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Telefônica Brasil S.A.NYSE:VIV 株式レポート

時価総額 US$19.2b
株価
n/a
1Y-0.8%
7D-7.0%
1D-0.6%
ポートフォリオ価値
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Telefônica Brasil S.A.

NYSE:VIV 株式レポート

時価総額：US$19.2b

Telefônica Brasil（VIV）株式概要

テレフォニカ・ブラジルS.A.は、その子会社とともにブラジルで移動体通信事業を行っている。 詳細

VIV ファンダメンタル分析
スノーフレーク・スコア
評価4/6
将来の成長1/6
過去の実績5/6
財務の健全性3/6
配当金3/6

報酬

当社が推定した公正価値より64.5%で取引されている

収益は年間12.83%増加すると予測されています

過去1年間で収益は13.1%増加しました

リスク分析

不安定な配当実績


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Telefônica Brasil S.A. 競合他社

価格と性能

株価の高値、安値、推移の概要Telefônica Brasil
過去の株価
現在の株価R$12.01
52週高値R$17.26
52週安値R$11.50
ベータ0.21
1ヶ月の変化-13.85%
3ヶ月変化-18.52%
1年変化-0.83%
3年間の変化38.20%
5年間の変化49.19%
IPOからの変化54.77%

最新ニュース

Seeking Alpha • Jul 28

Vivo Q2: A High-Quality Compounder Trapped By Brazil's Interest Rates

Summary Vivo (VIV) demonstrates robust business health, with high single-digit top-line growth, strong cash flow, and operational efficiency in a favorable oligopolistic Brazilian market. VIV's recurring revenues now comprise 85% of service revenue, with postpaid and fiber segments driving healthy ARPU growth and lower churn versus U.S. peers. Despite a 10% free cash flow yield and low leverage, VIV's valuation is only moderately attractive relative to high Brazilian risk-free rates. I rate VIV a hold: solid fundamentals and shareholder yield, but not cheap enough given local treasury yields and currency risk. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Jul 28

Vivo Q2: A High-Quality Compounder Trapped By Brazil's Interest Rates

Summary Vivo (VIV) demonstrates robust business health, with high single-digit top-line growth, strong cash flow, and operational efficiency in a favorable oligopolistic Brazilian market. VIV's recurring revenues now comprise 85% of service revenue, with postpaid and fiber segments driving healthy ARPU growth and lower churn versus U.S. peers. Despite a 10% free cash flow yield and low leverage, VIV's valuation is only moderately attractive relative to high Brazilian risk-free rates. I rate VIV a hold: solid fundamentals and shareholder yield, but not cheap enough given local treasury yields and currency risk. Read the full article on Seeking Alpha
Seeking Alpha • Apr 16

Telefonica Brasil: Market Leader, Weak Returns

Summary Vivo, a dominant telecom player in Brazil, faces intense competition and market share erosion, particularly from emerging regional players. Despite strong brand recognition and diverse service offerings, Vivo's financial growth has stagnated, with margins under pressure and limited ability to increase dividends. The stock appears overvalued relative to the Brazilian market, with better growth and dividend opportunities available from emerging telecom players. Recommendation: HOLD, with potential downgrade to SELL if fundamentals worsen; new entrants' challenges could be an upside risk. Read the full article on Seeking Alpha
Seeking Alpha • Jan 23

Telefonica Brasil: The Dividend Story Remains Compelling

Summary Telefônica Brasil, known as Vivo, is a leading telecom company in Brazil, excelling in dividend payments and maintaining a strong market presence despite macroeconomic challenges. Despite a sharp decline in ADR performance in 2024, the company's fundamentals remain strong, with revenue growth surpassing inflation and improved EBITDA margins. Macroeconomic factors, including high-interest rates and currency depreciation, have pressured the stock, but the dividend yield remains attractive, potentially reaching double digits by 2026. Key risks include Brazil's unstable macroeconomic environment, high competition, and the company's ability to manage costs and pass on price increases effectively. Read the full article on Seeking Alpha
Seeking Alpha • Jul 11

Telefonica Brasil: Sectoral Complexities And Unattractive Valuation

Summary The company operates in a capital-intensive and competitive telecommunications sector in Brazil, facing challenges in agility and regulatory requirements. Telefonica Brasil faces regulatory complexities and financial indicators worse than its competitor TIM, making its valuation stretched. Despite decent growth and profitability, a comparative valuation suggests a 7.4% downside in Telefônica Brasil's current prices, leading to a recommendation to sell shares. Read the full article on Seeking Alpha
Seeking Alpha • May 13

