Intrinsic value of Telefonica Brasil ADR - VIV

Previous Close

$11.92

  Intrinsic Value

$137.30

stock screener

  Rating & Target

str. buy

+999%

Previous close

$11.92

 
Intrinsic value

$137.30

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of VIV 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 0001), $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 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  13,310
  13,617
  13,967
  14,359
  14,795
  15,272
  15,793
  16,356
  16,962
  17,613
  18,310
  19,053
  19,844
  20,685
  21,577
  22,523
  23,523
  24,582
  25,700
  26,881
  28,127
  29,441
  30,826
  32,286
  33,823
  35,441
  37,144
  38,937
  40,823
  42,806
Variable operating expenses, $m
  10,942
  11,163
  11,416
  11,701
  12,016
  12,362
  12,738
  13,145
  13,584
  14,056
  13,251
  13,789
  14,361
  14,970
  15,615
  16,300
  17,024
  17,790
  18,600
  19,454
  20,356
  21,307
  22,309
  23,366
  24,478
  25,649
  26,882
  28,179
  29,544
  30,979
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
  10,942
  11,163
  11,416
  11,701
  12,016
  12,362
  12,738
  13,145
  13,584
  14,056
  13,251
  13,789
  14,361
  14,970
  15,615
  16,300
  17,024
  17,790
  18,600
  19,454
  20,356
  21,307
  22,309
  23,366
  24,478
  25,649
  26,882
  28,179
  29,544
  30,979
Operating income, $m
  2,369
  2,453
  2,550
  2,659
  2,779
  2,911
  3,055
  3,210
  3,378
  3,558
  5,059
  5,264
  5,483
  5,715
  5,961
  6,223
  6,499
  6,792
  7,101
  7,427
  7,771
  8,134
  8,517
  8,920
  9,345
  9,792
  10,263
  10,758
  11,279
  11,827
EBITDA, $m
  5,407
  5,531
  5,673
  5,833
  6,009
  6,203
  6,415
  6,643
  6,890
  7,154
  7,437
  7,739
  8,060
  8,402
  8,764
  9,148
  9,555
  9,985
  10,439
  10,919
  11,425
  11,959
  12,521
  13,114
  13,738
  14,396
  15,088
  15,816
  16,582
  17,387
Interest expense (income), $m
  293
  138
  149
  161
  175
  191
  208
  227
  248
  270
  295
  321
  348
  378
  410
  443
  479
  517
  557
  599
  644
  691
  740
  793
  848
  907
  968
  1,033
  1,101
  1,172
  1,247
Earnings before tax, $m
  2,231
  2,305
  2,389
  2,484
  2,588
  2,703
  2,827
  2,962
  3,107
  3,263
  4,738
  4,916
  5,104
  5,305
  5,518
  5,744
  5,983
  6,235
  6,502
  6,783
  7,081
  7,394
  7,724
  8,072
  8,438
  8,824
  9,230
  9,657
  10,107
  10,579
Tax expense, $m
  602
  622
  645
  671
  699
  730
  763
  800
  839
  881
  1,279
  1,327
  1,378
  1,432
  1,490
  1,551
  1,615
  1,683
  1,755
  1,832
  1,912
  1,996
  2,085
  2,179
  2,278
  2,382
  2,492
  2,607
  2,729
  2,856
Net income, $m
  1,628
  1,682
  1,744
  1,813
  1,889
  1,973
  2,064
  2,162
  2,268
  2,382
  3,459
  3,588
  3,726
  3,873
  4,028
  4,193
  4,367
  4,552
  4,746
  4,952
  5,169
  5,397
  5,639
  5,893
  6,160
  6,442
  6,738
  7,050
  7,378
  7,723

