Telefonica Brasil Reported Light 1Q Results, but We’re Maintaining Our FVE
Telefonica Brasil reported first-quarter results that were a bit light, but we are maintaining our fair value estimate and narrow moat rating. We believe the shares are slightly undervalued. The firm reported revenue growth of 1.5% year over year versus our full-year projection of revenue growth of 4.1%. The main shortfall was on the fixed-line side, where broadband and pay-TV revenue growth weren’t as robust as we expected, with revenue growing just 11.4% and 0.5%, respectively. The pay-TV segm...
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