The Globe and Mail reports in its Saturday edition that Telus has dropped to a level where some analysts see attractive value. The Globe's John Heinzl writes that its 20-per-cent tumble over the past three months was driven, in part, by investor concerns about the company's debt load and the sustainability of its dividend. With the stock already yielding more than 9 per cent, investors were uneasy over the company's plans to keep raising the payout. Telus addressed such concerns in early December, announcing that it will pause dividend growth. It also detailed plans to increase its free cash flow by about 10 per cent annually from 2026 through 2028 and deleverage its balance sheet. Desjardins analyst Jerome Dubreuil called the dividend pause prudent but warned that the gross dividend payout ratio will not drop below 100 per cent until 2028. "This high payout limits management's flexibility," Mr. Dubreuil said, but added: "We don't anticipate a dividend cut at Telus if the company executes on its [free cash flow] plan." Mr. Dubreuil is one of eight analysts with a buy recommendation on the shares. There are five holds and one sell, and the average price target is $22.68, according to Zacks. Telus closed Friday at $17.63.