with fiber, significantly upgrading the quality. We think this strategy has set Telus up for a prolonged period of success. Telus has already taken significant market share from Shaw, its primary competitor in the western Canadian geographies where it competes. In addition to further success we expect in adding subscribers because of the better capability the fiber network offers, we believe the fiber network gives Telus more pricing power and is more efficient, leading to reduced costs.