This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Unaudited
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Telus Corp TSX: T NYSE: TU www.telus.com Fiscal Yr: Dec 31
Year 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/30/08 12/30/09 12/30/10 12/30/11 12/29/12 12/29/13 12/30/11 #Y
Accounting Rules C GAAP IFRS
Revenue* $5,996 $7,081 $7,007 $7,146 $7,581 $8,143 $8,681 $9,074 $9,653 $9,606 $9,779 $10,397 $10,383 46.84% <-Total Growth 10 Revenue
Increase 2.11% 18.08% -1.04% 1.99% 6.09% 7.41% 6.61% 4.53% 6.38% -0.49% 1.80% 6.32% -0.13% 3.92% <-IRR #YR-> 10 Revenue
Rev per Share $20.89 $23.43 $20.27 $20.31 $21.14 $23.26 $25.69 $27.14 $30.39 $30.24 $30.34 $31.99 $31.95 3.67% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 1.99 1.04 0.86 1.28 1.71 2.06 2.08 1.82 1.22 1.13 1.50 1.80 1.78 3.16% <-IRR #YR-> 10 Rev per share
*Revenue in M CDN $  P/S 10 yr  1.61 5 yr  1.50 4.48% <-IRR #YR-> 5 Rev per share
-$7,081 $0 $0 $0 $0 $0 $0 $0 $0 $0 $10,397
-$8,681 $0 $0 $0 $0 $10,397
-$23.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $31.99
-$25.69 $0.00 $0.00 $0.00 $0.00 $31.99
EPS* $1.85 $1.51 -$0.75 $0.91 $1.57 $1.94 $3.23 $3.76 $3.51 $3.14 $3.22 $3.74 $4.05 $4.44 147.68% <-Total Growth 10 Earnings
Increase 26.71% -18.38% -149.67% -221.33% 72.53% 23.57% 66.49% 16.41% -6.65% -10.54% 2.55% 16.15% 8.29% 9.63% 9.49% <-IRR #YR-> 10 Earnings
Earnings Yield 4.5% 6.2% -4.3% 3.5% 4.3% 4.1% 6.0% 7.6% 9.4% 9.2% 7.1% 6.5% 7.1% 7.8% 2.98% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 6.26% 5Yrs 7.61%
-$1.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.74
-$3.23 $0.00 $0.00 $0.00 $0.00 $3.74
Div* $1.40 $1.20 $0.60 $0.60 $0.60 $0.80 $1.10 $1.50 $1.80 $1.90 $2.00 $2.21 $2.32 $2.32 83.75% <-Total Growth 10 Dividends
Increase 0.00% -14.29% -50.00% 0.00% 0.00% 33.33% 37.50% 36.36% 20.00% 5.56% 5.26% 10.25% 5.22% 0.00% 7.90% <-Median-> 10 Dividends
Yield H/L Pr. 3.49% 3.94% 3.96% 2.85% 2.06% 1.88% 2.04% 2.55% 4.42% 5.85% 4.99% 4.28% 3.41% <-Median-> 10 Dividends
Yield on High  Pr. 3.02% 2.78% 2.45% 2.23% 1.60% 1.60% 1.71% 2.28% 3.72% 5.30% 4.19% 3.83% 2.36% <-Median-> 10 Dividends
Yield on Low Pr. 4.15% 6.78% 10.42% 3.93% 2.88% 2.26% 2.51% 2.90% 5.45% 6.52% 6.15% 4.85% 4.39% <-Median-> 10 Dividends
Yield on Cl Pr. 3.37% 4.95% 3.44% 2.31% 1.66% 1.67% 2.06% 3.03% 4.84% 5.57% 4.40% 3.83% 4.08% 4.08% 3.24% <-Median-> 10 Dividends
Payout Ratio 75.7% 79.5% -80.0% 65.9% 38.2% 41.2% 34.1% 39.9% 51.3% 60.5% 62.1% 59.0% 57.3% 52.3% 46.26% <-Median-> 10 DPR EPS
Payout Ratio CF 24.6% 25.8% 11.9% 9.9% 8.5% 9.6% 13.3% 15.8% 20.3% 20.8% 25.3% 28.1% 25.5% #DIV/0! 14.53% <-Median-> 10 DPR CF
