TIM SA ADR

TIMB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$11.00	Wwgfx	Wcqyxlhy

TIM Earnings: Pricing Discipline Continues to Deliver Solid Profitability

Michael Hodel

Aug 1, 2024

TIM’s emphasis on pricing discipline over customer additions continued to produce slightly slower growth than its two primary rivals while delivering solid profitability during the second quarter. We expect the firm will struggle to maintain share versus America Movil and Vivo, but we also believe the competitive environment in Brazil will improve. Our fair value estimate remains $19.

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