TELUS (T) lost over 10% after ripping off the band-aid, cutting the dividend by 55% alongside Q2 results - which should free up billions in free cash to support leverage reduction plans…

… so the company can refocus on sustainable growth, as it and the rest of the industry contend with the impact of population pressure on top line numbers.

In our view, the selloff was likely driven more by the magnitude than the cut itself and with shares trading at a trough multiple without the overhang…

… I wouldn’t be surprised if we weren’t at or near lows, with Victor Dodig now in the driver’s seat.

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