Payout Ratio CF NC 22.3% 25.4% 10.6% 10.0% 8.7% 10.9% 12.2% 15.9% 20.3% 23.5% 23.2% 25.5% 25.5% #DIV/0! 14.06% <-Median-> 10 DPR CF NC
Median Values Div Yd 4.73% 5 5.49% 10 Yield  4.42% 4.40% Payout 58.96% 20.79% 10.22% <-IRR #YR-> 10 Dividends
* Dividends per share  3.0% Years 3.0% Years Curr diff -7.66% Last Div Inc ---> $0.55 $0.58 5.5% 14.92% <-IRR #YR-> 5 Dividends
-$1.20 -$0.60 $0.00 $0.00 $0.00 $0.00 $0.00 $1.80 $0.00 $0.00 $2.21
-$1.10 $0.00 $0.00 $0.00 $0.00 $2.21
H/LYield held 5 yrs 1.32% 1.69% 2.00% 3.62% 9.91% 8.55% 6.53% 4.69% 4.09% 3.95% 5.70% 4.02% <-Median-> 10 Dividends
H/LYield held 10 yrs 3.93% 4.07% 3.97% 5.34% 4.99% 7.25% 15.33% 11.02% 4.99% <-Median-> 7 Dividends
H/LYield held 15 yrs 7.87% 6.30% 5.12% 7.09% <-Median-> 2 Dividends
Graham Price $30.51 $28.02 $19.52 $19.48 $26.31 $29.27 $38.75 $41.86 $42.26 $40.99 $42.87 $44.11 $45.90 $48.06 57.39% <-Total Growth 10 Graham Price
Prem /Disc. Ave 31.4% 8.6% -22.5% 8.0% 10.6% 45.7% 39.3% 40.5% -3.6% -20.7% -6.4% 16.9% 9.34% <-Median 10 Graham Price
Prem /Disc. High 52.1% 54.0% 25.6% 37.8% 42.2% 70.4% 65.5% 57.3% 14.6% -12.6% 11.2% 30.7% 34.25% <-Median 10 Graham Price
Prem /Disc. Low 10.6% -36.8% -70.5% -21.7% -20.9% 21.0% 13.0% 23.6% -21.9% -28.9% -24.1% 3.2% -21.31% <-Median 10 Graham Price
Prem /Disc. Cl 36.2% -13.5% -10.6% 33.2% 37.7% 63.5% 38.1% 18.1% -12.0% -16.8% 6.1% 30.7% 23.8% 18.3% 24.39% <-Median 10 Graham Price
Price Cl $41.55 $24.25 $17.45 $25.95 $36.22 $47.85 $53.52 $49.44 $37.17 $34.11 $45.48 $57.64 $56.83 $56.83 137.69% <-Total Growth 10 Stock Price
Increase 18.21% -41.64% -28.04% 48.71% 39.58% 32.11% 11.85% -7.62% -24.82% -8.23% 33.33% 26.74% -1.41% 0.00% 9.04% <-IRR #YR-> 10 Stock Price
P/E 22.46 16.06 -23.27 28.52 23.07 24.66 16.57 13.15 10.59 10.86 14.12 15.41 14.03 12.80 1.49% <-IRR #YR-> 5 Stock Price
Trailing P/E 28.46 13.11 11.56 -34.60 39.80 30.48 27.59 15.31 9.89 9.72 14.48 17.90 15.20 14.03 12.33% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 3.29% 3.39% % Tot Ret 26.67% 69.39% Price Inc -7.62% P/E:  14.77 13.15 4.88% <-IRR #YR-> 5 Price & Div
-$24.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $57.64
-$53.52 $0.00 $0.00 $0.00 $0.00 $57.64
-$24.25 $0.60 $0.60 $0.60 $0.80 $1.10 $1.50 $1.80 $1.90 $2.00 $59.85
-$53.52 $1.50 $1.80 $1.90 $2.00 $59.85
Price H/L Median $40.08 $30.43 $15.14 $21.05 $29.11 $42.64 $53.98 $58.80 $40.72 $32.49 $40.11 $51.57 69.50% <-Total Growth 10 Stock Price
Increase 12.73% -24.08% -50.25% 39.08% 38.27% 46.49% 26.60% 8.94% -30.76% -20.21% 23.47% 28.57% 5.42% <-IRR #YR-> 10 Stock Price
