New Street: TEF Brasil Q4s - Quick Take: Strong cost performance, better revenue to come
TEF Brasil reported Q4s pre-open in Brazil. Headline numbers were broadly in-line at the revenue level although EBITDA came in 3% ahead of us (and 4% ahead of consensus).Telefonica Brasil is a holding company. Through its subsidiaries and associated companies, Co. is engaged throughout Brazil in rendering Fixed Switched Telephone Service Concession Arrangement ("STFC"); Multimedia Communication Service ("SCM", data communication, including broadband internet); Personal Mobile Service ("SMP"); and Conditioned Access Service ("SEAC" - Pay TV) by means of DTH (a satellite technology), IPTV and cable technologies. Co.'s broadband accesses with speeds higher than 34 Mbps in the state of SAPSo Paulo. Co.'s commercial distribution network (marketed under the Vivo brand), as of Dec 31 2017, consisted of 295 own sales outlets throughout Brazil.
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