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Morningstar‘s Stock Analysis TIMB

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Is it the right time to buy or sell?
Is it the right time to buy or sell?

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TIM Continued to Demonstrate Pricing Discipline in Q3 but Wireless Share Is Still Moving Lower

Analyst Note

| Michael Hodel, CFA |

TIM’s business performed well overall during the quarter, in our view, and our fair value estimate remains $16 per ADR. We believe the shares are modestly undervalued, but we prefer Vivo, which we believe holds a stronger competitive position and trades at a larger discount to our valuation.

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Key Statistics TIMB

Company Profile TIMB

Business Description

TIM is one of the top three wireless carriers by subscribers in Brazil, with 52 million subscribers, equal to about 20% of the market. TIM also owns some fixed-line assets, including an extensive long-haul fiber network and local networks that reach about 6.7 million locations (a bit less than 10% of the country). The firm is investing to expand its fiber network to more customer locations, including through its minority ownership in an infrastructure partnership. TIM leases capacity on the venture's network to serve retail customers. The company is 67%-owned by Telecom Italia.

Avenida Joao Cabral de Melo Neto, 850, Torre Norte, 12th Floor, Room 1212
Rio de Janeiro, RJ, 22775-057, Brazil
T +55 2141094167
Industry Telecom Services
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 9,156

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