Telefonica Brasil SA ADR

VIV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$97.00	Rdpsx	Cclsddr

Vivo Earnings: Revenue Growth and Margin Expansion Remain Impressive

Michael Hodel

Feb 21, 2024

Telefonica Brasil (Vivo) delivered solid fourth-quarter results as wireless market consolidation and the strength of the firm's assets drove revenue growth and margin expansion. We believe Vivo remains well positioned in Brazil's telecom market. After updating our model, we are increasing our fair value estimate to $14 per ADR from $13.

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