Telefonica Brasil Growth Disappoints; Shares Modestly Overvalued
Telefonica Brasil posted slightly disappointing results once again during the second quarter. Wireless revenue growth was particularly disappointing given the price increases that management instituted in recent quarters. Overall, we don’t expect to change our long-term view on the firm, including our $12 per ADR fair value estimate and no-moat rating. We believe the shares are modestly overvalued at current prices.Total revenue increased 0.4% year over year, a slowdown versus the prior quarter...
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