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QBCRF - Telus: 7% Dividend Growth From A SWAN Investment
Quebecor Inc
Investment Thesis
Telus Corporation (TU) is a high quality dividend growth stock with a record of consistently growing its recurring revenue. Telus operates in a regulated oligopoly style industry where high barriers to entry ensure that the large incumbents will continue to earn above average returns. In May, 2019 Telus announced dividend guidance on semi-annual increases of 7-10% annually from 2020-2022. This further extends a dividend program that was originally announced in 2011 and has been extended 3 times now. With a 4.45% yield, Telus has a great dividend profile which makes it