TELUS Corporation

TU · Communication Services · Telecom Services · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

8.18B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

10.00B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

6.05B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

8.08B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

12.91B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.63×

the ratio the screener ranks by

Margin of Safety

-59.8%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 8.18B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)27.17B USD
−②Net Debt Today21.18B USD
+③Growth Value2.20B USD
=Value8.18B USD

EPV of the Operations (NOPAT over WACC)

27.17B USD

Net debt today

-21.18B USD

Growth Value

+2.20B USD

Value

8.18B USD

①EPV (Earnings Power Value)

27.17B USD

②Net Debt Today

21.18B USD

③Growth Value

2.20B USD

Market value

Market Cap12.91B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-57.8%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 10.00B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE7.40B USD
+②Equity at Year 15, Today2.60B USD
=Value10.00B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

7.40B USD

②Equity at Year 15, Today

2.60B USD

Market value

Market Cap12.91B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-29.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 6.05B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF12.36B USD
+②Invested Capital at Year 15, Today14.87B USD
−③Net Debt Today21.18B USD
=Value6.05B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment rising to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

12.36B USD

②Invested Capital at Year 15, Today

14.87B USD

③Net Debt Today

21.18B USD

Market value

Market Cap12.91B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-113.3%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 5.33%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.73×Market Risk Premium 6.00%= 8.90%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 310.65M USDPretax Income 878.59M USD= 35.36%

The tax the interest saves.

Interest Expense =EBIT 1.99B USD−Pretax Income 878.59M USD= 1.11B USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 1.11B USDTotal Debt 22.16B USD×(1 − Tax Rate for WACC 35.36%)= 3.25%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 22.16B USDMarket Cap + Total Debt 12.91B USD + 22.16B USD= 63.18%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 36.82%×Cost of Equity 8.90%+Debt Weight 63.18%×Cost of Debt 3.25%= 5.33%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 40.02B USD − Total Liabilities 30.10B USD = Book Value Today 9.93B USD

Total Debt 22.16B USD − Cash and Short-Term Investments 977.12M USD = Net Debt Today 21.18B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 17.3%at most 5%does not pass1,575,000,000 / 1,467,785,977
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets6.9%at least -10.0%passes(3.56B USD − 813.54M USD) ÷ 40.02B USD
Price to bookMarket Cap ÷ Book Value Today1.30×at most 3×passes12.91B USD ÷ 9.93B USD
Operating marginOperating Income ÷ Revenue13.3%above 10.0%passes1.98B USD ÷ 14.87B USD
Revenue growthRevenue ÷ Revenue a Year Before − 15.9%above 10.0%does not pass14.87B USD / 14.05B USD
Net cash(Cash − Total Debt) ÷ Market Cap-171.6%above -30%does not pass(0 USD − 22.16B USD) ÷ 12.91B USD
Operating efficiencyOperating Income ÷ Gross Profit21.4%above 25.0%does not pass1.98B USD ÷ 9.24B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

8.20 USD

Enterprise value

44.00B USD

the provider's own figure

EV / EBITDA

8.86×

Price / book

1.36×

the provider's book

Price / earnings

—

Return on equity

-6.4%

the provider's figure, not this page's

Profit margin

-4.5%

Revenue growth

-2.2%

Analyst target, mean

10.34 USD

Analysts

3

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

13.51B15.14B14.05B14.87B

Gross profit

8.26B9.43B8.72B9.24B

Operating income

2.10B1.71B1.79B1.98B

EBITDA

operating income before depreciation and amortisation

4.91B4.88B4.66B4.96B

Pretax income

1.72B823.98M856.62M878.59M

Net income

1.19B636.33M692.69M813.54M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

1.02B606.78M733.72M879.17M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

39.94B42.47B40.48B43.57B

Total liabilities

26.89B29.38B28.76B31.46B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

12.24B12.19B10.90B11.53B

Total debt

18.57B20.77B20.77B22.99B

Cash and equivalents

————

Net PP&E

fixed assets after depreciation

12.62B13.05B12.06B12.76B

Working capital

current assets less current liabilities

-1.62B-2.39B-2.24B-962.65M
Cash flow (USD)2022202320242025

Operating cash flow

3.55B3.40B3.38B3.56B

Capital expenditure

paid out, so below zero

-2.69B-2.43B-2.36B-1.84B

Depreciation and amortisation

2.55B3.08B2.76B2.95B

Free cash flow

operating cash flow plus capital expenditure

859.77M974.55M1.02B1.72B