Telefonica Brasil Reported Light 1Q Results; Shares Fairly Valued
Telefonica Brasil reported first-quarter results that were a bit weak, but we don’t expect to make any significant changes to our $12 per ADR fair value estimate beyond updating our exchange rate to account for the weakening of the Brazilian real versus the U.S. dollar. We continue to believe the company has no moat and the shares are fairly valued.Reported revenue grew 1.7% year over year versus our full-year projection of 2.4%. While this is a smaller miss than from TIM Brasil, the weak econo...
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