Intrinsic value of TELUS Corporation - T

Previous Close

$46.51

  Intrinsic Value

$22.78

stock screener

  Rating & Target

str. sell

-51%

Previous close

$46.51

 
Intrinsic value

$22.78

 
Up/down potential

-51%

 
Rating

str. sell

We calculate the intrinsic value of T stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 27.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  13,234
  13,777
  14,354
  14,967
  15,617
  16,306
  17,034
  17,805
  18,618
  19,477
  20,383
  21,338
  22,345
  23,405
  24,522
  25,697
  26,935
  28,236
  29,606
  31,046
  32,561
  34,153
  35,827
  37,587
  39,436
  41,380
  43,422
  45,568
  47,822
  50,191
Variable operating expenses, $m
  10,718
  11,142
  11,592
  12,071
  12,579
  13,117
  13,687
  14,288
  14,924
  15,595
  15,924
  16,670
  17,457
  18,285
  19,157
  20,076
  21,042
  22,059
  23,129
  24,255
  25,438
  26,682
  27,990
  29,364
  30,809
  32,327
  33,923
  35,599
  37,361
  39,211
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  10,718
  11,142
  11,592
  12,071
  12,579
  13,117
  13,687
  14,288
  14,924
  15,595
  15,924
  16,670
  17,457
  18,285
  19,157
  20,076
  21,042
  22,059
  23,129
  24,255
  25,438
  26,682
  27,990
  29,364
  30,809
  32,327
  33,923
  35,599
  37,361
  39,211
Operating income, $m
  2,516
  2,635
  2,761
  2,895
  3,038
  3,188
  3,348
  3,516
  3,694
  3,882
  4,459
  4,668
  4,888
  5,120
  5,364
  5,622
  5,892
  6,177
  6,477
  6,792
  7,123
  7,471
  7,838
  8,223
  8,627
  9,052
  9,499
  9,968
  10,462
  10,980
EBITDA, $m
  4,697
  4,890
  5,094
  5,312
  5,543
  5,787
  6,046
  6,319
  6,608
  6,913
  7,234
  7,573
  7,930
  8,307
  8,703
  9,120
  9,559
  10,022
  10,508
  11,019
  11,556
  12,121
  12,716
  13,340
  13,996
  14,686
  15,411
  16,173
  16,973
  17,813
Interest expense (income), $m
  510
  517
  549
  583
  619
  657
  698
  741
  786
  834
  885
  939
  995
  1,055
  1,118
  1,184
  1,254
  1,327
  1,405
  1,486
  1,571
  1,661
  1,756
  1,855
  1,960
  2,070
  2,185
  2,307
  2,434
  2,568
  2,709
Earnings before tax, $m
  2,000
  2,086
  2,179
  2,277
  2,381
  2,491
  2,607
  2,730
  2,860
  2,997
  3,520
  3,673
  3,833
  4,002
  4,180
  4,368
  4,565
  4,772
  4,991
  5,220
  5,462
  5,715
  5,982
  6,262
  6,557
  6,867
  7,192
  7,534
  7,893
  8,270
Tax expense, $m
  540
  563
  588
  615
  643
  673
  704
  737
  772
  809
  950
  992
  1,035
  1,081
  1,129
  1,179
  1,233
  1,289
  1,348
  1,409
  1,475
  1,543
  1,615
  1,691
  1,770
  1,854
  1,942
  2,034
  2,131
  2,233
Net income, $m
  1,460
  1,523
  1,591
  1,662
  1,738
  1,818
  1,903
  1,993
  2,088
  2,188
  2,570
  2,681
  2,798
  2,922
  3,052
  3,188
  3,332
  3,484
  3,643
  3,811
  3,987
  4,172
  4,367
  4,572
  4,787
  5,013
  5,250
  5,500
  5,762
  6,037

