Intrinsic value of TIM Participacoes ADR - TSU

Previous Close

$19.14

  Intrinsic Value

$18.56

stock screener

  Rating & Target

hold

-3%

Previous close

$19.14

 
Intrinsic value

$18.56

 
Up/down potential

-3%

 
Rating

hold

We calculate the intrinsic value of TSU stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -8.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  4,938
  5,091
  5,259
  5,441
  5,637
  5,849
  6,076
  6,318
  6,577
  6,852
  7,144
  7,454
  7,782
  8,129
  8,496
  8,884
  9,294
  9,726
  10,181
  10,661
  11,167
  11,699
  12,260
  12,850
  13,471
  14,124
  14,811
  15,533
  16,293
  17,091
  17,931
Variable operating expenses, $m
 
  4,122
  4,256
  4,402
  4,559
  4,729
  4,910
  5,104
  5,311
  5,531
  5,765
  5,965
  6,227
  6,505
  6,799
  7,109
  7,437
  7,783
  8,147
  8,531
  8,936
  9,362
  9,811
  10,283
  10,780
  11,302
  11,852
  12,430
  13,038
  13,677
  14,349
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,488
  4,122
  4,256
  4,402
  4,559
  4,729
  4,910
  5,104
  5,311
  5,531
  5,765
  5,965
  6,227
  6,505
  6,799
  7,109
  7,437
  7,783
  8,147
  8,531
  8,936
  9,362
  9,811
  10,283
  10,780
  11,302
  11,852
  12,430
  13,038
  13,677
  14,349
Operating income, $m
  450
  969
  1,002
  1,039
  1,078
  1,120
  1,166
  1,214
  1,266
  1,321
  1,379
  1,489
  1,555
  1,624
  1,697
  1,775
  1,857
  1,943
  2,034
  2,130
  2,231
  2,337
  2,449
  2,567
  2,691
  2,822
  2,959
  3,103
  3,255
  3,415
  3,582
EBITDA, $m
  1,647
  2,161
  2,232
  2,309
  2,393
  2,482
  2,579
  2,682
  2,791
  2,908
  3,032
  3,163
  3,303
  3,450
  3,606
  3,771
  3,944
  4,128
  4,321
  4,525
  4,740
  4,966
  5,203
  5,454
  5,717
  5,995
  6,286
  6,593
  6,915
  7,254
  7,610
Interest expense (income), $m
  0
  81
  86
  92
  99
  106
  114
  122
  131
  140
  150
  161
  172
  184
  197
  210
  224
  239
  255
  271
  289
  307
  326
  347
  368
  391
  415
  440
  466
  493
  523
Earnings before tax, $m
  320
  888
  916
  946
  979
  1,014
  1,052
  1,092
  1,135
  1,180
  1,229
  1,328
  1,383
  1,440
  1,501
  1,565
  1,633
  1,704
  1,779
  1,859
  1,942
  2,030
  2,123
  2,220
  2,323
  2,431
  2,544
  2,664
  2,789
  2,921
  3,060
Tax expense, $m
  83
  240
  247
  256
  264
  274
  284
  295
  306
  319
  332
  359
  373
  389
  405
  423
  441
  460
  480
  502
  524
  548
  573
  600
  627
  656
  687
  719
  753
  789
  826
Net income, $m
  237
  648
  669
  691
  715
  740
  768
  797
  828
  862
  897
  970
  1,009
  1,051
  1,096
  1,142
  1,192
  1,244
  1,299
  1,357
  1,418
  1,482
  1,550
  1,621
  1,696
  1,775
  1,857
  1,944
  2,036
  2,132
  2,234

