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A rally is underway in Canadian dividend stocks that took a beating over the past two years. Investors who missed the bounce are wondering which top TSX dividend-growth stocks might still be undervalued and good to buy for a self-directed Tax-Free Savings Account (TFSA) targeting passive income or a Registered Retirement Savings Plan (RRSP) focused on total returns.
Telus
Telus (TSX:T) was a $34 stock about two years ago before aggressive rate hikes by the Bank of Canada drove investors out of telecoms. Telus trades near $22.50 at the time of writing.
The drop looks overdone, and investors have a shot at some big upside while collecting a solid 6.9% dividend yield.
Telus generated 7.6% growth in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2023 compared to the previous year. In 2024, adjusted EBITDA is expected to increase by at least…