Telefonica Brasil: Poised For A Strong 2024

Summary Brazil's economy has improved, making Telefonica Brasil a better buy. Brazil has successfully fought inflation, which is positive for the market and economy. The Central Bank has room for rate cuts if inflation remains low. Read the full article on Seeking Alpha
Seeking Alpha • Feb 25

Telefonica Brasil's Q4 Earnings: Strong Buy For Income Investors

Summary Telefônica Brasil has been upgraded from a buy to a strong buy following strong Q4 earnings and robust financial improvements in 2023. Accelerated organic growth in mobile and fixed services and a commitment to shareholder returns drove the upgrade. Expectations for increased profits, double-digit shareholder yield, and fair valuation make Telefonica Brasil an attractive income stock for investors. Read the full article on Seeking Alpha
Seeking Alpha • Nov 02

Telefonica Brasil Q3 Earnings: Hardly Anything To Fault

Summary Telefônica Brasil maintains market leadership in Brazil's telecommunications industry, surpassing competitors Claro, Tim, and Oi. The company's Q3 earnings results were robust, with strong performance in key indicators such as mobile accesses, postpaid market share, and revenue growth. Telefônica Brasil's dividend distribution policy and potential for undervaluation make it an attractive investment, with a projected dividend yield of 7.1% and potential for stock price increase. Read the full article on Seeking Alpha
Seeking Alpha • Aug 31

Telefonica Brasil: Q2 Earnings Reinforce Resilient Dividend Outlook

Summary Telefônica Brasil's Q2 results demonstrate robust cash flow growth and CAPEX reduction, reinforcing its reputation as a strong dividend payer. While the stock's appreciation this year limits short-term gains, a substantial long-term valuation gap is evident, though potential risks include market entry and political factors. Despite challenges, Telefônica Brasil's consistent dividends and positive Q2 performance support a bullish investment outlook. Read the full article on Seeking Alpha
Seeking Alpha • Jul 17

Vivo: Great Telecom Business, But Not That Appealing For The Long Term

Summary I recommend a hold stance for investors that already own Vivo shares, focusing on receiving generous dividends rather than expecting significant growth opportunities. Vivo's revenue growth has been limited in recent years, primarily due to saturation in the mobile telephony sector and challenges in passing on inflation costs to customers. The fiber market has experienced strong growth, but it is expected to slow down as the market reaches saturation and faces economic constraints. The fixed-line telephony market is challenging, with declining demand for landline phones, resulting in decreased revenues for Vivo in this segment. Vivo is known for being a generous dividend payer, with a history of high dividend yields. Everything indicates it will remain so, so at least holders will receive great distributions. Read the full article on Seeking Alpha
Seeking Alpha • Jun 01

Telefonica Brasil: Dividends Should Get Even More Attractive

Summary Telefônica Brasil has a very broad dividend distribution policy of 100% payout. Telefônica Brasil's recent quarterly results have been solid, with growth in mobile and fixed telephony segments. The company has reported increased operating cash flow and aims to further improve cash flow margins by reducing capital expenditures. Currency fluctuations and macroeconomic conditions, such as interest rates and inflation, can impact the value of dividends paid by Telefônica Brasil. Read the full article on Seeking Alpha
Seeking Alpha • Feb 15

Telefonica Brasil Net Income of R$1.13B, revenue of R$12.66B

Telefonica Brasil press release (NYSE:VIV): Q4 Net Income of R$1.13B. Revenue of R$12.66B (+10.1% Y/Y).
Seeking Alpha • Dec 13

