Telus' Cash Flow From Digital Business Isn't Seen as Impairment -- Market Talk

Dow Jones

03-25

1445 ET - TD Cowen says it finds no credibility in analysis that suggests Telus International's free-cash-flow could impair the balance sheet and FCF outlook for parent company Telus. Analyst Vince Valentini says that Telus doesn't technically own 100% of the FCF from Telus International that gets fully consolidated, "but if one were to adjust then the impact on FCF yield and dividend payout ratios is minimal," he says. He figures it equates to about C$0.05 in FCF-a-share in both 2025 and 2026 estimates, which is less than 3% of TD Cowen's FCF/share estimate of C$1.80 in 2026. Telus fell nearly 5% Friday after BofA Securities downgrades shares to neutral from buy citing "unsustainable leverage" and a dividend yield greater than free-cash-flow, among other problems.(adriano.marchese@wsj.com)

(END) Dow Jones Newswires

March 24, 2025 14:46 ET (18:46 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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Analyst Vince Valentini says that Telus doesn't technically own 100% of the FCF from Telus International that gets fully consolidated, \"but if one were to adjust then the impact on FCF yield and dividend payout ratios is minimal,\" he says. He figures it equates to about C$0.05 in FCF-a-share in both 2025 and 2026 estimates, which is less than 3% of TD Cowen's FCF/share estimate of C$1.80 in 2026. Telus fell nearly 5% Friday after BofA Securities downgrades shares to neutral from buy citing \"unsustainable leverage\" and a dividend yield greater than free-cash-flow, among other problems.(adriano.marchese@wsj.com) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 24, 2025 14:46 ET (18:46 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Telus' Cash Flow From Digital Business Isn't Seen as Impairment -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTelus' Cash Flow From Digital Business Isn't Seen as Impairment -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-03-25 02:46</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     1445 ET - TD Cowen says it finds no credibility in analysis that suggests Telus International's free-cash-flow could impair the balance sheet and FCF outlook for parent company Telus. Analyst Vince Valentini says that Telus doesn't technically own 100% of the FCF from Telus International that gets fully consolidated, \"but if one were to adjust then the impact on FCF yield and dividend payout ratios is minimal,\" he says. He figures it equates to about C$0.05 in FCF-a-share in both 2025 and 2026 estimates, which is less than 3% of TD Cowen's FCF/share estimate of C$1.80 in 2026. Telus fell nearly 5% Friday after BofA Securities downgrades shares to neutral from buy citing \"unsustainable leverage\" and a dividend yield greater than free-cash-flow, among other problems.(adriano.marchese@wsj.com) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 24, 2025 14:46 ET (18:46 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2522709652","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2522709652","pubTimestamp":1742841960,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"1445 ET - TD Cowen says it finds no credibility in analysis that suggests Telus International's free-cash-flow could impair the balance sheet and FCF outlook for parent company Telus. Analyst Vince Valentini says that Telus doesn't technically own 100% of the FCF from Telus International that gets fully consolidated, \"but if one were to adjust then the impact on FCF yield and dividend payout ratios is minimal,\" he says. He figures it equates to about C$0.05 in FCF-a-share in both 2025 and 2026 estimates, which is less than 3% of TD Cowen's FCF/share estimate of C$1.80 in 2026. Telus fell nearly 5% Friday after BofA Securities downgrades shares to neutral from buy citing \"unsustainable leverage\" and a dividend yield greater than free-cash-flow, among other problems.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","BK4566":"资本集团","BK4115":"综合电信业务","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","BK4585":"ETF&股票定投概念","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","TU":"泰勒斯","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H"},"translate_title":"Telus来自数字业务的现金流不被视为减值——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TU":0.9},"content_text":"1445 ET - TD Cowen says it finds no credibility in analysis that suggests Telus International's free-cash-flow could impair the balance sheet and FCF outlook for parent company Telus. Analyst Vince Valentini says that Telus doesn't technically own 100% of the FCF from Telus International that gets fully consolidated, \"but if one were to adjust then the impact on FCF yield and dividend payout ratios is minimal,\" he says. He figures it equates to about C$0.05 in FCF-a-share in both 2025 and 2026 estimates, which is less than 3% of TD Cowen's FCF/share estimate of C$1.80 in 2026. Telus fell nearly 5% Friday after BofA Securities downgrades shares to neutral from buy citing \"unsustainable leverage\" and a dividend yield greater than free-cash-flow, among other problems.(adriano.marchese@wsj.com) \n\n\n  (END) Dow Jones Newswires\n\n\n  March 24, 2025 14:46 ET (18:46 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}