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Telus Corporation - Q3-2020 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 15.7M subscriber connections as of Sept-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%.

Jan-11-2021 - TELUS International (Cda) Inc. a subsidiary of Telus Corp. has filed for an IPO in Canada and the US. The IPO consists of subordinate voting shares offered by TELUS International from treasury and a secondary offering of subordinate voting shares held by TELUS Corporation (TELUS) and Baring Private Equity Asia, the selling shareholders. The shares will be listed on the NYSE and TSX. Telus International revenue for 2019 were US$1B in 2019, US$834.6M in 2018 and US$573.2M in 2017. Telus Corp is expected to generate $300M (0.20 per share after tax) from the sale. The IPO follows the acquisition of Acquired Lionbridge, an artificial intelligence-enablement business that is complementary to their TELUS International business, for $1.2B in Jan-2021.

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