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,773
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,957
  9,463
  9,774
  10,113
  10,478
  10,871
  11,293
  11,744
  12,224
  12,735
  13,278
  13,854
  14,464
  15,110
  15,793
  16,514
  17,275
  18,078
  18,924
  19,816
  20,756
  21,746
  22,788
  23,885
  25,039
  26,253
  27,530
  28,873
  30,284
  31,769
  33,329
Adjusted assets (=assets-cash), $m
  9,184
  9,463
  9,774
  10,113
  10,478
  10,871
  11,293
  11,744
  12,224
  12,735
  13,278
  13,854
  14,464
  15,110
  15,793
  16,514
  17,275
  18,078
  18,924
  19,816
  20,756
  21,746
  22,788
  23,885
  25,039
  26,253
  27,530
  28,873
  30,284
  31,769
  33,329
Revenue / Adjusted assets
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
Average production assets, $m
  6,211
  6,405
  6,615
  6,844
  7,092
  7,358
  7,643
  7,948
  8,273
  8,619
  8,987
  9,377
  9,790
  10,227
  10,688
  11,176
  11,692
  12,235
  12,808
  13,412
  14,048
  14,718
  15,423
  16,166
  16,947
  17,768
  18,632
  19,541
  20,497
  21,501
  22,557
Working capital, $m
  894
  -499
  -515
  -533
  -552
  -573
  -595
  -619
  -645
  -671
  -700
  -730
  -763
  -797
  -833
  -871
  -911
  -953
  -998
  -1,045
  -1,094
  -1,147
  -1,201
  -1,259
  -1,320
  -1,384
  -1,451
  -1,522
  -1,597
  -1,675
  -1,757
Total debt, $m
  2,694
  2,461
  2,635
  2,824
  3,028
  3,248
  3,484
  3,736
  4,004
  4,290
  4,594
  4,916
  5,257
  5,618
  5,999
  6,402
  6,828
  7,276
  7,750
  8,248
  8,774
  9,327
  9,910
  10,523
  11,168
  11,846
  12,560
  13,311
  14,100
  14,930
  15,802
Total liabilities, $m
  5,523
  5,290
  5,464
  5,653
  5,857
  6,077
  6,313
  6,565
  6,833
  7,119
  7,423
  7,745
  8,086
  8,447
  8,828
  9,231
  9,657
  10,105
  10,579
  11,077
  11,603
  12,156
  12,739
  13,352
  13,997
  14,675
  15,389
  16,140
  16,929
  17,759
  18,631
Total equity, $m
  5,434
  4,173
  4,310
  4,460
  4,621
  4,794
  4,980
  5,179
  5,391
  5,616
  5,856
  6,110
  6,379
  6,664
  6,965
  7,282
  7,618
  7,972
  8,346
  8,739
  9,154
  9,590
  10,050
  10,533
  11,042
  11,578
  12,141
  12,733
  13,355
  14,010
  14,698
Total liabilities and equity, $m
  10,957
  9,463
  9,774
  10,113
  10,478
  10,871
  11,293
  11,744
  12,224
  12,735
  13,279
  13,855
  14,465
  15,111
  15,793
  16,513
  17,275
  18,077
  18,925
  19,816
  20,757
  21,746
  22,789
  23,885
  25,039
  26,253
  27,530
  28,873
  30,284
  31,769
  33,329
Debt-to-equity ratio
  0.496
  0.590
  0.610
  0.630
  0.660
  0.680
  0.700
  0.720
  0.740
  0.760
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.910
  0.930
  0.940
  0.960
  0.970
  0.990
  1.000
  1.010
  1.020
  1.030
  1.050
  1.060
  1.070
  1.080
Adjusted equity ratio
  0.399
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  237
  648
  669
  691
  715
  740
  768
  797
  828
  862
  897
  970
  1,009
  1,051
  1,096
  1,142
  1,192
  1,244
  1,299
  1,357
  1,418
  1,482
  1,550
  1,621
  1,696
  1,775
  1,857
  1,944
  2,036
  2,132
  2,234
Depreciation, amort., depletion, $m
  1,197
  1,192
  1,230
  1,270
  1,315
  1,362
  1,413
  1,468
  1,526
  1,587
  1,653
  1,674
  1,748
  1,826
  1,909
  1,996
  2,088
  2,185
  2,287
  2,395
  2,509
  2,628
  2,754
  2,887
  3,026
  3,173
  3,327
  3,489
  3,660
  3,839
  4,028
Funds from operations, $m
  1,162
  1,840
  1,898
  1,961
  2,029
  2,103
  2,181
  2,265
  2,354
  2,449
  2,550
  2,644
  2,757
  2,877
  3,004
  3,138
  3,280
  3,429
  3,586
  3,752
  3,926
  4,110
  4,304
  4,508
  4,722
  4,947
  5,185
  5,434
  5,696
  5,972
  6,262
Change in working capital, $m
  -416
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
Cash from operations, $m
  1,578
  1,855
  1,915
  1,979
  2,049
  2,123
  2,203
  2,289
  2,379
  2,476
  2,579
  2,674
  2,790
  2,911
  3,040
  3,176
  3,320
  3,471
  3,631
  3,799
  3,976
  4,162
  4,359
  4,565
  4,783
  5,011
  5,252
  5,505
  5,771
  6,050
  6,344
Maintenance CAPEX, $m
  0
  -1,109
  -1,144
  -1,181
  -1,222
  -1,266
  -1,314
  -1,365
  -1,419
  -1,477
  -1,539
  -1,605
  -1,674
  -1,748
  -1,826
  -1,909
  -1,996
  -2,088
  -2,185
  -2,287
  -2,395
  -2,509
  -2,628
  -2,754
  -2,887
  -3,026
  -3,173
  -3,327
  -3,489
  -3,660
  -3,839
New CAPEX, $m
  -1,424
  -194
  -211
  -229
  -247
  -266
  -285
  -305
  -325
  -346
  -368
  -390
  -413
  -437
  -462
  -488
  -515
  -543
  -573
  -604
  -636
  -670
  -705
  -742
  -781
  -822
  -864
  -909
  -955
  -1,004
  -1,056
Cash from investing activities, $m
  -1,343
  -1,303
  -1,355
  -1,410
  -1,469
  -1,532
  -1,599
  -1,670
  -1,744
  -1,823
  -1,907
  -1,995
  -2,087
  -2,185
  -2,288
  -2,397
  -2,511
  -2,631
  -2,758
  -2,891
  -3,031
  -3,179
  -3,333
  -3,496
  -3,668
  -3,848
  -4,037
  -4,236
  -4,444
  -4,664
  -4,895
Free cash flow, $m
  235
  552
  560
  569
  579
  591
  604
  619
  635
  653
  672
  680
  702
  726
  752
  780
  809
  840
  873
  908
  945
  984
  1,025
  1,069
  1,115
  1,164
  1,215
  1,269
  1,326
  1,386
  1,449
Issuance/(repayment) of debt, $m
  -493
  160
  174
  189
  204
  220
  236
  252
  269
  286
  304
  322
  341
  361
  382
  403
  425
  449
  473
  499
  525
  553
  583
  613
  645
  679
  714
  751
  789
  830
  872
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -396
  160
  174
  189
  204
  220
  236
  252
  269
  286
  304
  322
  341
  361
  382
  403
  425
  449
  473
  499
  525
  553
  583
  613
  645
  679
  714
  751
  789
  830
  872
Total cash flow (excl. dividends), $m
  -161
  712
  734
  758
  783
  811
  840
  871
  904
  938
  976
  1,002
  1,043
  1,087
  1,134
  1,183
  1,234
  1,289
  1,346
  1,407
  1,470
  1,537
  1,608
  1,682
  1,760
  1,842
  1,929
  2,019
  2,115
  2,215
  2,321
Retained Cash Flow (-), $m
  -193
  -119
  -137
  -149
  -161
  -173
  -186
  -199
  -212
  -225
  -239
  -254
  -269
  -285
  -301
  -318
  -336
  -354
  -373
  -393
  -415
  -437
  -460
  -484
  -509
  -535
  -563
  -592
  -623
  -654
  -688
Prev. year cash balance distribution, $m
 
