Telefonica Brasil SA ADR

VIV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Vivo Earnings: A Rational Competitive Environment Continues to Provide Benefits

Michael Hodel

Nov 1, 2023

Telefonica Brasil (Vivo) continues to reap the benefits from recent wireless market consolidation, with solid revenue growth and margin expansion. Efforts to expand the fiber network have also driven improving broadband customer growth. We believe Vivo remains well-positioned in the Brazilian telecom market. We are maintaining our fair value estimate at $13 per ADR and we believe the shares remain undervalued.

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Telefonica Brasil SA ADR

Vivo Earnings: A Rational Competitive Environment Continues to Provide Benefits

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