TIM Brasil Delivers Solid Results Amid Executive Shift; Shares Fairly Valued
TIM Brasil delivered a second-quarter that was relatively in line with our expectations. Though management continues to execute its strategy as the company seeks to benefit from secular trends such as convergence and postpaid mobile, our fundamental view of the competitive landscape is unchanged. However, we are increasing our fair value estimate to $15.50 per ADR from $15, owing to recent strengthening in the Brazilian real versus the dollar. Our no-moat rating is intact, and we view the shares...
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