TELUS CORP. (Toronto symbols T $42 and T.A $40; Conservative Growth Portfolio, Utilities sector; Shares outstanding: 321.4 million; Market cap: $13.2 billion; SI Rating: Above average) provides telephone service in Alberta, British Columbia and parts of Quebec. It also operates a nationwide wireless network. The wireless division now supplies close to half of Telus’s revenue.
Ottawa now aims to increase competition in the wireless industry. In its current auction of wireless
frequencies (called ‘spectrum’ in the industry), the federal government has set aside 40% for new companies.
In the past, Telus preferred to focus on long-term wireless users, which cut the need for promotions such as free phones. However, the threat of competition from new wireless entrants prompted the company to launch Koodo Mobile, a new wireless service aimed at younger customers.
Koodo plans exclude activation and cancellation fees, so they are less profitable than long-term contracts. But Koodo should help Telus expand its market share. Telus also hopes that Koodo’s customers will eventually upgrade to its more profitable regular wireless plans.
Telus now trades at 11.7 times its likely 2008 earnings of $3.58 a share (11.2 times for the non-voting ‘A’ shares). That’s cheap in light of its long-term growth potential. The $1.80 dividend yields 4.3% (4.5% for the ‘A’ shares).
Telus is a buy. The higher-yielding ‘A’ shares are the better choice.
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