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  31,245
  31,964
  32,785
  33,708
  34,730
  35,851
  37,072
  38,393
  39,817
  41,345
  42,980
  44,724
  46,582
  48,556
  50,650
  52,870
  55,219
  57,704
  60,329
  63,101
  66,026
  69,111
  72,362
  75,788
  79,396
  83,195
  87,193
  91,401
  95,827
  100,483
Adjusted assets (=assets-cash), $m
  31,245
  31,964
  32,785
  33,708
  34,730
  35,851
  37,072
  38,393
  39,817
  41,345
  42,980
  44,724
  46,582
  48,556
  50,650
  52,870
  55,219
  57,704
  60,329
  63,101
  66,026
  69,111
  72,362
  75,788
  79,396
  83,195
  87,193
  91,401
  95,827
  100,483
Revenue / Adjusted assets
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
Average production assets, $m
  16,944
  17,334
  17,779
  18,280
  18,834
  19,442
  20,104
  20,821
  21,593
  22,421
  23,308
  24,254
  25,261
  26,332
  27,467
  28,671
  29,945
  31,293
  32,717
  34,220
  35,806
  37,479
  39,242
  41,100
  43,056
  45,116
  47,285
  49,567
  51,967
  54,492
Working capital, $m
  -1,597
  -1,634
  -1,676
  -1,723
  -1,775
  -1,833
  -1,895
  -1,963
  -2,035
  -2,114
  -2,197
  -2,286
  -2,381
  -2,482
  -2,589
  -2,703
  -2,823
  -2,950
  -3,084
  -3,226
  -3,375
  -3,533
  -3,699
  -3,874
  -4,059
  -4,253
  -4,457
  -4,672
  -4,899
  -5,137
Total debt, $m
  2,757
  2,983
  3,242
  3,533
  3,854
  4,208
  4,592
  5,009
  5,457
  5,938
  6,453
  7,003
  7,588
  8,210
  8,869
  9,569
  10,309
  11,091
  11,918
  12,792
  13,713
  14,685
  15,709
  16,788
  17,924
  19,121
  20,381
  21,706
  23,100
  24,567
Total liabilities, $m
  9,842
  10,069
  10,327
  10,618
  10,940
  11,293
  11,678
  12,094
  12,542
  13,024
  13,539
  14,088
  14,673
  15,295
  15,955
  16,654
  17,394
  18,177
  19,004
  19,877
  20,798
  21,770
  22,794
  23,873
  25,010
  26,206
  27,466
  28,791
  30,186
  31,652
Total equity, $m
  21,403
  21,895
  22,458
  23,090
  23,790
  24,558
  25,394
  26,299
  27,275
  28,322
  29,441
  30,636
  31,908
  33,261
  34,695
  36,216
  37,825
  39,527
  41,326
  43,224
  45,228
  47,341
  49,568
  51,915
  54,386
  56,989
  59,727
  62,610
  65,642
  68,831
Total liabilities and equity, $m
  31,245
  31,964
  32,785
  33,708
  34,730
  35,851
  37,072
  38,393
  39,817
  41,346
  42,980
  44,724
  46,581
  48,556
  50,650
  52,870
  55,219
  57,704
  60,330
  63,101
  66,026
  69,111
  72,362
  75,788
  79,396
  83,195
  87,193
  91,401
  95,828
  100,483
Debt-to-equity ratio
  0.130
  0.140
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.260
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
  0.320
  0.330
  0.340
  0.340
  0.350
  0.350
  0.360
Adjusted equity ratio
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,628
  1,682
  1,744
  1,813
  1,889
  1,973
  2,064
  2,162
  2,268
  2,382
  3,459
  3,588
  3,726
  3,873
  4,028
  4,193
  4,367
  4,552
  4,746
  4,952
  5,169
  5,397
  5,639
  5,893
  6,160
  6,442
  6,738
  7,050
  7,378
  7,723
Depreciation, amort., depletion, $m
  3,038
  3,077
  3,123
  3,174
  3,231
  3,293
  3,360
  3,433
  3,512
  3,597
  2,378
  2,475
  2,578
  2,687
  2,803
  2,926
  3,056
  3,193
  3,338
  3,492
  3,654
  3,824
  4,004
  4,194
  4,394
  4,604
  4,825
  5,058
  5,303
  5,560
Funds from operations, $m
  4,666
  4,760
  4,867
  4,987
  5,120
  5,266
  5,424
  5,596
  5,780
  5,979
  5,837
  6,063
  6,304
  6,560
  6,831
  7,119
  7,423
  7,745
  8,085
  8,444
  8,822
  9,222
  9,643
  10,086
  10,553
