Consistent Telus Keeps Rolling With Typically Good Results in Q1

Nothing in Telus’ first quarter was especially notable, as it has lulled us into expecting that it will consistently add mobile phone and fixed broadband customers at a steady clip while juicing revenue growth with its peripheral businesses. With no change to our long-term thesis—we expect the firm to continue mirroring its major competitors’ performances in wireless while taking wireline broadband share—we’re maintaining our CAD 32 fair value estimate.