TIM Brasil Reported Weak First-Quarter Revenue Growth; Shares Fairly Valued
Tim Brasil reported weak first-quarter revenue, but we don’t expect to make any significant changes to our $16 per ADR fair value estimate beyond adjusting for the decline of the Brazilian real versus the dollar. We continue to think the company has no economic moat and the shares are fairly valued.The firm reported revenue only grew 1.7% year over year versus our full-year projection of 4.5%. Brazil’s economy continues to struggle, and competition has increased. While Tim grew its postpaid wi...
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