Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Financial analyst specializing on corporate valuation. Long-term experience in analyzing and valuing listed and non listed companies in a wide range of business sectors in Europe, North America and internationally. Some of the sectors covered are financial services, industrials, high technology and real estate. Certified Equity Analyst by the Hellenic Capital Market Commission, Greece. Member of the Hellenic Association of Certified Securities Analysts (HACSA), Greece. Associate Member of the Chartered Institute for Securities & Investment (CISI), UK.

Specialties: Applying methods in corporate valuation, developing valuation models and writing equity research and valuation reports. Consulting services to companies with regard to their valuation drivers and potential corporate value, utilized in corporate deals such as mergers, acquisitions and sale of businesses. Specialized financial translations.

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

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<h2>TELUS CORPORATION</h2>
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<h3>Corporate &amp; Investment Highlights</h3>
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<li>Telus’ revenues for 2021 increased to $16,838mn recording significant rise of 9.76% compared to revenues of 2020. All the major profitability indicators showed a similar upward trend in 2021 (EBIT, EBT, EATAM, EBITDA). In 2022, we expect a gradual de-escalation in revenue growth compared to 2021 as fewer employees now work from home and most of them have already procured the necessary technology products and services. The esti- mates for the revenues for 2022 range around $17,848mn.</li>
<li>Company’s revenues mainly stem from Service and Equipment activities, accounting for a percentage of 86% and 14% of 2021 total revenues respectively. In the 1st quarter of 2022 Telus recorded increased revenues, around $4,256mn, compared to revenues of the previous year’s same period that reached $4,022mn. This can be partially explained by the fact that the company is entering the final year of its accelerated capital expenditure program, while investments from the past years have started to materialize.</li>
<li>Net income for 2021 amounted to $1,655mn compared to $1,207mn of 2020. For 2022 we expect earnings to decrease to $1,579mn based on the lower expected demand in the market, since the company's products are no longer a necessity. With the restrictive measures for Covid-19 being almost completely lifted, people tend to work less from home. We consider 2021 as a peak year for the company’s growth, hence it is expected to show a gradual revenue growth decrease this year, 2022.</li>
<li>Capital Expenditures (Capex) amounted to $3,498mn in 2021, compared to $2,775mn in 2020. The company is very consistent in terms of Capex amount for each year, so based on the company’s aspirations of continuous growth, we expect that the Capex for 2022 will range around $3,023mn and for the period of 2023 will range around $3,100mn due to short-term capital spending on assets with the highest potential future value.</li>
<li>Telus’ EBITDA for 2021 decreased to $6,290mn from $5,494mn in 2020. During the 1st quarter of 2022, EBITDA increased at $1,569mn compared to $1,461mn during the corresponding period of 2021, primarily caused by higher mobile network revenues driven by growth in the company’s subscriber base.</li>
<li>Debt amounted to $17,925mn as of December 31st, 2021, compared to $18,856mn in 2020. Based on the com- pany’s reports, the Debt is assumed to decrease to around $17,650mn in 2022 and $17,200mn in 2023, as the company is intended to lower the Capex for the years 2022 and 2023. Additionally, we noticed that the company reached high levels of debt in 2021 so in the following years it will focus on repaying these loans, while also aim- ing to decrease its debt-to-equity ratio.</li>
<li>Telus announced it is investing an additional $17 billion in infrastructure and operations across Ontario through 2024 to further support the province through the Covid-19 pandemic and subsequent economic recovery. Telus’ significant investments include fast 5G network speeds to connect 24 more communities across the province to 5G utilizing its current spectrum holdings by the end of 2021 and hiring 10,000 Ontarians primarily in construc- tion, engineering and emerging technologies at Telus and through its vast partner ecosystem now through 2024.</li>
<li>Moreover, TELUS was placed first in respect of 5G performance for the first time, according to Ookla's Speedtest. TELUS intends to continue extending its global leadership position as it advances the development, coverage and commercialization of its 5G network and its inherent functionalities.</li>
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TELUS CORPORATION




Corporate &amp; Investment Highlights





Telus’ revenues for 2021 increased to $16,838mn recording significant rise of 9.76% compared to revenues of 2020. All the major profitability indicators showed a similar upward trend in 2021 (EBIT, EBT, EATAM, EBITDA). In 2022, we expect a gradual de-escalation in revenue growth compared to 2021 as fewer employees now work from home and most of them have already procured the necessary technology products and services. The esti- mates for the revenues for 2022 range around $17,848mn.
Company’s revenues mainly stem from Service and Equipment activities, accounting for a percentage of 86% and 14% of 2021 total revenues respectively. In the 1st quarter of 2022 Telus recorded increased revenues, around $4,256mn, compared to revenues of the previous year’s same period that reached $4,022mn. This can be partially explained by the fact that the company is entering the final year of its accelerated capital expenditure program, while investments from the past years have started to materialize.
Net income for 2021 amounted to $1,655mn compared to $1,207mn of 2020. For 2022 we expect earnings to decrease to $1,579mn based on the lower expected demand in the market, since the company's products are no longer a necessity. With the restrictive measures for Covid-19 being almost completely lifted, people tend to work less from home. We consider 2021 as a peak year for the company’s growth, hence it is expected to show a gradual revenue growth decrease this year, 2022.
Capital Expenditures (Capex) amounted to $3,498mn in 2021, compared to $2,775mn in 2020. The company is very consistent in terms of Capex amount for each year, so based on the company’s aspirations of continuous growth, we expect that the Capex for 2022 will range around $3,023mn and for the period of 2023 will range around $3,100mn due to short-term capital spending on assets with the highest potential future value.
Telus’ EBITDA for 2021 decreased to $6,290mn from $5,494mn in 2020. During the 1st quarter of 2022, EBITDA increased at $1,569mn compared to $1,461mn during the corresponding period of 2021, primarily caused by higher mobile network revenues driven by growth in the company’s subscriber base.
Debt amounted to $17,925mn as of December 31st, 2021, compared to $18,856mn in 2020. Based on the com- pany’s reports, the Debt is assumed to decrease to around $17,650mn in 2022 and $17,200mn in 2023, as the company is intended to lower the Capex for the years 2022 and 2023. Additionally, we noticed that the company reached high levels of debt in 2021 so in the following years it will focus on repaying these loans, while also aim- ing to decrease its debt-to-equity ratio.
Telus announced it is investing an additional $17 billion in infrastructure and operations across Ontario through 2024 to further support the province through the Covid-19 pandemic and subsequent economic recovery. Telus’ significant investments include fast 5G network speeds to connect 24 more communities across the province to 5G utilizing its current spectrum holdings by the end of 2021 and hiring 10,000 Ontarians primarily in construc- tion, engineering and emerging technologies at Telus and through its vast partner ecosystem now through 2024.
Moreover, TELUS was placed first in respect of 5G performance for the first time, according to Ookla's Speedtest. TELUS intends to continue extending its global leadership position as it advances the development, coverage and commercialization of its 5G network and its inherent functionalities.














Telus Corporation - Corporate & Investment Highlights