TIM Brasil Continues to Focus on Moving Wireless Subscribers to Contracts
TIM Brasil reported third-quarter results that were generally in line with our expectations, and we expect to maintain our $15.50 per ADR fair value estimate and no-moat rating. We believe the shares are fairly valued. The firm reported year-over-year revenue growth of 4.4% in the quarter, but for the nine-month period, revenue growth is spot on with our full-year projection of 5%.The firm continues to follow Telefonica Brasil's lead in pushing subscribers toward postpaid plans, leading to 17.1...
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