Report
Allan C. Nichols
EUR 101.80 For Business Accounts Only

Telefonica Brasil's integration of GVT is going well, enabling it to perform well during recession.

Telefonica Brasil reported 2016 results that were roughly in line with our forecast, and we expect to maintain our fair value estimate and narrow moat rating. With the significant share price gains in the past year, we now believe the stock is fairly valued. The firm reported revenue grew 0.9% year over year, versus our projection of 0.8%. We are pleased that our Telefonica Brasil thesis continues to play out. The firm now has 45.3% of its customer base on contracts--the highest rate we are awar...
Underlying
Telecomunicacoes de Sao Paulo S/A ADS

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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