Telefonica Brasil Reports In-Line 3Q Results; Raising Fair Value Estimate Due to Currency Strength
Telefonica Brasil reported third-quarter results that were generally in line with our expectations. However, the Brazilian real continues to recover versus the dollar, so we are raising our fair value estimate for the ADRs to $16 from $15. Our narrow moat rating remains unchanged. Reported revenue in the quarter increased 1.1% and for the nine month period 0.8%, which was spot on with our full-year projection. While the firm continues to lose wireless subscribers as the market shrinks from custo...
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