Lowering Telefonica Brasil to No Moat With Positive Trend on Competitive Concerns; FVE Unchanged
After taking a fresh look at Telefonica Brasil, we now assign the firm a $15 fair value estimate per U.S. ADR, as well as no moat and a positive moat trend, instead of a narrow moat and stable moat trend. This reflects our view that Brazil is a telecom market that even Telefonica Brasil--the best operator, in our view--may struggle to make economic profits in the foreseeable future.Telefonica Brasil is the largest telecom operator in Brazil, created by merging Telesp, the incumbent fixed-line ...
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