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TELUS, $25.59, is a buy. The company (Toronto symbol T; Shares outstanding: 1.3 billion; Market cap: $34.4 billion; TSINetwork Rating: Above Average; Dividend yield: 4.9%; www.telus.com) has now sold 51.3 million new common shares at $25.35 a share for a total of $1.3 billion. If underwriters exercise their option to buy an additional 7.7 million shares, the gross proceeds will rise to $1.5 billion. All together, those 59.0 million extra shares would increase the total outstanding by roughly 5%. In 2021, Telus plans to spend $500 million to $750 million of the proceeds on new projects. That’s on top of its previously announced capital spending target of $2.75 billion. For 2022, it will spend the remaining $750 million to $1 billion. Note—that’s on top of its planned expenditures of $2.75 billion for that period. Capital spending will likely drop to $2.5 billion in 2023. These new investments will help Telus compete with rivals Bell Mobility and Rogers. Those telecom giants are also aggressively building out their…