  1,380
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,973
  597
  609
  622
  637
  654
  672
  692
  713
  736
  748
  774
  803
  833
  865
  899
  935
  973
  1,013
  1,056
  1,101
  1,148
  1,198
  1,251
  1,307
  1,366
  1,427
  1,492
  1,561
  1,633
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,892
  547
  530
  512
  494
  474
  454
  432
  410
  386
  355
  330
  305
  280
  254
  228
  203
  179
  156
  134
  114
  95
  79
  64
  51
  40
  31
  23
  17
  12
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

TIM Participacoes S.A. (TIM) is a provider of mobile telecommunication services in Brazil. The Company, through its subsidiaries in various telecommunications markets, operates mobile, fixed and long distance telephony, data transmission and ultra-broadband services. Its direct subsidiaries include TIM Celular S.A., which provides landline telephone services (commuted fixed telephonic service (STFC))-domestic long distance and international long distance voice services, personal mobile service (SMP) and multimedia communication service (multimedia service of communication (SCM)) in all Brazilian states and in the Federal District, and Intelig Telecomunicacoes Ltda., which provides STFC-local voices services and SCM services in all Brazilian states and in the Federal District. Its consumer plans include prepaid plans, post-paid plans and controle plans. It offers value-added services, including short message services or text messaging, multimedia messaging services and push-mail.

