TIM Brasil Reported Solid 3Q Revenue, but Was Offset by Weakness in the Real; Shares Fairly Valued
TIM Brasil reported solid third-quarter results with revenue ahead of our expectations. However, we are maintaining our $18 per ADR fair value estimate as our higher revenue estimate is offset by recent weakness in the Brazilian real versus the U.S. dollar. Our no-moat rating remains unchanged and we believe the stock is fairly valued. The firm reported revenue growth of 4.7% year over year versus our full-year projection of 2.3%. However, for the nine-month period revenue is only up 3.5% and we...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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