TIM SA ADR

TIMB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$93.00	Jrchb	Tkvfkvx

We've Trimmed Our TIM Fair Value Estimate to $19 on the Weakening Real

Michael Hodel

Jul 12, 2024

Business Strategy and Outlook

TIM, 67%-owned by Telecom Italia, is the smallest of the three major wireless carriers in Brazil. The removal of Oi from the market in 2022 has greatly improved the competitive environment. While we expect TIM will generate steady results in the coming years, we believe the firm’s modest fixed-line footprint leaves it at a disadvantage to both its larger competitors.

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