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Telefonica Brasil SA ADR VIV Stock Quote

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Morningstar‘s Stock Analysis VIV

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Is it the right time to buy or sell?

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Telefonica Brasil Solid Q3 Results Reinforce Our View That the ADRs Are Attractive

Analyst Note

| Michael Hodel, CFA |

Telefonica Brasil (Vivo) posted solid third-quarter results. We are maintaining our $12 fair value estimate per ADR, which we view as attractive, sitting near a five-year low. The political and economic situation in Brazil remains challenging, but the real has held up well against the U.S. dollar. We expect Vivo to generate around BRL 48 billion in revenue during 2022, or $9 billion, up from $8 billion in 2021. The firm is on pace to deliver about $1.4 billion of free cash flow this year, or nearly 11% of its current market capitalization. Vivo also possesses an extremely strong balance and a solid competitive position, in our view.

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Key Statistics VIV

Company Profile VIV

Business Description

Telefonica Brasil, known as Vivo, is the largest wireless carrier in Brazil with 97 million customers, equal to about 38% market share. The firm is strongest in the postpaid business, where it has 57 million customers, about 41% share of this market. It is the incumbent fixed-line telephone operator in Sao Paulo state and, following the acquisition of GVT, the owner of an extensive fiber network across the country. The firm provides internet access to 6 million households on this network. Following its parent Telefonica’s footsteps, Vivo is cross-selling fixed-line and wireless services as a converged offering. The firm also sells pay-tv services to its fixed-line customers.

Avenida Engenheiro Luis Carlos Berrini, 1376, 32nd Floor
Sao Paulo, SP, 04571-936, Brazil
T +55 1134303687
Industry Telecom Services
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 33,985