P/E 21.66 20.15 -20.18 23.13 18.54 21.98 16.71 15.64 11.60 10.35 12.46 13.79 -0.91% <-IRR #YR-> 5 Stock Price
Trailing P/E 27.45 16.45 10.02 -28.07 31.98 27.16 27.82 18.20 10.83 9.25 12.77 16.02 8.53% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 3.12% 3.53% % Tot Ret 36.50% 134.59% Price Inc 8.94% P/E:  14.71 12.46 2.62% <-IRR #YR-> 5 Price & Div
-$30.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $51.57
-$53.98 $0.00 $0.00 $0.00 $0.00 $51.57
-$30.43 $0.60 $0.60 $0.60 $0.80 $1.10 $1.50 $1.80 $1.90 $2.00 $53.78
-$53.98 $1.50 $1.80 $1.90 $2.00 $53.78
Hi Mths Sep Sep Jun May Sep Dec Dec
Price Hi $46.40 $43.15 $24.51 $26.85 $37.40 $49.87 $64.15 $65.86 $48.43 $35.82 $47.69 $57.64 33.58% <-Total Growth 10 Stock Price
Increase 7.91% -7.00% -43.20% 9.55% 39.29% 33.34% 28.63% 2.67% -26.47% -26.04% 33.14% 20.86% 2.94% <-IRR #YR-> 10 Stock Price
P/E 25.08 28.58 29.51 23.82 25.71 19.86 17.52 13.80 11.41 14.81 15.41 -2.12% <-IRR #YR-> 5 Stock Price
Trailing P/E 31.78 23.32 16.23 -35.80 41.10 31.76 33.07 20.39 12.88 10.21 15.19 17.90
Median 10, 5 Yrs Price Inc 2.67% P/E:  17.52 14.81
-$43.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $57.64
-$64.15 $0.00 $0.00 $0.00 $0.00 $57.64
Low Mths Jan Feb Aug Dec Apr Feb Jan
Price Low $33.75 $17.70 $5.76 $15.25 $20.81 $35.40 $43.80 $51.74 $33.00 $29.15 $32.53 $45.50 157.06% <-Total Growth 10 Stock Price
Increase 20.11% -47.56% -67.46% 164.76% 36.46% 70.11% 23.73% 18.13% -36.22% -11.67% 11.60% 39.87% 9.90% <-IRR #YR-> 10 Stock Price
P/E 18.24 11.72 16.76 13.25 18.25 13.56 13.76 9.40 9.28 10.10 12.17 0.76% <-IRR #YR-> 5 Stock Price
Trailing P/E 23.12 9.57 3.81 -20.33 22.87 22.55 22.58 16.02 8.78 8.30 10.36 14.13
Median 10, 5 Yrs Price Inc 11.60% P/E:  13.25 10.10
-$17.70 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45.50
-$43.80 $0.00 $0.00 $0.00 $0.00 $45.50
BC Tel 1-1
Telus 1-.7773
Market Cap $11,929 $7,328 $6,032 $9,129 $12,987 $16,752 $18,085 $16,530 $11,807 $10,837 $14,661 $18,733 $18,470 $18,470 Market Cap
# of Sh in M 287.10 302.20 345.70 351.80 358.55 350.09 337.91 334.35 317.65 317.69 322.36 325.00 325.00 325.00 7.54% <-Total Growth 10 Shares
Increase 21.30% 5.26% 14.39% 1.76% 1.92% -2.36% -3.48% -1.05% -4.99% 0.01% 1.47% 0.82% 0.00% 0.00% 0.42% <-Median-> 10 Shares
CF fr Op $M 1,635.1 1,407.8 1,742.0 2,133.8 2,538.1 2,914.6 2,803.7 3,171.7 2,819.0 2,904.0 2,546.0 2,550.0 2,954.3 81.13% <-Total Growth 10 Cash Flow
OPS $5.70 $4.66 $5.04 $6.07 $7.08 $8.33 $8.30 $9.49 $8.87 $9.14 $7.90 $7.85 $9.09 68.43% <-Total Growth 10 Cash Flow
Increase -18.06% -18.20% 8.17% 20.37% 16.71% 17.61% -0.34% 14.33% -6.45% 3.00% -13.60% -0.66% 15.85% 5.58% <-Median-> 10 Cash Flow
