TIM Brasil Reported Strong 2Q Results, and We Are Increasing Our FVE to $18
TIM Brasil reported solid second-quarter results, and we are increasing our fair value estimate for its ADRs to $18 from $16.50. We believe the shares are slightly undervalued, and we maintain our no-moat rating. The firm reported quarterly revenue growth of 3.2% year over year versus our full-year projection of just 0.3%. TIM is turning its business around more quickly than we anticipated. While its wireless subscriber base is still down 4.9% from a year ago, it successfully increased the more ...
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