TIM SA ADR

TIMB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$31.00	Ljjz	Yygdhhcj

TIM Earnings: Diminished Wireless Competition Continues to Lift Revenue and Margins

Michael Hodel

Feb 8, 2024

TIM’s fourth quarter looked similar to recent results, with strong pricing discipline driving relatively weak customer metrics but solid wireless revenue growth and margin expansion. We continue to be impressed with profitability improvements, both in terms of margins and declining capital investment needs. We are increasing our fair value estimate to $21 from $19 to reflect these gains.

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