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  28,399
  29,564
  30,802
  32,118
  33,513
  34,991
  36,554
  38,207
  39,953
  41,796
  43,740
  45,790
  47,950
  50,225
  52,622
  55,145
  57,800
  60,593
  63,532
  66,623
  69,873
  73,290
  76,882
  80,658
  84,627
  88,798
  93,180
  97,785
  102,623
  107,706
Adjusted assets (=assets-cash), $m
  28,399
  29,564
  30,802
  32,118
  33,513
  34,991
  36,554
  38,207
  39,953
  41,796
  43,740
  45,790
  47,950
  50,225
  52,622
  55,145
  57,800
  60,593
  63,532
  66,623
  69,873
  73,290
  76,882
  80,658
  84,627
  88,798
  93,180
  97,785
  102,623
  107,706
Revenue / Adjusted assets
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
Average production assets, $m
  21,082
  21,946
  22,866
  23,842
  24,878
  25,975
  27,136
  28,363
  29,659
  31,027
  32,470
  33,991
  35,595
  37,284
  39,063
  40,936
  42,907
  44,981
  47,162
  49,457
  51,869
  54,406
  57,073
  59,876
  62,822
  65,918
  69,171
  72,589
  76,181
  79,954
Working capital, $m
  -1,535
  -1,598
  -1,665
  -1,736
  -1,812
  -1,891
  -1,976
  -2,065
  -2,160
  -2,259
  -2,364
  -2,475
  -2,592
  -2,715
  -2,845
  -2,981
  -3,124
  -3,275
  -3,434
  -3,601
  -3,777
  -3,962
  -4,156
  -4,360
  -4,575
  -4,800
  -5,037
  -5,286
  -5,547
  -5,822
Total debt, $m
  13,382
  14,209
  15,089
  16,023
  17,013
  18,062
  19,173
  20,346
  21,586
  22,894
  24,274
  25,730
  27,263
  28,879
  30,581
  32,372
  34,257
  36,240
  38,327
  40,521
  42,829
  45,255
  47,805
  50,486
  53,304
  56,265
  59,377
  62,646
  66,081
  69,690
Total liabilities, $m
  20,163
  20,990
  21,870
  22,804
  23,794
  24,843
  25,954
  27,127
  28,367
  29,675
  31,055
  32,511
  34,044
  35,660
  37,362
  39,153
  41,038
  43,021
  45,108
  47,302
  49,610
  52,036
  54,586
  57,267
  60,085
  63,046
  66,158
  69,427
  72,862
  76,471
Total equity, $m
  8,236
  8,573
  8,933
  9,314
  9,719
  10,147
  10,601
  11,080
  11,586
  12,121
  12,685
  13,279
  13,905
  14,565
  15,260
  15,992
  16,762
  17,572
  18,424
  19,321
  20,263
  21,254
  22,296
  23,391
  24,542
  25,751
  27,022
  28,358
  29,761
  31,235
Total liabilities and equity, $m
  28,399
  29,563
  30,803
  32,118
  33,513
  34,990
  36,555
  38,207
  39,953
  41,796
  43,740
  45,790
  47,949
  50,225
  52,622
  55,145
  57,800
  60,593
  63,532
  66,623
  69,873
  73,290
  76,882
  80,658
  84,627
  88,797
  93,180
  97,785
  102,623
  107,706
Debt-to-equity ratio
  1.620
  1.660
  1.690
  1.720
  1.750
  1.780
  1.810
  1.840
  1.860
  1.890
  1.910
  1.940
  1.960
  1.980
  2.000
  2.020
  2.040
  2.060
  2.080
  2.100
  2.110
  2.130
  2.140
  2.160
  2.170
  2.180
  2.200
  2.210
  2.220
  2.230
Adjusted equity ratio
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,460
  1,523
  1,591
  1,662
  1,738
  1,818
  1,903
  1,993
  2,088
  2,188
  2,570
  2,681
  2,798
  2,922
  3,052
  3,188
  3,332
  3,484
  3,643
  3,811
  3,987
  4,172
  4,367
  4,572
  4,787
  5,013
  5,250
  5,500
  5,762
  6,037
Depreciation, amort., depletion, $m
  2,181
  2,254
  2,333
  2,416
  2,505
  2,599
  2,698
  2,803
  2,914
  3,031
  2,775
  2,905
  3,042
  3,187
  3,339
  3,499
  3,667
  3,845
  4,031
  4,227
  4,433
  4,650
  4,878
  5,118
  5,369
  5,634
  5,912
  6,204
  6,511
  6,834
Funds from operations, $m
  3,640
  3,778
  3,924
  4,079
  4,243
  4,417
  4,601
  4,796
  5,001
  5,218
  5,345
