Telefonica Brasil's Revenue Growth Should Pick up in 2019
Telefonica Brasil reported mixed third-quarter results with further deterioration in its revenue but continued improvement in its margins. We expect these items to offset each other and to maintain our $12.50 per ADR fair value estimate and no-moat rating. We believe the shares are fairly valued after today’s 12% jump in the stock price.The firm’s net revenue fell 1.1% year over year in the quarter but remains positive for the nine-month period versus our 1.3% full-year projection. Mobile reven...
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