  11,045
  11,563
  12,108
  12,681
  13,283
Change in working capital, $m
  -31
  -37
  -42
  -47
  -52
  -57
  -62
  -68
  -73
  -78
  -84
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -142
  -150
  -158
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
Cash from operations, $m
  4,698
  4,797
  4,909
  5,034
  5,172
  5,323
  5,487
  5,663
  5,853
  6,057
  5,921
  6,152
  6,399
  6,661
  6,938
  7,232
  7,543
  7,872
  8,219
  8,585
  8,972
  9,380
  9,809
  10,261
  10,738
  11,239
  11,767
  12,323
  12,907
  13,521
Maintenance CAPEX, $m
  -1,695
  -1,729
  -1,769
  -1,814
  -1,865
  -1,922
  -1,984
  -2,051
  -2,125
  -2,203
  -2,288
  -2,378
  -2,475
  -2,578
  -2,687
  -2,803
  -2,926
  -3,056
  -3,193
  -3,338
  -3,492
  -3,654
  -3,824
  -4,004
  -4,194
  -4,394
  -4,604
  -4,825
  -5,058
  -5,303
New CAPEX, $m
  -337
  -390
  -445
  -500
  -554
  -608
  -662
  -717
  -772
  -829
  -887
  -946
  -1,007
  -1,070
  -1,136
  -1,204
  -1,274
  -1,347
  -1,424
  -1,503
  -1,586
  -1,673
  -1,763
  -1,858
  -1,957
  -2,060
  -2,168
  -2,282
  -2,401
  -2,525
Cash from investing activities, $m
  -2,032
  -2,119
  -2,214
  -2,314
  -2,419
  -2,530
  -2,646
  -2,768
  -2,897
  -3,032
  -3,175
  -3,324
  -3,482
  -3,648
  -3,823
  -4,007
  -4,200
  -4,403
  -4,617
  -4,841
  -5,078
  -5,327
  -5,587
  -5,862
  -6,151
  -6,454
  -6,772
  -7,107
  -7,459
  -7,828
Free cash flow, $m
  2,665
  2,678
  2,695
  2,720
  2,753
  2,793
  2,841
  2,895
  2,956
  3,025
  2,746
  2,828
  2,917
  3,013
  3,115
  3,226
  3,343
  3,469
  3,602
  3,744
  3,894
  4,053
  4,221
  4,399
  4,587
  4,786
  4,995
  5,216
  5,449
  5,694
Issuance/(repayment) of debt, $m
  201
  226
  259
  291
  322
  353
  385
  416
  449
  481
  515
  549
  585
  622
  660
  699
  740
  783
  827
  873
  921
  972
  1,024
  1,079
  1,137
  1,197
  1,260
  1,325
  1,394
  1,467
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
Cash from financing (excl. dividends), $m  
  201
  226
  259
  291
  322
  353
  385
  416
  449
  481
  515
  549
  585
  622
  660
  699
  740
  783
  827
  873
  921
  972
  1,024
  1,079
  1,137
  1,197
  1,260
  1,325
  1,394
  1,467
Total cash flow (excl. dividends), $m
  2,867
  2,904
  2,953
  3,010
  3,075
  3,146
  3,225
  3,311
  3,405
  3,506
  3,261
  3,378
  3,502
  3,634
  3,775
  3,925
  4,083
  4,251
  4,429
  4,617
  4,815
  5,025
  5,246
  5,479
  5,724
  5,983
  6,255
  6,541
  6,843
  7,160
Retained Cash Flow (-), $m
  -424
  -492
  -563
  -632
  -700
  -768
  -836
  -905
  -975
  -1,047
  -1,120
  -1,195
  -1,272
  -1,352
  -1,435
  -1,520
  -1,609
  -1,702
  -1,798
  -1,899
  -2,004
  -2,113
  -2,227
  -2,347
  -2,472
  -2,602
  -2,739
  -2,882
  -3,032
  -3,189
Prev. year cash balance distribution, $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 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
  2,443
  2,412
  2,391
  2,379
  2,375
  2,378
  2,389
  2,406
  2,430
  2,459
  2,141
  2,183
  2,230
  2,282
  2,340
  2,404
  2,474
  2,549
  2,631
  2,718
  2,812
  2,912
  3,018
  3,132
  3,252
  3,380
  3,516
  3,659
  3,811
  3,971
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
  2,342
  2,208
  2,081
  1,958
  1,841
  1,726
  1,614
  1,504
  1,396
  1,289
  1,017
  931
  848
  766
  687
  611
  538
  469
  405
  345
  291
  242
  198
  160
  127
  99
  75
  57
  42
  30
Current shareholders' claim on cash, %
  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

