TIM Brasil's lack of fixed-line assets could hurt the firm as Brazil moves to convergence.
Tim Brasil reported improving results roughly in line with our expectations, and we maintain our fair value estimate and no-moat rating. The firm's revenue declined 5.3% year over year and is now only down 11.2% for the nine-month period, which we believe makes our full-year projection of a decline of 10% look reasonable. The culprit continues to be declining wireless subscribers, which fell 12.9% to 63.2 million. However, the firm is expanding its contract base, which improved 3.1% to 14.2 mill...
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