We think Telefonica Brasil is the best-positioned operator in the hypercompetitive market of Brazil.
Telefonica Brasil reported mixed second-quarter results with weak revenue growth but improved EBITDA margins. We expect to reduce our $13.50 per ADR fair value estimate by about $1 per share because of the weakening of the Brazilian real versus the U.S. dollar since our last update. With this adjustment we think the shares are fairly valued. While we continue to believe Telefonica Brasil is the best-positioned telephone company in Brazil, it still doesn't have an economic moat. The firm reported...
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