FINANCIAL RATIOS  of  TIM Participacoes ADR (TSU)

Valuation Ratios
P/E Ratio 195.5
Price to Sales 9.4
Price to Book 8.5
Price to Tangible Book
Price to Cash Flow 29.4
Price to Free Cash Flow 300.8
Growth Rates
Sales Growth Rate -8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 42.3%
Total Debt to Equity 49.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 4.4%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 50.7%
Gross Margin - 3 Yr. Avg. 50.2%
EBITDA Margin 30.7%
EBITDA Margin - 3 Yr. Avg. 32.2%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 13.6%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 25.9%
Eff/ Tax Rate - 3 Yr. Avg. 28.6%
Payout Ratio 61.6%

TSU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TSU stock intrinsic value calculation we used $4938 million for the last fiscal year's total revenue generated by TIM Participacoes ADR. The default revenue input number comes from 2016 income statement of TIM Participacoes ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TSU stock valuation model: a) initial revenue growth rate of 3.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TSU is calculated based on our internal credit rating of TIM Participacoes ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of TIM Participacoes ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TSU stock the variable cost ratio is equal to 81%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TSU stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for TIM Participacoes ADR.

Corporate tax rate of 27% is the nominal tax rate for TIM Participacoes ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TSU stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TSU are equal to 125.8%.

Life of production assets of 5.6 years is the average useful life of capital assets used in TIM Participacoes ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TSU is equal to -9.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5434 million for TIM Participacoes ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 490.596 million for TIM Participacoes ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of TIM Participacoes ADR at the current share price and the inputted number of shares is $9.4 billion.

RELATED COMPANIES Price Int.Val. Rating
AMX America Movil 19.24 21.71  hold
VIV Telefonica Bra 16.12 10.06  sell
NTL Nortel Inverso 39.95 4,836.58  str.buy
TEO Telecom Argent 31.70 72.57  str.buy
AMT American Tower 139.07 35.01  str.sell
MSFT Microsoft 78.81 60.77  sell
AAPL Apple 156.25 143.02  hold

COMPANY NEWS

▶ 3 Top-Ranked Technology Picks Under $20   [Sep-21-17 10:30AM  Zacks]
▶ 5 Companies Revolutionizing The Wireless Game   [Jun-19-17 07:30PM  Oilprice.com]
▶ IIROC Trade Resumption - TSU   [08:50AM  PR Newswire]
▶ IIROC Trade Resumption - TSU   [08:50AM  CNW Group]
▶ IIROC Trading Halt - TSU   [07:41AM  PR Newswire]
▶ Top 10 Stocks Under $20   [Apr-06-17 03:55PM  Zacks]
▶ Is TIM Participacoes SA (ADR) (TSU) A Good Stock To Buy?   [Dec-14-16 07:05PM  Insider Monkey]
▶ Hedge Funds Arent Crazy About KAR Auction Services Inc (KAR)   [Dec-06-16 08:10AM  at Insider Monkey]
▶ Watch Brazil for More Than Just the Olympics   [Aug-15-16 08:00AM  TheStreet.com]
▶ America Movil: Is LatAm Telecom A Short Target?   [Jun-22-16 10:23AM  at Barrons.com]
▶ Five Cheap Public Utilities Stocks Hedge Funds Like   [Jun-13-16 11:29AM  at Insider Monkey]
▶ TIM Participacoes SA: Notice to the Market   [Apr-14-16 08:10PM  Marketwired]
▶ Oi Jumps on Report LetterOne May Invest Without Tim Deal   [Feb-17-16 07:27AM  at Bloomberg]
Financial statements of TSU
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.