In 1Q 09, Telus Corporation's (Telus) total revenues, EBITDA and operating income were below our estimates, however, net margin was above our estimate in light of lower-than-anticipated tax rate. In light of broadly lower-than-expected results and as the company has downgraded its FY 2009 guidance in the midst of a weak Canadian economy, we hold a cautious outlook for the company and expect to revise downwards our estimates and target prices in our next update report....

During 4Q 08, Canada’s overall wireless subscriber base grew at its lowest rate for 3 quarters (+7.7% y-o-y); however, Telus achieved peer-beating growth of 10.1%. Furthermore, postpaid subscribers represented 80% of the company’s total net additions. Growing adoption of smartphones and usage of data services (such as text messaging and mobile computing) remain key drivers of growth in the wireless sector, and are partially…

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Telus Corporation (Telus) announced its FY 2009 financial targets and updated its FY 2008 guidance on 16 December 2008. The company expects its overall revenues to be in the range of C$10.03 bn to C$10.28 bn in FY 2009, driven by the Wireline and Wireless segments. In addition, Telus expects EPS in the range of C$3.40 to C$3.70 in FY 2009, while capex is expected to increase to C$2.05 bn due to investment…