Telus

Few telecom players in North America match the executional depth of Telus. From Vancouver, the group manages a workforce of approximately 105k and generates close to $15B in revenue, while steadily widening the gap with regional peers.

Talent density and engineering culture have become a quiet competitive moat, particularly as the sector consolidates around fewer global champions.

“Telus is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Governance upgrades and a more transparent disclosure cadence are gradually narrowing the historical valuation gap with global peers.