Telefonica Reported Mixed 1Q Results with Weak Revenue Growth, but Strong Margins; Reducing FVE
Telefonica Brasil reported mixed first-quarter results with weak revenue growth, but solid margins. With the ADR also being hit by the weakening of the Brazilian real, we are reducing our fair value estimate for the ADR to $13.50 per share from $15. We are maintaining our no-moat rating and believe the shares are fairly valued.We believe Telefonica Brasil remains the highest-quality telecom operator in Brazil and it increased its wireless market share to 31.9%, but we were disappointed with its...
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