Non-Cash CF $169.50 $22.60 $213.20 -$23.30 -$52.00 -$353.70 $247.70 -$25.10 $1.00 -$339.00 $236.00 $255.00 $0.00 5.35% <-IRR #YR-> 10 Cash Flow
OPS non-cash $6.29 $4.73 $5.66 $6.00 $6.93 $7.32 $9.03 $9.41 $8.88 $8.07 $8.63 $8.63 $9.09 -1.11% <-IRR #YR-> 5 Cash Flow
Increase -14.28% -24.70% 19.49% 6.07% 15.58% 5.50% 23.45% 4.22% -5.67% -9.06% 6.89% 0.01% 5.32% 6.19% <-IRR #YR-> 10 CF - non cash
P/O on Cl 7.30 5.21 3.46 4.28 3.33 5.75 6.45 5.21 4.19 3.73 5.76 7.35 6.25 -0.90% <-IRR #YR-> 5 CF - non cash
*Operational Cash Flow per share P/CF 10 Yrs 4.95 5 Yrs 5.25
-$8.30 $0.00 $0.00 $0.00 $0.00 $7.85
-$4.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.63
-$9.03 $0.00 $0.00 $0.00 $0.00 $8.63
OPM 27.27% 19.88% 24.86% 29.86% 33.48% 35.79% 32.30% 34.95% 29.20% 30.23% 26.04% 24.53% should be zero, it is a check on calculations
Diff from Ave -9.24% -33.82% -17.25% -0.62% 11.43% 19.13% 7.49% 16.33% -2.80% 0.62% -13.35% -18.37% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 30.05% 5 Yrs 29.20%
Curr Assets $1,748.8 $1,442.6 $1,173.2 $1,517.3 $2,647.6 $1,242.5 $1,344.9 $1,340.7 $1,558 $1,127 $1,390 $2,051 Liq ratio of 1.5 and up, best Assets
Curr Liab. $6,669.5 $1,862.3 $2,181.0 $2,155.1 $1,969.1 $2,027.6 $3,738.2 $2,686.0 $3,057 $2,964 $3,949 $3,845 0.52 <-Median-> 10 Liabilities
Liquidity 0.26 0.77 0.54 0.70 1.34 0.61 0.36 0.50 0.51 0.38 0.35 0.53 0.50 <-Median-> 5 Ratio
Liq. with CF aft div 1.16 0.83 1.01
Liq. CF re  Inv+Div  0.67 0.58 0.67
Assets $16,415 $19,266 $18,220 $17,478 $17,838 $16,222 $16,508 $16,988 $19,160 $19,219 $19,599 $19,931 A/L ratio of 1.5 and up, best Assets
Liab. $9,922 $12,273 $11,776 $10,946 $10,799 $9,327 $9,503 $10,036 $11,955 $11,644 $11,398 $12,418 1.65 <-Median-> 10 Liabilities
Liquidity 1.65 1.57 1.55 1.60 1.65 1.74 1.74 1.69 1.60 1.65 1.72 1.61 1.65 <-Median-> 5 Ratio
Non-controlling Int $74 $8 $11 $11 $13 $26 $24 $26 $23 $21 $22 $0
Book Value $6,418 $6,985 $6,433 $6,521 $7,026 $6,870 $6,982 $6,926 $7,182 $7,554 $8,179 $7,513 $7,513 $7,513 7.56% <-Total Growth 10 Book Value
BV per share $22.36 $23.11 $18.61 $18.54 $19.59 $19.62 $20.66 $20.72 $22.61 $23.78 $25.37 $23.12 $23.12 $23.12 0.02% <-Total Growth 10 Book Value
Change 22.83% 3.39% -19.49% -0.38% 5.71% 0.15% 5.29% 0.26% 9.14% 5.16% 6.71% -8.89% 0.00% 0.00% 1.2962 Current/Historical Book Value
P/BV (CL) 1.86 1.05 0.94 1.40 1.85 2.44 2.59 2.39 1.64 1.43 1.79 2.49 2.46 2.46 0.00% <-IRR #YR-> 10 Book Value
Change -3.76% -43.55% -10.62% 49.28% 32.04% 31.91% 6.23% -7.86% -31.12% -12.74% 24.95% 39.10% -1.41% 0.00% 2.27% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 2.56 2.76 2.83 2.68 2.54 2.36 2.36 2.45 2.67 2.54 2.40 2.65 0.00 0.00 2.54 <-Median-> 10 A/BV
