TELUS (TU) achieved strong growth and capital returns in Q3 despite a challenging environment, RBC said in a note on Sunday.
The brokerage firm noted challenges like stricter immigration policies affecting market expansion, Canada's telecom industry entering a period of slower revenue growth due to increased competition, market maturity, regulatory pressures, and lower wireless prices.
It added that while no operator is immune to operating challenges or is flawless in execution, the "TELUS playbook clearly came out on top in Q3."
While TELUS slightly lowered its 2024 revenue growth guidance for Teletech, RBC sees the company's growth outlook favorably. It expects an 8.2% NAV compound annual growth rate from 2024-2027, driven by mid-single-digit EBITDA growth, lower capex, and double-digit free cash flow growth, "almost irrespective" of most industry growth, competition and regulatory outcomes.
RBC reiterated its outperform rating and increased price target to 26 Canadian dollars from CAD$25.
Price: 15.79, Change: +0.62, Percent Change: +4.09
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