Telefônica Brasil: Strong Company Offering A Grand Dividend

Summary Telefônica Brasil is the market leader in Brazil's telecommunications and has steady and profitable core business combined with emerging but rapidly growing digital businesses. The stock has dropped to a level seen last time in 2016 supposedly driven by political and currency depreciation risks. Fundamentally the business is much stronger. The stock is valued P/FCF 7.5 and the stock offers 13.4% free cash flow yield. The valuation is significantly lower than its rival's. Telefônica Brasil offers a potential 6.4% forward dividend yield and a modest share buyback program supported by very strong balance sheet and free cash flow. Telefônica Brasil (VIV), and its Vivo brand, is the market leader in Brazil's telecommunications. For a mobile network operator (MNO), the company has an extremely strong balance sheet. Its core business is profitable and has growth potential left in the tank. In addition, the company has promising digital business endeavors that are growing fast and making its core business stickier among its customers. In dollar terms the stock is back to the levels seen last time in 2016. Last year the company generated 50% higher net income by 5% higher revenues - in Brazilian reals. The stock has a low historical and relative valuation, offering a 13% free cash flow yield and potentially a forward dividend yield of 6.4%. Political risks of Brazil and potential weakness of the real could offer an interesting entry point to build a position in Telefônica Brasil. Company overview Telefônica Brasil is a leading MNO in Brazil under a brand called Vivo. The company is a subsidiary of Spanish mobile network operator Telefônica (NYSE:TEF). which owns 74.2% of Telefônica Brasil shares. Vivo operates both in mobile and fiber, it has 1700 stores across Brazil and over 112 million customer accesses. The underlying fundamentals for the core business growth are solid. First, the penetration rates of smartphone and fiber connections and average revenue per user have room to grow when compared to international levels. The fiber business has grown at a CAGR of 29% over the past five years and the company has a plan to increase the amount of connected homes from 21 million to 29 million by 2024. Second, the demographics of Brazil, market leadership and low-churn rate are prone to add more customers on the Vivo platform in the long run. Telefônica Brasil is not just a mobile network operator. It has an impressive set of rapidly growing digital businesses. It distributes over-the-top media services such as Netflix, Disney and Spotify. Vivo has 1.8 million subscribers and the customer base grew 49% year over year. Vivo Money and Vivo Pay are services for digital banking, including loans, money transfers and payment of bills. The digital banking loan book has grown at a very fast pace. In addition, Vivo has emerging services for telehealth, education and shopping. In the B2B-segment Vivo offers cloud services, cybersecurity and sales and leasing of equipment. This business grew 33% in the last quarter. Recently, in the spring of 2022, Telefônica Brasil acquired mobile assets of its struggling competitor Oi. The acquisition added 12 million accesses to Vivo's books. As a result Vivo's mobile market share now stands at 38%, up from 31% ten years ago. Telefônica Brasil paid R$ 5.4 billion for the business in cash and expects to gain a similar amount in synergies. The deal increases revenues by 4% and EBITDA by 7%. Furthermore, the Brazilian market is now divided between three players. For the past couple of quarters the business momentum has been strong revenues and OIBDA growing at a double-digit pace while the margins have remained stable. Financial snapshot of Telefonica Brasil (Telefonica investor presentation) Valuation has gone lower and margins remain steady Telefônica Brasil is currently trading below its historical averages on traditional metrics. The price to earnings multiple stands at 11.6, price to book multiple at 0.93 and price to sales at 1.4. At the end of the third quarter the book value of the company was R$ 41.2 per share and currently the stock is trading around R$ 37. Only 40% of the assets in the balance sheet are intangible. For a comparison, half of the assets on the balance sheet of Verizon (VZ) are either goodwill or intangibles. Data by YCharts The direct Brazilian competitor TIM (NYSE:TIMB) is valued at price to earnings multiple of 14.5, price to book multiple at 1.4 and price to sales at 1.5. TIM has been able to maintain slightly higher margins than Telefônica Brasil. Nevertheless, the margins of Telefônica Brasil can be described steady and resilient. It is difficult to spot a pandemic drop from the chart below. Overview of margin development of Telefonica Brasil. (Telefonica Brasil, Author.) An improved performance and falling stock price has made the stock very attractive on free cash flow basis. Here the difference to TIM is apparent and acquiring shares of a clear market leader at much better valuation is a sign of potential opportunity. Analysts have given the stock an average target price of $10.7 representing an upside of 50%. Data by YCharts The mothership is thirsty for dividends The Spanish Telefônica is profiled as a high dividend stock and needs its subsidiaries to deliver the profits back to the mothership. VIV pays practically all of its net income as a dividend as seen in the picture below provided by the company. Due to this the stock has normally yielded over six per cent. According to Seeking Alpha the company has paid this year a dividend of $0.4 per share and one installment is still expected for December. Last year the dividend was $0.64 per share. In 2023 Fitch expects the company to pay a dividend of R$ 4.1 billion which would translate to approximately $0.46 per share. Development of net income and dividend. (Telefonica Brasil IR) Is the high dividend safe? The dividend payment exceeds its net income, but the cash flow exceeded the dividend payment in 2020 by a factor of 1.69x and in 2021 by 1.19x. Furthermore, excluding the leases, Telefônica Brasil carries almost no debt. At the end of September the company had gross debt of R$7,549 million and cash R$6,151 million against a market cap of R$63 billion. Half of the long-term debt of R$ 5,031 million has a maturity in 2026 or after. This means that the company can continue rewarding shareholders as long as it takes care of the profitability of the business.
Seeking Alpha • Oct 26

