Telus' Diversification, Execution Will Shape Investor Confidence — Market Talk

Canadian telecoms continue to show steady fundamentals in 4Q, says Vince Valentini of TD Cowen. The analyst expects gradual improvement in wireless average revenue per user and service‑revenue growth, alongside stronger free cash flow and continued debt reduction driven by non‑core asset sales. Rogers remains the most attractively valued once the Maple Leaf Sports and Entertainment assets are excluded, followed by Telus as current stock pressure appears excessive. Meanwhile, he views BCE as stable for income‑focused investors, though 2026 is unlikely to deliver meaningful organic revenue or Ebitda growth. Valentini thinks that 4Q results could act as positive catalysts for Rogers and Telus, while BCE could see an improvement in churn but softer wireline and media trends. (adriano.marchese@wsj.com)

Canada's mobile carriers may not be competing as hard on price this Boxing Day, says CIBC's Stephanie Price. She notes that telecoms have launched early Boxing Week promotions this week, with the incumbent discount brands dropping pricing to the C$40 level from C$45 last week, and slightly above the C$39 offers in the market this time last year and C$36 offers during Black Friday. She notes that the discount banner brands have eliminated their high-tier plans, reduced prices and increased data allotments, mirroring last year's promotions, but with more emphasis on data-allotment increases this year. "We continue to view the pricing environment as incrementally less competitive," she adds. (adriano.marchese@wsj.com)

Ratings actions from Baystreet: http://www.baystreet.ca

(16:55 GMT) TELUS Corp. Is Maintained at Buy by TD Securities

Ratings actions from Baystreet: http://www.baystreet.ca

OTTAWA (dpa-AFX) - TELUS Corp. (T.TO, TU), a Canadian telecommunications and technology company, on Monday said it has received approval from the Toronto Stock Exchange for a new normal course issuer bid to repurchase and cancel up to C$500 million of its shares.

The 2025 NCIB will allow the company to buy up to 28 million shares, representing about 1.81% of outstanding shares as of December 10, between December 17 and December 16, 2026.

The company may purchase a maximum of 1,130,071 shares per trading day, equal to 25% of the average daily trading volume for the six months ended November 30.

As of December 10, the company had about 1.55 billion shares outstanding, and all shares repurchased under the NCIB will be cancelled.

The board said the NCIB reflects confidence in its long-term prospects and is expected to enhance shareholder value.

On Friday, TELUS closed trading 0.17% higher at C$17.63 on the Toronto Stock Exchange.

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