TIM Brasil Reported Better 2016 Results, and We Are Increasing Our Fair Value Estimate to $16.50
TIM Participacoes reported 2016 results that were better than our expectations, and we are increasing our fair value estimate to $16.50 per ADR from $14. Roughly $1 of our increase is due to the recent strengthening of the real versus the dollar, while most of the rest is from becoming less negative regarding its long-term EBITDA margins. We believe the shares are slightly undervalued. The firm's reported revenue declined 8.9% year over year versus our projection of a decline of 10.1%. TIM’s wir...
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