RE:More AnalysisTD Securities (Disappointing FCF Guidance): We were disappointed with the 2023 guidance (most notably for FCF, but also a bit on implied TTech segment EBITDA margins. We believe the premium valuation for TELUS could be at risk in the future if these growth investments do not start generating better margins and better ROIC soon, especially when it seems like monetization events (IPO or asset sale) could be 2-3 years off. The "glass-half-full" treatment from Canadian investors could also be challenged if telecom competition (either from a new fourth wireless carrier or a new larger-scale cableco in AB/BC) intensifies more than we expect over the next 1-2 years.