TIM Participacoes Reported in Line Q1 Results; Shares Fairly Valued
TIM Participacoes reported first-quarter results that were broadly in line with our expectations, and we are maintaining our fair value estimate and no-moat rating. We believe the shares are fairly valued. Reported revenue increased 2.5% year over year versus our full-year projection of 0.3%. However, we expect growth to slow significantly in the second half as comparables become more difficult as its performance started to improve in the second half of 2016.Revenue growth continues to be driv...
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