Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
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 quart...
We believe Telefonica Brasil is the strongest telecom carrier in Brazil, but given the challenges in the market, we still don’t believe it will generate strong returns on capital for the foreseeable future. The industry’s structure, with four major players often fighting each other for share, has created a price-sensitive market. Telefonica Brasil is trying to take the lead around pricing discipline, with promising results recently despite continued economic weakness. The industry still has ...
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 ec...
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 eco...
Brazil is a telecom market where even Telefonica Brasil--in our view, the best operator--is unable to make economic profits for the foreseeable future. We believe that Telefonica Brasil is the best telecom operator in Brazil, but we fear that unfavorable industry dynamics in Brazil will prevent the company from earning excess returns on capital over time. Thus, we now assign it no moat and a positive moat trend, instead of a narrow moat and stable trend. Telefonica Brasil is the largest telecom ...
Telefonica Brasil reported 2018 results that were generally in line with our projections, and we don’t expect any significant changes to our $12.50 per ADR fair value estimate. Our no-moat rating is unchanged, and we believe the shares are fairly valued. The firm reported revenue grew 0.6% year over year versus our expectation of a 0.2% gain. The wireless business continued to improve with revenue growth of 3.4%. While the firm's overall wireless customer base declined 2.4% to 73.2 million, th...
Telefonica Brasil reported 2018 results that were generally in line with our projections, and we don’t expect any significant changes to our $12.50 per ADR fair value estimate. Our no-moat rating is unchanged, and we believe the shares are fairly valued. The firm reported revenue grew 0.6% year over year versus our expectation of a 0.2% gain. The wireless business continued to improve with revenue growth of 3.4%. While the firm's overall wireless customer base declined 2.4% to 73.2 million, t...
Telefonica Brasil reported 2018 results that were generally in line with our projections, and we don’t expect any significant changes to our $12.50 per ADR fair value estimate. Our no-moat rating is unchanged, and we believe the shares are fairly valued. The firm reported revenue grew 0.6% year over year versus our expectation of a 0.2% gain. The wireless business continued to improve with revenue growth of 3.4%. While the firm's overall wireless customer base declined 2.4% to 73.2 million, th...
Brazil is a telecom market where even Telefonica Brasil--in our view, the best operator--is unable to make economic profits for the foreseeable future. We believe that Telefonica Brasil is the best telecom operator in Brazil, but we fear that unfavorable industry dynamics in Brazil will prevent the company from earning excess returns on capital over time. Thus, we now assign it no moat and a positive moat trend, instead of a narrow moat and stable trend. Telefonica Brasil is the largest telecom ...
Brazil is a telecom market where even Telefonica Brasil--in our view, the best operator--is unable to make economic profits for the foreseeable future. We believe that Telefonica Brasil is the best telecom operator in Brazil, but we fear that unfavorable industry dynamics in Brazil will prevent the company from earning excess returns on capital over time. Thus, we now assign it no moat and a positive moat trend, instead of a narrow moat and stable trend. Telefonica Brasil is the largest telecom ...
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