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Telecomunicações de São Paulo S.A.

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TSP.N

ISIN: US87929A1025
SEDOL: 2297952

Rating:

BUY

Target Price:

16.11 USD

Investment Horizon:

6 to 12 months
14th May 2009 View Report   Download

1Q 09 News Alert

Telecomunicacoes de Sao Paulo S.A. (Telesp) reported a weak 1Q 09 top-line performance due to declining revenues from Local services and Domestic Long Distance (DLD) led by reduced minutes of usage. Earnings declined significantly on account of higher operating and tax expenses. Despite weak revenue and profitability performances, we remain positive regarding Telesp's Broadband and Pay TV service offerings due to Telesp's dominant position…

31st Mar 2009 View Report   Download

4Q 08 & FY 2008 Update Report

We expect Telesp to experience healthy top-line performance driven by growth in Data Transmission and Pay TV revenues, supported by rising Pay TV subscriber-base from the Sao Paulo region. Telesp’s Pay TV services have been well accepted, reflected in a healthy 104.5% y-o-y increase in subscribebase in 4Q 08. São Paulo is the richest and largest city in Brazil and has the highest population in South…

18th Feb 2009 View Report   Download

4Q 08 & FY 2008 News Alert

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Telecomunicações de São Paulo S.A.’s (Telesp) 4Q 08 and FY 2008 results were broadly in line with our expectations. Considering Telesp’s leading position in the fixed-line market in the Sao Paulo region in Brazil, in addition to the opportunity presented by Data Transmission services, we maintain our positive outlook for the company’s financial growth prospects. Furthermore, the company’s Pay TV…

20th Jan 2009 View Report   Download

Company News Alert

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Telecomunicações de São Paulo S.A.’s (Telesp) preferred stock has declined significantly since our last update report reflecting investor concerns over its performance in these economically uncertain times, give that the company is a fixed-line operator in Brazil’s Region III. In addition, the increasing shift of subscribers toward wireless services has impacted business and weakened growth prospects. Therefore, although our target price…

14th Nov 2008 View Report   Download

3Q 08 Update Report

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3Q 08 NOR (Net operating revenues) and EBITDA experienced healthy growth, while earnings increased robustly y-o-y. Overall 3Q 08 performance surpassed our and market expectations. Going forward we expect the impact of declining wireline revenues to be offset by increased revenues from Pay TV and Broadband services, which have been gaining higher acceptance in São Paulo, reflected…