Telefonica Brasil's 2Q Results a Bit Weak, but We Maintain Our FVE
Telefonica Brasil reported second-quarter results that were a bit weak, but we are maintaining our $16 per ADR fair value estimate and narrow moat rating. We believe the shares are slightly undervalued at their current price. The company reported revenue growth of 1.8% year over year versus our full-year projection of 3.6%. Importantly, though, Telefonica continued to gain wireless market share--up 180 basis points to 30.7%--and contract customers. In total, it expanded its wireless subscriber b...
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