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Summary
- TELUS Corporation (TSX:T) announced on Thursday, March 25, that it plans to raise about C$ 1.3 billion via an equity offering.
- Stocks of TELUS Corporation surged by over 38 per cent in the past one year and record a year-to-date growth of over five per cent.
- The Vancouver-based company pays a quarterly dividend of C$ 0.311, which currently holds an yield of 4.74 per cent, according to TMX.
TELUS Corporation (TSX:T) announced on Thursday, March 25, that it plans to raise about C$ 1.3 billion via an equity offering, for which it has signed an agreement with a host of underwriters.
As TELUS makes headlines with this equity offering announcement, let us take a look at its recent stock performance.
TELUS Corporation (TSX:T)
Stocks of TELUS Corporation surged by over 38 per cent in the past one year. While it has fallen by about 4.7 per cent from its 52-week high of C$ 27.54 (February 9) in the last one month, it records a year-to-date growth of over five per cent.
1-year chart of TELUS’ stock performance (Source: EODHD/Others/Thomson Reuters)
TELUS stocks register a price-to-earnings (P/E) ratio of 27.7 and a return on equity (ROE) of 10.37 per cent, as per the TMX data.
The Vancouver-based company also pays a quarterly dividend of C$ 0.311, which currently holds an yield of 4.74 per cent, according to TMX.
TELUS Corporation’s Equity Offering – Key Insights
TELUS has signed a deal with a group of underwriters that will be headed by financial services firms RBC Capital Markets and CIBC Capital Markets for the bought deal offering. Meanwhile, BMO Capital Markets, Scotiabank and TD Securities Inc are set to play the role of joint book runners, as per the agreement.
The company plans to use the capital to boost its broadband capital investment program and speed up its national 5G network rollout.
©Kalkine Group 2020
The Canadian telecom giant said that would be offering about 51.3 million of its shares to the underwriters at a price of C$ 25.35 apiece, which is a 3.4 per cent discount to its last closing price on the Toronto Stock Exchange.
The underwriters have also been granted an over-allotment option to buy to an additional 7.69 million TELUS shares at the same offer price within the span of 30 days after the offering closes, most likely on or about March 31.
If this over-allotment option is used to its full extent, TELUS’ gross proceeds from this offering could expand to about C$ 1.5 billion.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