Debt/Equity Ratio 1.55 1.76 1.83 1.68 1.54 1.36 1.36 1.45 1.66 1.54 1.39 1.65 0.00 0.00 1.54 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 Yrs 1.90 5 Yrs 1.95
-$23.11 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $23.12
-$20.66 $0.00 $0.00 $0.00 $0.00 $23.12
ROE 16.5% 19.2% 15.3% 14.0% 13.4% 5.0% 14.03% <-Median-> 5 Compreh. Inc
Comprehensive Inc $1,151 $1,332 $1,102 $1,060 $1,092 $374 Compreh. Inc
ROE 7.2% 6.5% -3.6% 5.0% 8.1% 10.2% 16.1% 18.2% 15.7% 13.2% 12.7% 16.2% Net Income/Shareholders' equity
5Yr Median 6.5% 6.5% 6.5% 6.5% 8.1% 10.2% 15.7% 15.7% 15.7% 15.7%
Net Income $461.0 $453.5 -$229.0 $324.4 $565.8 $700.3 $1,122.5 $1,257.9 $1,128 $998 $1,038 $1,215 167.92% <-Total Growth 10 Net Income
Oper C. F. $1,635.1 $1,407.8 $1,742.0 $2,133.8 $2,538.1 $2,914.6 $2,803.7 $3,171.7 $2,819 $2,904 $2,546 $2,550 C F Statement  Oper C. F.
Invest. C. F -$3,831.1 -$1,821.3 -$1,691.1 -$1,197.8 -$1,299.5 -$1,355.2 -$1,675.2 -$1,771.6 -$3,433 -$2,128 -$1,707 -$1,968 C F Statement  Invest. C. F
Total Accruals $2,657.00 $867.00 -$279.90 -$611.60 -$672.80 -$859.10 -$6.00 -$142.20 $1,742.00 $222.00 $199.00 $633.00 Accruals
Total Assets $16,415.0 $19,265.6 $18,219.8 $17,477.5 $17,838.0 $16,222.3 $16,508.2 $16,987.6 $19,160 $19,219 $19,599 $19,931 Balance Sheet Assets
Accruals Ratio 16.19% 4.50% -1.54% -3.50% -3.77% -5.30% -0.04% -0.84% 9.09% 1.16% 1.02% 3.18% Ratio
Fin. C. F -$348 -$2,247 -$1,149 -$1,369 $598 -$739 -$863 -$553 C F Statement  Fin. C. F
Total Accruals -$325 $1,388 $1,143 $1,227 $1,144 $961 $1,062 $1,186 Accruals
Accruals Ratio -1.82% 8.56% 6.92% 7.22% 5.97% 5.00% 5.42% 5.95% Ratio
Cash  $0 $41 $17 $46
Feb 6, 2012.  Last estimates I got were for 2010 and 2011 of $3.25 and $3.65 for EPS and $7.65 and $8.80 for CF
Telus non-voting shares are TSX-T.A and US shares on NYSE of TU.  I am following TSX-T, which are the voting shares.  Both shares get the same dividend amount per share.
BC Telecom and Telus joined 31 Jan1999
If federal foreign ownership restrictions were removed, non-voting shares may convert on a one-for-one basis to common shares.
How they make their money.
Telus is a national telecommunications company in Canada. Telus provides a wide range of communications products and services including data, Internet protocol (IP), voice, entertainment and video.  
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
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Institutions 51.884
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