Large contract base and fixed-line assets help Telefonica Brasil perform well during recession.
Telefonica Brasil's improved positioning in the Brazilian market is evident from its much better results than its competitor TIM Brasil. While its second-quarter revenue growth of 0.8% was still below our full-year projection of 3.9%, it was vastly better than that of TIM Brasil, which fell 12.2%. We expect to maintain our fair value estimate in real terms, but to increase it for the ADR in line with the recovery in the Brazilian real versus the dollar. Our narrow moat rating remains intact. As ...
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