  5,586
  5,841
  6,108
  6,390
  6,687
  7,000
  7,328
  7,674
  8,038
  8,420
  8,822
  9,245
  9,689
  10,156
  10,647
  11,162
  11,704
  12,273
  12,871
Change in working capital, $m
  -59
  -63
  -67
  -71
  -75
  -80
  -85
  -89
  -94
  -100
  -105
  -111
  -117
  -123
  -130
  -136
  -144
  -151
  -159
  -167
  -176
  -185
  -194
  -204
  -215
  -225
  -237
  -249
  -262
  -275
Cash from operations, $m
  3,699
  3,840
  3,990
  4,150
  4,318
  4,497
  4,686
  4,885
  5,096
  5,318
  5,450
  5,697
  5,957
  6,231
  6,520
  6,824
  7,143
  7,479
  7,833
  8,205
  8,596
  9,007
  9,439
  9,893
  10,371
  10,872
  11,399
  11,953
  12,535
  13,146
Maintenance CAPEX, $m
  -1,733
  -1,802
  -1,876
  -1,954
  -2,038
  -2,126
  -2,220
  -2,319
  -2,424
  -2,535
  -2,652
  -2,775
  -2,905
  -3,042
  -3,187
  -3,339
  -3,499
  -3,667
  -3,845
  -4,031
  -4,227
  -4,433
  -4,650
  -4,878
  -5,118
  -5,369
  -5,634
  -5,912
  -6,204
  -6,511
New CAPEX, $m
  -807
  -864
  -920
  -977
  -1,036
  -1,097
  -1,161
  -1,227
  -1,296
  -1,368
  -1,443
  -1,522
  -1,604
  -1,689
  -1,779
  -1,873
  -1,971
  -2,074
  -2,182
  -2,294
  -2,413
  -2,537
  -2,667
  -2,803
  -2,946
  -3,096
  -3,253
  -3,418
  -3,591
  -3,773
Cash from investing activities, $m
  -2,540
  -2,666
  -2,796
  -2,931
  -3,074
  -3,223
  -3,381
  -3,546
  -3,720
  -3,903
  -4,095
  -4,297
  -4,509
  -4,731
  -4,966
  -5,212
  -5,470
  -5,741
  -6,027
  -6,325
  -6,640
  -6,970
  -7,317
  -7,681
  -8,064
  -8,465
  -8,887
  -9,330
  -9,795
  -10,284
Free cash flow, $m
  1,159
  1,174
  1,195
  1,219
  1,245
  1,274
  1,305
  1,339
  1,376
  1,415
  1,355
  1,400
  1,448
  1,500
  1,554
  1,612
  1,673
  1,738
  1,807
  1,880
  1,956
  2,037
  2,122
  2,212
  2,307
  2,407
  2,512
  2,623
  2,739
  2,862
Issuance/(repayment) of debt, $m
  783
  827
  879
  934
  991
  1,049
  1,110
  1,174
  1,240
  1,308
  1,380
  1,455
  1,534
  1,616
  1,701
  1,791
  1,885
  1,983
  2,086
  2,194
  2,308
  2,426
  2,551
  2,681
  2,818
  2,961
  3,112
  3,269
  3,435
  3,609
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  783
  827
  879
  934
  991
  1,049
  1,110
  1,174
  1,240
  1,308
  1,380
  1,455
  1,534
  1,616
  1,701
  1,791
  1,885
  1,983
  2,086
  2,194
  2,308
  2,426
  2,551
  2,681
  2,818
  2,961
  3,112
  3,269
  3,435
  3,609
Total cash flow (excl. dividends), $m
  1,943
  2,001
  2,075
  2,153
  2,235
  2,323
  2,415
  2,512
  2,615
  2,724
  2,735
  2,856
  2,982
  3,115
  3,256
  3,403
  3,559
  3,722
  3,894
  4,074
  4,264
  4,463
  4,673
  4,893
  5,125
  5,368
  5,623
  5,892
  6,174
  6,470
Retained Cash Flow (-), $m
  -319
  -338
  -359
  -382
  -405
  -429
  -453
  -479
  -506
  -534
  -564
  -594
  -626
  -660
  -695
  -732
  -770
  -810
  -852
  -896
  -943
  -991
  -1,042
  -1,095
  -1,151
  -1,209
  -1,271
  -1,335
  -1,403
  -1,474
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,624
  1,663
  1,715
  1,771
  1,831
  1,894
  1,962
  2,033
  2,109
  2,189
  2,172
  2,261
  2,356
  2,456
  2,561
  2,672
  2,789
  2,912
  3,041
  3,178
  3,321
  3,472
  3,631
  3,798
  3,974
  4,158
  4,353
  4,557
  4,771
  4,996
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  1,498
  1,405
  1,315
  1,222
  1,126
  1,028
  930
  832
  736
  643
  530
  452
  379
  313
  255
  203
  159
  122
  92
  68
  49
  34
  23
  15
  10
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