Telefonica Brasil reports Q3 results

Telefonica Brasil press release (NYSE:VIV): Q3 Net Income of R$1.44B Revenue of R$12.19B (+10.5% Y/Y).
Seeking Alpha • Aug 05

Telefônica Brasil: Good Way To Gain Exposure To Brazil, Global Telecom

Telefônica Brasil S.A. has 97 million mobile lines in operation, which accounts for 38% of the market. Telecom is a good industry to invest in during inflation/recessions, and this stock is a great defensive option that may outperform banks and ETFs. The decline from Q1-Q2 peaks has created a more attractive entry point for Telefônica Brasil. Opportunity Overview Telefônica Brasil S.A. (VIV) ("Vivo"), which operates the Vivo brand in Brazil, is Brazil’s largest telecommunications company and ninth-largest brand in Brazil. Vivo offers voice services (fixed and mobile), fixed/ultra/broadband, pay-TV, IT services, and various digital services. The company has 97 million mobile lines in operation, which accounts for 38% of the market. It covers 95.2% of Brazil's population with 4G and 85.5% with its 5g network. The company is present in 12 countries in Europe and Latin America. Statista Telefonica Brazil operates more than 1,700 stores in Brazil and has 19 million users on its app. This stock is an attractive pick for multiple reasons: This industry has ample growth potential in Brazil, and Vivo is moving up to higher-end segments Telecom is a very good industry to invest in during inflation/recessions, and this stock is a great defensive option that may outperform banks and exchange-traded funds ("ETFs"). VIV has aggressive growth plans and a solid track record of growth Valuation is still attractive, even based on historical norms. Ycharts The decline from Q1-Q2 peaks has created a more attractive entry point for Vivo, as the stock could trade at over 2x revenue under more optimistic conditions. The Appeal Of The Brazilian Market Brazil has an attractive telecommunications market because of its favorable demographics and large % of SMEs that are undergoing a digital transformation. Furthermore, rising incomes in the future can help boost additional growth, especially as a large % of the population has ample room to increase spending on phones/internet/etc. Vivo SME Growth Opportunity: There is ample room for companies like this to target smaller SMEs by offering services. Companies like Vivo can also benefit from expanding into rural areas, and gain new customers that have not had exposure to its products. This transition will likely come to fruition by 2024-2025. Demographics: Another fact to note is that around 20% of Brazil’s population is 14 years old or younger. This fact further edifies the “favorable demographics” thesis that attracts capital flows to emerging markets. Growth in this sector may consequently peak 5-10 years out, as incomes rise and more younger consumers begin to spend more in their 20s. Rapid Growth: Emerging markets are experiencing a setback in growth, and this has impacted a plethora of industries, including banking. However, areas like ICT tend to be more resilient, as consumers are not very price sensitive and have limited options. Brazil’s ICT sector grew by 18% in 2021 and now represents around 6.9% of GDP. Datareportal Regions like Southeast Asia and Latin America have ample growth potential this decade, as a large % of consumers still are not fully exposed to telecom. Telefonica Brasil Outlook Telefonica Brasil is poised to capture some of the industry growth and maintain its leading industry position in Brazil. Expanding Fiber Segment Brazil’s current fiber penetration is 26%, while broadband penetration is around 63%. Vivo has been aggressively expanding into fiber, with a CAGR of 27%, and plans to reach 29 million homes in Brazil by 2024. Vivo This is an ambitious but achievable goal, given that Brazil’s government is committing to improving access for rural populations. Around 5,500 municipalities in Brazil will have access to fiber-optic coverage, in line with Brazil’s Generalization Plan for Universal Goals. If Brazil meets its plans, then around 99% of Brazil will have access to this coverage. Furthermore, 29 million homes only represent around 13-14% of Brazil’s population. Even a CAGR of 10%, would allow VIV to have 24.4 million homes by Q3 2024. VIV plans to focus on mid-sized cities, but will also expand to other areas where it does not provide services currently. The market is somewhat competitive, and Vivo will have to take market share from smaller players. The top 3 companies control around 53-54% of the fixed broadband market, while there is an abundance of regional players with a 1-3% market share. Mobile Segment: Stable, But No Growth Narrative This segment will not be as strong of a growth driver, given that a large percentage of Brazil’s population already has access to mobile devices. Datareportal Most people in Brazil own a smartphone, and users spend a lot of time online on their mobile devices relative to other countries.
Seeking Alpha • Jul 27

Telefonica Brasil reports Q2 results

Telefonica Brasil press release (NYSE:VIV): Q2 Net Income of R$746M Revenue of R$11.83B (+11.1% Y/Y).
Seeking Alpha • Jan 20

Telefonica Brasil: 7% Dividend Yield From A High-Quality EM Telecom Leader

Telefonica Brasil is the country's largest telecom and is benefiting from strong subscriber growth across its leading wireless and fiber internet services. Telefonica Brasil is well-positioned to capture growth from an ongoing digitalization of the Brazilian economy. We are bullish on VIV stock which is supported by overall solid fundamentals including a compelling 7% dividend yield.

