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Telus Corporation - Q2-2020 Earnings, Price Target Update

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TELUS Corp. (TSX:T)(NYSE:TU) is a Canadian national telecommunications company, with 2020 annual revenues forecast at $14.5B, assets of $40.3B and 15M subscriber connections as of Jun-30-2020 compared to 15.2M at Dec-31-2019. The subscriber base is comprised of 10.4M wireless subscribers, 2M high-speed Internet subscribers, 1.2M residential network access lines and 1.1M TELUS TV customers. TELUS provides a wide range of communications products and services grouped into wireless, wireline and healthcare IT. Wireless contributes 43% of revenues wireline 57%. Service revenues were 88% of revenues, equipment sales at 10%.

The wireless segment includes network revenues (mobile data and mobile voice) and equipment sales arising from mobile technologies. The wireline segment includes wireline data revenues (which include Internet protocol; television; hosting, managed information technology and cloud-based services; business process outsourcing; certain healthcare solutions; and home security), voice and other telecommunications services revenues (excluding wireless arising from mobile technologies), and equipment sales. Segmentation is based on similarities in technology (mobile versus fixed), the technical expertise required to deliver the services and products, customer characteristics, the distribution channels used and regulatory treatment.

Telus, now based in Vancouver, was originally based in Edmonton, before merging with BCTel in 1999. Telus's wireless division, Telus Mobility, offers mobile phone networks. Telus is the incumbent local exchange carrier in British Columbia and Alberta, and a major competitive local exchange carrier in Ontario and Quebec. Telus' primary competitors are Shaw Communications (SJR.A,B) in the Western provinces and Bell Canada(BCE) and Vidéotron General Partnership in Quebec. Manitoba Telecom (MBT) was purchased by BCE in Mar-2017; Telus acquired additional customer accounts as part of the transaction. Videotron is owned by Quebecor Ltd (QBR.A,B). Vidéotron General Partnership is a Canadian integrated telecommunications company active in cable television, interactive multimedia development, video on demand, cable telephony, wireless communication and Internet access services. They primarily operate in Quebec as well as the francophone communities of New Brunswick and some parts of Eastern Ontario. Saskatchewan Telecommunications Holding Corporation, a crown corporation operating a SaskTel, is a full service communications provider in Saskatchewan. The Manitoba Tel(MBT) purchase by BCE and Telus had been completed.

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