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TELUS (TU) to Invest C$11 Billion in Quebec, To Boost Jobs

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TELUS Corporation (TU - Free Report) is investing C$11 billion over the next four years to provide high-speed Internet across Quebec. Telus' 5G network will be available to Quebec residents, providing an ultrafast and dependable wireless connection.

TELUS will invest in network infrastructure, operations and spectrum in Quebec.

TELUS also committed to invest C$17.5 billion in British Columbia to boost network infrastructure, operations and spectrum and generate 5,500 employment opportunities.The company has committed to an overall investment of C$70 billion across Canada by 2026.

TELUS Corporation Price and Consensus

 

TELUS Corporation Price and Consensus

TELUS Corporation price-consensus-chart | TELUS Corporation Quote

In addition, the Quebec government committed C$50 million from its most recent budget to wireless connectivity. Telus is working to link all establishments to high-speed Internet by September 2022 as part of a collaborative commitment with the governments of Quebec and Canada.

Nearly 350,000 homes and businesses will have access to faster and more dependable Internet technology by the end of the year, with equal upload and download speeds and nearly infinite bandwidth, allowing everyone to simultaneously work, stream, game and make video chats.

This year, Telus will launch its 5G network, including multi-access edge computing capabilities to expand IoT and industry solutions, and enable critical advancements for organizations and sectors, including health, agriculture, energy, transportation and manufacturing.

From now till 2026, TELUS and its extensive partner ecosystem will create 7,000 jobs in Quebec, emphasizing construction, engineering, emerging technologies and other supporting businesses.

In the regions of Chaudière-Appalaches, Estrie, Lower St. Lawrence, Mauricie, and North Shore, Telus will link thousands of homes and businesses to PureFibre and high-speed Internet.

Also, in remote villages such as Ekuanitshit, Petite-Rivière-Saint-François, Port-Menier, Saint-Adelphe, Saint-Damase, and Sainte-Catherine-de-la-Jacques-Cartier, Telus will continue to expand its wireless coverage and establish additional wireless sites.

Telus' network and critical investments will help the economy digitize and transition to a more sustainable future by reducing energy use at home, reducing food waste, and using intelligent transportation systems to cut emissions.

Telus is optimizing energy consumption at home and reducing food waste through its Telus Agriculture solutions.

The company’s creative approach to using technology in healthcare benefited more than 22 million Canadians. It also introduced LivingWell Companion, which is a 24/7 personal medical alert service to provide access to emergency support through the push of a button or an optional fall-detection feature.

TELUS has paid $51 billion in total taxes to the federal, provincial and local governments across Canada since 2000, including corporate income taxes, sales taxes, property taxes, the employer component of payroll taxes, various regulatory fees, and spectrum payments. This includes more than $2.2 billion in taxes alone in 2021.

Key Picks

TELUS currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader industry are DTE Energy (DTE - Free Report) , RWE AG (RWEOY - Free Report) and Global Water Resources (GWRS - Free Report) . RWE and Global Water currently sport a Zacks Rank #1 (Strong Buy), whereas DTE Energy has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for DTE Energy’s 2022 earnings is pegged at $6.04 per share, rising 1.7% in the past 60 days. The long-term earnings growth rate is anticipated to be 6%.

DTE Energy’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 9%. Shares of DTE Energy shave declined 2.7% in the past year.

The Zacks Consensus Estimate for RWE’s 2022 earnings is pegged at $2.72 per share, rising 13% in the past 60 days. The long-term earnings growth rate is anticipated to be 4.5%.

Shares of RWE have risen 14.7% in the past year.

The Zacks Consensus Estimate for Global Water’s 2022 earnings is pegged at 20 cents per share, rising 25% in the past 60 days. The long-term earnings growth rate is anticipated to be 15%.

Global Water’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 154.2%. Shares of Global Water have declined 16.6% in the past year.