TIM SA ADR

TIMB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$75.00	Gblx	Lvnqxhzvm

TIM Earnings: Solid Pricing Discipline Bodes Well for the Brazilian Wireless Market

Michael Hodel

May 9, 2023

The Oi asset acquisition continues to create comparison headaches for TIM and its peers, but we believe TIM remains the weakest performer in the Brazilian wireless industry. We are increasing our fair value estimate to $18 per ADR from $16, reflecting the strengthening real but also on solid pricing discipline at TIM. We believe the shares are modestly undervalued, but we still prefer Vivo.

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