Intrinsic value of TIM Participacoes ADR - TSU

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$21.73

  Intrinsic Value

$18.84

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  Rating & Target

hold

-13%

Previous close

$21.73

 
Intrinsic value

$18.84

 
Up/down potential

-13%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of TIM Participacoes ADR (TSU) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  4,938
  5,170
  5,415
  5,672
  5,943
  6,229
  6,529
  6,845
  7,178
  7,527
  7,895
  8,282
  8,688
  9,115
  9,564
  10,035
  10,531
  11,051
  11,599
  12,173
  12,777
  13,411
  14,077
  14,777
  15,512
  16,284
  17,095
  17,946
  18,840
  19,779
  20,765
Variable operating expenses, $m
 
  4,185
  4,381
  4,587
  4,804
  5,033
  5,273
  5,526
  5,792
  6,072
  6,366
  6,627
  6,952
  7,294
  7,653
  8,030
  8,427
  8,844
  9,281
  9,741
  10,224
  10,732
  11,265
  11,825
  12,413
  13,031
  13,679
  14,361
  15,076
  15,828
  16,617
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
  4,185
  4,381
  4,587
  4,804
  5,033
  5,273
  5,526
  5,792
  6,072
  6,366
  6,627
  6,952
  7,294
  7,653
  8,030
  8,427
  8,844
  9,281
  9,741
  10,224
  10,732
  11,265
  11,825
  12,413
  13,031
  13,679
  14,361
  15,076
  15,828
  16,617
Operating income, $m
  450
  985
  1,033
  1,085
  1,139
  1,196
  1,256
  1,319
  1,386
  1,456
  1,529
  1,654
  1,736
  1,821
  1,911
  2,005
  2,104
  2,208
  2,317
  2,432
  2,553
  2,679
  2,812
  2,952
  3,099
  3,253
  3,415
  3,585
  3,764
  3,952
  4,149
EBITDA, $m
  1,647
  2,194
  2,298
  2,407
  2,523
  2,644
  2,771
  2,905
  3,046
  3,195
  3,351
  3,515
  3,687
  3,869
  4,059
  4,259
  4,470
  4,691
  4,923
  5,167
  5,423
  5,692
  5,975
  6,272
  6,584
  6,911
  7,255
  7,617
  7,996
  8,395
  8,813
Interest expense (income), $m
  0
  81
  89
  98
  107
  117
  128
  138
  150
  162
  175
  188
  202
  217
  232
  249
  266
  284
  303
  323
  344
  366
  389
  413
  438
  465
  493
  523
  554
  586
  620
Earnings before tax, $m
  320
  904
  944
  987
  1,032
  1,079
  1,129
  1,181
  1,236
  1,294
  1,354
  1,466
  1,534
  1,604
  1,678
  1,756
  1,838
  1,924
  2,014
  2,109
  2,209
  2,314
  2,424
  2,539
  2,661
  2,788
  2,922
  3,063
  3,210
  3,365
  3,528
Tax expense, $m
  83
  244
  255
  266
  279
  291
  305
  319
  334
  349
  366
  396
  414
  433
  453
  474
  496
  519
  544
  569
  596
  625
  654
  686
  718
  753
  789
  827
  867
  909
  953
Net income, $m
  237
  660
  689
  721
  753
  788
  824
  862
  902
  944
  989
  1,070
  1,119
  1,171
  1,225
  1,282
  1,342
  1,404
  1,470
  1,540
  1,613
  1,689
  1,769
  1,854
  1,942
  2,035
  2,133
  2,236
  2,344
  2,457
  2,576