株主還元

VIVUS TelecomUS 市場
7D-7.0%17.9%4.2%
1Y-0.8%-2.0%20.6%

業界別リターン: VIV過去 1 年間で-2 % の収益を上げたUS Telecom業界を上回りました。

リターン対市場: VIVは、過去 1 年間で20.6 % のリターンを上げたUS市場を下回りました。

価格変動

Is VIV's price volatile compared to industry and market?
VIV volatility
VIV Average Weekly Movement4.7%
Telecom Industry Average Movement9.8%
Market Average Movement7.2%
10% most volatile stocks in US Market16.2%
10% least volatile stocks in US Market3.1%

安定した株価: VIV 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。

時間の経過による変動: VIVの 週次ボラティリティ ( 5% ) は過去 1 年間安定しています。

会社概要

設立従業員CEO（最高経営責任者ウェブサイト
199835,010Christian Mauad Gebarawww.telefonica.com.br

Telefônica Brasil S.A.は、その子会社とともにブラジルで移動体通信事業を行っている。同社の固定回線音声サービス・ポートフォリオには、市内通話、国内長距離通話、国際長距離通話が含まれ、モバイル・ポートフォリオには、3G、4G、4.5G、5Gによる音声およびブロードバンド・インターネットアクセス、付加価値プラン、データ共有機能付きプリペイドプラン、ファミリープラン、ボイスメール、発信者番号通知、携帯電話および固定電話への無制限バンドル音声通話分数、デジタルサービス、無線ローミングサービスが含まれる。また、ブロードバンドやモバイル・データ・サービスなどのデータ・サービスも提供している。固定電話の市内サービスには、アクティベーション、月額利用料、公衆電話、測定サービスなどがある。さらに、IPTV技術による有料テレビサービス、設備レンタルなどのネットワークサービス、他のネットワークプロバイダーのユーザーへの相互接続サービスなどのホールセールサービス、エンターテインメント、クラウド、セキュリティ、金融サービスなどのデジタルサービスも提供している。さらに、オーディオ、データ、音声、画像、テキスト、その他の情報を含むマルチメディア通信サービスや、スマートフォン、ブロードバンドUSBモデムなどのデバイスやアクセサリーの販売も行っている。さらに、小売業、製造業、サービス業、金融機関、政府機関など様々な業界への通信ソリューションやITサポート、保険サービス、ワイヤレス機器や家電製品の販売も行っている。同社は、ビボ・ストア、販売店、小売チャネル、流通チャネル、デジタルチャネル、訪問販売、アウトバウンド・テレセールスを通じてソリューションを販売・マーケティングしている。旧社名はTelecomunicaões de São Paulo S.A. - TELESPで、2011年10月に社名をTelefônica Brasil S.A.に変更した。テレフォニカ・ブラジルは1998年に設立され、ブラジルのサンパウロに本社を置いている。

Telefônica Brasil S.A. 基礎のまとめ

Telefônica Brasil の収益と売上を時価総額と比較するとどうか。
VIV 基礎統計学
時価総額US$19.21b
収益（TTM）US$1.30b
売上高(TTM)US$12.14b
14.8x
PER（株価収益率
1.6x
P/Sレシオ

VIV は割高か？

公正価値と評価分析を参照

収益と収入

最新の決算報告書（TTM）に基づく主な収益性統計
VIV 損益計算書（TTM）
収益R$61.77b
売上原価R$31.96b
売上総利益R$29.81b
その他の費用R$23.21b
収益R$6.60b

直近の収益報告

Jun 30, 2026

次回決算日

該当なし

一株当たり利益（EPS）2.06
グロス・マージン48.26%
純利益率10.68%
有利子負債／自己資本比率7.7%

VIV の長期的なパフォーマンスは？

過去の実績と比較を見る

配当金

2.9%
現在の配当利回り
26%
配当性向

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2026/08/09 06:34
終値2026/08/07 00:00
収益2026/06/30
年間収益2025/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

このレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。

シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。

業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

Telefônica Brasil S.A. 15 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。28

アナリスト機関
Michel MorinBarclays
Mathieu RobilliardBarclays
Robin BienenstockBernstein