TELUS Corporation (TELUS) is a telecommunications company. The Company provides a range of telecommunications services and products, including wireless and wireline voice and data. Its data services include Internet protocol (IP), television (TV), hosting, managed information technology and cloud-based services, and certain healthcare solutions. The Company operates through two business segments: Wireless segment and Wireline segment. Its wireless and wireline businesses are primarily operated through TELUS Communications Company (TCC). The Company offers business services, including healthcare, across wireless and wireline are supported through TELUS sales representatives, product specialists, independent dealers and online self-serve applications for small and medium-sized businesses (SMBs). Its business process outsourcing services are supported through sales representatives and client relationship management teams.

FINANCIAL RATIOS  of  TELUS Corporation (T)

Valuation Ratios
P/E Ratio 22.4
Price to Sales 2.2
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 315.4
Growth Rates
Sales Growth Rate 2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.3%
Cap. Spend. - 3 Yr. Gr. Rate 7.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 146.6%
Total Debt to Equity 164.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 15.7%
Return On Equity - 3 Yr. Avg. 17.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 55.7%
Gross Margin - 3 Yr. Avg. 55.6%
EBITDA Margin 33.2%
EBITDA Margin - 3 Yr. Avg. 34.2%
Operating Margin 17.1%
Oper. Margin - 3 Yr. Avg. 19.1%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 14.8%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 10.9%
Effective Tax Rate 25.6%
Eff/ Tax Rate - 3 Yr. Avg. 26.4%
Payout Ratio 87.5%

T stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the T stock intrinsic value calculation we used $12725 million for the last fiscal year's total revenue generated by TELUS Corporation. The default revenue input number comes from 2016 income statement of TELUS Corporation. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our T stock valuation model: a) initial revenue growth rate of 4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.4%, whose default value for T is calculated based on our internal credit rating of TELUS Corporation, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of TELUS Corporation.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of T stock the variable cost ratio is equal to 81.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for T stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.1% for TELUS Corporation.

Corporate tax rate of 27% is the nominal tax rate for TELUS Corporation. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the T stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for T are equal to 159.3%.

Life of production assets of 11.7 years is the average useful life of capital assets used in TELUS Corporation operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for T is equal to -11.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $7917 million for TELUS Corporation - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 590.718 million for TELUS Corporation is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of TELUS Corporation at the current share price and the inputted number of shares is $27.5 billion.

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