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
  9,610
  10,064
  10,543
  11,047
  11,578
  12,136
  12,724
  13,342
  13,991
  14,675
  15,393
  16,148
  16,942
  17,776
  18,653
  19,574
  20,542
  21,559
  22,627
  23,749
  24,928
  26,166
  27,467
  28,833
  30,267
  31,774
  33,357
  35,019
  36,764
  38,597
Adjusted assets (=assets-cash), $m
  9,184
  9,610
  10,064
  10,543
  11,047
  11,578
  12,136
  12,724
  13,342
  13,991
  14,675
  15,393
  16,148
  16,942
  17,776
  18,653
  19,574
  20,542
  21,559
  22,627
  23,749
  24,928
  26,166
  27,467
  28,833
  30,267
  31,774
  33,357
  35,019
  36,764
  38,597
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
  6,504
  6,812
  7,136
  7,477
  7,836
  8,214
  8,611
  9,030
  9,469
  9,932
  10,418
  10,929
  11,466
  12,031
  12,624
  13,248
  13,903
  14,591
  15,314
  16,073
  16,871
  17,709
  18,589
  19,514
  20,485
  21,505
  22,576
  23,701
  24,882
  26,123
Working capital, $m
  894
  -507
  -531
  -556
  -582
  -610
  -640
  -671
  -703
  -738
  -774
  -812
  -851
  -893
  -937
  -983
  -1,032
  -1,083
  -1,137
  -1,193
  -1,252
  -1,314
  -1,380
  -1,448
  -1,520
  -1,596
  -1,675
  -1,759
  -1,846
  -1,938
  -2,035
Total debt, $m
  2,694
  2,543
  2,797
  3,065
  3,346
  3,643
  3,955
  4,284
  4,629
  4,992
  5,374
  5,776
  6,198
  6,642
  7,108
  7,598
  8,113
  8,654
  9,222
  9,819
  10,447
  11,106
  11,798
  12,525
  13,288
  14,090
  14,933
  15,817
  16,746
  17,722
  18,747
Total liabilities, $m
  5,523
  5,372
  5,626
  5,894
  6,175
  6,472
  6,784
  7,113
  7,458
  7,821
  8,203
  8,605
  9,027
  9,471
  9,937
  10,427
  10,942
  11,483
  12,051
  12,648
  13,276
  13,935
  14,627
  15,354
  16,117
  16,919
  17,762
  18,646
  19,575
  20,551
  21,576
Total equity, $m
  5,434
  4,238
  4,438
  4,650
  4,872
  5,106
  5,352
  5,611
  5,884
  6,170
  6,472
  6,788
  7,121
  7,471
  7,839
  8,226
  8,632
  9,059
  9,507
  9,978
  10,473
  10,993
  11,539
  12,113
  12,715
  13,348
  14,012
  14,710
  15,443
  16,213
  17,021
Total liabilities and equity, $m
  10,957
  9,610
  10,064
  10,544
  11,047
  11,578
  12,136
  12,724
  13,342
  13,991
  14,675
  15,393
  16,148
  16,942
  17,776
  18,653
  19,574
  20,542
  21,558
  22,626
  23,749
  24,928
  26,166
  27,467
  28,832
  30,267
  31,774
  33,356
  35,018
  36,764
  38,597
Debt-to-equity ratio
  0.496
  0.600
  0.630
  0.660
  0.690
  0.710
  0.740
  0.760
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.920
  0.940
  0.960
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.050
  1.060
  1.070
  1.080
  1.080
  1.090
  1.100
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
  660
  689
  721
  753
  788
  824
  862
  902
  944
  989
  1,070
  1,119
  1,171
  1,225
  1,282
  1,342
  1,404
  1,470
  1,540
  1,613
  1,689
  1,769
  1,854
  1,942
  2,035
  2,133
  2,236
  2,344
  2,457
  2,576
Depreciation, amort., depletion, $m
  1,197
  1,210
  1,265
  1,323
  1,383
  1,448
  1,515
  1,586
  1,661
  1,739
  1,822
  1,860
  1,952
  2,048
  2,148
  2,254
  2,366
  2,483
  2,606
  2,735
  2,870
  3,013
  3,162
  3,320
  3,485
  3,658
  3,840
  4,031
  4,232
  4,443
  4,665
Funds from operations, $m
  1,162
  1,870
  1,954
  2,043
  2,137
  2,235
  2,339
  2,448
  2,563
  2,684
  2,810
  2,931
  3,071
  3,219
  3,373
  3,536
  3,707
  3,887
  4,076
  4,274
  4,483
  4,702
  4,932
  5,173
  5,427
  5,693
  5,973
  6,267
  6,576
  6,900
  7,240
Change in working capital, $m
  -416
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -79