Telefonica Brasil S.A. is a mobile telecommunications company in Brazil offering postpaid mobile services. The Company also operates as a fixed telecommunications company in the state of Sao Paulo. The Company markets its mobile services under its Vivo brand. It offers its clients a portfolio of products, including mobile and fixed voice, mobile data, fixed broadband, ultra-fast broadband, Pay television, information technology and digital services. Its operations consist of local and long distance fixed telephone services; mobile services, including value-added services; data services, including broadband services and mobile data services; Pay television services through direct to home (DTH), Internet protocol television (IPTV) and cable; network services, such as rental of facilities, as well as other services; wholesale services, including interconnection; digital services; services designed specifically for corporate customers, and the sale of wireless devices and accessories.

FINANCIAL RATIOS  of  Telefonica Brasil ADR (VIV)

Valuation Ratios
P/E Ratio 15.6
Price to Sales 1.5
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 5.6
Price to Free Cash Flow 16
Growth Rates
Sales Growth Rate 5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10%
Cap. Spend. - 3 Yr. Gr. Rate 5.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 6.6%
Total Debt to Equity 13.3%
Interest Coverage 7
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 5.9%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 51%
Gross Margin - 3 Yr. Avg. 50.4%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 31.1%
Operating Margin 15%
Oper. Margin - 3 Yr. Avg. 14.2%
Pre-Tax Margin 12.1%
Pre-Tax Margin - 3 Yr. Avg. 12.2%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 10.7%
Effective Tax Rate 20.4%
Eff/ Tax Rate - 3 Yr. Avg. 12.9%
Payout Ratio 72.6%

VIV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VIV stock intrinsic value calculation we used $13049.4811235 million for the last fiscal year's total revenue generated by Telefonica Brasil ADR. The default revenue input number comes from 0001 income statement of Telefonica Brasil 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 VIV stock valuation model: a) initial revenue growth rate of 2% 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 VIV is calculated based on our internal credit rating of Telefonica Brasil 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 Telefonica Brasil 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 VIV stock the variable cost ratio is equal to 82.4%.

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 VIV 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 5.4% for Telefonica Brasil ADR.

Corporate tax rate of 27% is the nominal tax rate for Telefonica Brasil 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 VIV 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 VIV are equal to 127.3%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Telefonica Brasil 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 VIV is equal to -12%. 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 - $20978.9664754 million for Telefonica Brasil 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 189.048 million for Telefonica Brasil 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 Telefonica Brasil ADR at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ 3Q18 Results: Telefônica Brasil S.A.   [07:49AM  PR Newswire]
▶ Telefonica Brasil: 12% Dividend Yield   [Sep-26-18 03:46PM  GuruFocus.com]
▶ Telefônica Brasil S.A.: 2Q18 Results   [06:20AM  PR Newswire]
▶ Does Euroinvestment SA. (WSE:VIV) Fall With The Market?   [Jun-09-18 07:11AM  Simply Wall St.]
▶ Who Owns Most Of Euroinvestment SA. (WSE:VIV)?   [May-31-18 11:34AM  Simply Wall St.]
▶ Elliott Beats Vivendi in Clash for Telecom Italias Board   [May-04-18 12:20PM  Bloomberg Video]
▶ Telefonica Brasil: 1Q Earnings Snapshot   [03:13PM  Associated Press]
▶ 1Q18 Results: Telefônica Brasil S.A.   [06:57AM  PR Newswire]
▶ Telefonica Brasil Downgraded: What You Need to Know   [Apr-12-18 11:12AM  Motley Fool]
▶ New Strong Sell Stocks for March 15th   [Mar-15-18 07:18AM  Zacks]
▶ Telefonica Brasil posts 3Q profit   [Oct-25-17 06:55AM  Associated Press]
▶ 3Q17 Results: Telefonica Brasil S.A.   [06:34AM  PR Newswire]
▶ Telefonica Brasil S.A. Getting Closer To Key Technical Benchmark   [Sep-29-17 03:00AM  Investor's Business Daily]
▶ Telefonica Brasil misses 2Q profit forecasts   [Jul-26-17 10:23PM  Associated Press]
▶ 2Q17 Results: Telefônica Brasil S.A.   [06:03AM  PR Newswire]
▶ Four ways to play the European boom   [03:12AM  MarketWatch]
▶ Top Ranked Value Stocks to Buy for May 25th   [May-25-17 10:20AM  Zacks]
▶ Trader's Daily Notebook: Is a Battered Brazil Worth a Buy?   [May-19-17 07:00AM  TheStreet.com]
▶ Is Part Of Universal Music Up For Sale?   [May-13-17 08:00AM  Forbes]
▶ M&A in Europe Picks Up as Vivendi Offers $4.2B for Havas   [May-12-17 01:11PM  Bloomberg Video]
▶ 1Q17 Results: Telefonica Brasil S.A.   [May-09-17 05:48PM  PR Newswire]
▶ 15 Latin American Stocks To Own Now   [Apr-18-17 03:02PM  Barrons.com]
▶ Stoxx 600 Heads Lower, Silver on a Roll   [11:57AM  Bloomberg Video]

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