Telefonica Brasil Reported Mixed 3Q Results With Revenue a Bit Light, but Better Margins
Telefonica Brasil reported mixed third-quarter results with revenue a bit light but stronger EBITDA margin. We are maintaining our $16 per ADR fair value estimate and narrow moat rating. We believe shares are fairly valued.ÂThe firm reported revenue growth of 1.8% year over year versus our full-year projection of 3%. While wireless revenue only grew 2.7%, we are pleased to see it continues to grow its postpaid subscriber base, which improved 9.7% from the year-ago period to 35.7 million and now...
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