  -83
  -88
  -92
  -97
Cash from operations, $m
  1,578
  1,892
  1,978
  2,068
  2,163
  2,263
  2,368
  2,479
  2,595
  2,718
  2,846
  2,969
  3,111
  3,260
  3,417
  3,583
  3,756
  3,938
  4,130
  4,331
  4,542
  4,764
  4,997
  5,242
  5,499
  5,769
  6,053
  6,351
  6,663
  6,992
  7,337
Maintenance CAPEX, $m
  0
  -1,109
  -1,161
  -1,216
  -1,274
  -1,335
  -1,399
  -1,467
  -1,538
  -1,612
  -1,691
  -1,774
  -1,860
  -1,952
  -2,048
  -2,148
  -2,254
  -2,366
  -2,483
  -2,606
  -2,735
  -2,870
  -3,013
  -3,162
  -3,320
  -3,485
  -3,658
  -3,840
  -4,031
  -4,232
  -4,443
New CAPEX, $m
  -1,424
  -293
  -308
  -324
  -341
  -359
  -378
  -398
  -418
  -440
  -462
  -486
  -511
  -537
  -565
  -593
  -623
  -655
  -688
  -723
  -759
  -798
  -838
  -880
  -925
  -971
  -1,020
  -1,071
  -1,125
  -1,181
  -1,241
Cash from investing activities, $m
  -1,343
  -1,402
  -1,469
  -1,540
  -1,615
  -1,694
  -1,777
  -1,865
  -1,956
  -2,052
  -2,153
  -2,260
  -2,371
  -2,489
  -2,613
  -2,741
  -2,877
  -3,021
  -3,171
  -3,329
  -3,494
  -3,668
  -3,851
  -4,042
  -4,245
  -4,456
  -4,678
  -4,911
  -5,156
  -5,413
  -5,684
Free cash flow, $m
  235
  490
  509
  528
  548
  569
  591
  615
  639
  666
  693
  709
  739
  772
  805
  841
  878
  917
  959
  1,002
  1,048
  1,096
  1,146
  1,199
  1,255
  1,313
  1,375
  1,439
  1,507
  1,578
  1,653
Issuance/(repayment) of debt, $m
  -493
  242
  254
  268
  282
  297
  312
  328
  345
  363
  382
  402
  422
  444
  466
  490
  515
  541
  568
  597
  627
  659
  692
  727
  764
  802
  842
  885
  929
  976
  1,025
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
  242
  254
  268
  282
  297
  312
  328
  345
  363
  382
  402
  422
  444
  466
  490
  515
  541
  568
  597
  627
  659
  692
  727
  764
  802
  842
  885
  929
  976
  1,025
Total cash flow (excl. dividends), $m
  -161
  732
  763
  796
  830
  866
  903
  943
  985
  1,029
  1,075
  1,111
  1,162
  1,215
  1,272
  1,331
  1,393
  1,458
  1,527
  1,599
  1,675
  1,755
  1,838
  1,926
  2,018
  2,115
  2,217
  2,324
  2,436
  2,554
  2,678
Retained Cash Flow (-), $m
  -193
  -184
  -200
  -211
  -222
  -234
  -246
  -259
  -273
  -287
  -301
  -317
  -333
  -350
  -368
  -387
  -406
  -427
  -448
  -471
  -495
  -520
  -546
  -574
  -602
  -633
  -665
  -698
  -733
  -770
  -808
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
 
  1,928
  563
  584
  607
  632
  657
  684
  712
  742
  774
  794
  829
  865
  904
  944
  987
  1,032
  1,079
  1,128
  1,180
  1,235
  1,292
  1,353
  1,416
  1,483
  1,553
  1,626
  1,703
  1,784
  1,869
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
 
  1,848
  515
  509
  500
  490
  477
  462
  445
  426
  406
  377
  354
  329
  303
  277
  251
  224
  199
  174
  150
  128
  107
  89
  72
  58
  45
  35
  26
  19
  14
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 221.9
Price to Sales 10.7
Price to Book 9.7
Price to Tangible Book
Price to Cash Flow 33.3
Price to Free Cash Flow 341.5
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 4.7% 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 495.598 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 $10.8 billion.

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COMPANY NEWS

▶ TIM expands high end broadband offerings in Brazil   [Dec-08-17 02:56PM  Reuters]
▶ 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]
Financial statements of TSU
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