Will TELUS’ (TSX:T) Expanded RingCentral AI Partnership Reshape Its Enterprise Innovation Narrative?

• Earlier in January 2026, TELUS and RingCentral announced an expanded partnership to embed advanced AI features into TELUS Business Connect, a cloud-based platform that unifies calls, messages, and meetings for business customers.
• Alongside this, TELUS has been rolling out broader human-centric AI initiatives, including its Sovereign AI Factory and privacy-certified generative AI support tools, underscoring its focus on responsible, enterprise-ready AI.
• We will now examine how TELUS’ expanded RingCentral-powered AI capabilities help shape its investment narrative around enterprise-focused innovation.

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What Is TELUS’ Investment Narrative?

To own TELUS, you really need to believe that a mature telecom can still create value by layering higher-margin, enterprise-focused services on top of its network. The expanded RingCentral partnership fits that story neatly, giving TELUS Business Connect a fuller AI toolkit for contact centres and employee productivity, but the near-term financial impact is likely modest compared with bigger catalysts like earnings execution, deleveraging after the hybrid-note financings, and sustaining its rich dividend. Where this news does matter is on the risk side: TELUS is leaning harder into AI while its interest cover and dividend safety are already under scrutiny, so execution missteps or higher-than-expected investment could squeeze cash flows. Recent share price gains suggest the market is at least starting to price in this pivot.

However, there is a key funding and dividend risk here that investors should not overlook.

TELUS’ shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Ten Simply Wall St Community estimates span from C$17.00 to about C$49.08, with many clustered in the mid C$20s and C$30s. When you set that range against TELUS’ heavy dividend commitments and balance sheet work, it underlines why different investors weigh its AI-led enterprise push very differently.

Explore 10 other fair value estimates on TELUS – why the stock might be worth 10% less than the current price!

Build Your Own TELUS Narrative

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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