5 models fit Telefonica Brasil S.A. American Depositary Shares (Each representing One Common Share) and they disagree: 2 of 5 land within 15% of the average.
Two or more of our models back this value.
Discount(i)Bronze55
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionTelefonica Brasil S.A. American Depositary Shares (Each representing One Common Share) (VIV)
Fair value (5 models)
$16.29
ACCE price target
$12.70
Rating
Undervalued
Horizon
12 months
Fair value published on 18 Oct 2026, 16:04 CEST; previously $20.59 since 14 Oct 2026, 00:00 CEST.
ACCE price target published on 26 Sept 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 16:04 CEST.
Price used: $12.96 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
20.4% below
+25.7% to fair value
ACCE score
65
out of 100
Analysts
13% buy
8 covering
P/E
16.6x
forward 12.1x
1-year return
+4.2%
Dividend yield
7.67%
Telefonica Brasil S.A. American Depositary Shares (Each representing One Common Share) in four questions
Plain answers, details below
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Overview
ACCE thesis
Telefônica Brasil, the Vivo mobile and fixed-line operator, is the second-largest telecom in Brazil, selling postpaid and prepaid mobile plans, broadband, and pay-TV, with a market cap of about $19.4B. The moat is scale in a three-player mobile market and a fixed-broadband footprint that is hard to replicate, which supports an operating margin of 17.6% and a gross margin of 48.3%. Revenue growth of 7.6% is the number to watch, as it shows the business compounding faster than many regional telecom peers. At 15.6x trailing earnings and 11.3x forward, the stock prices in a meaningful earnings step-up, so the investment case rests on delivery of that growth rather than on multiple expansion. ROE of 9.9% is modest, which is the main reason this name warrants a deeper look on capital efficiency before anything else.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
ACCE score deterioration
Score fell 7 points in 90 days (71 to 64). Moat pillar collapsed from likely ~70s to 56, signalling weakening competitive position or market share pressure.
moderate
Moat score weakness
Growth pillar at 56 is the lowest component. In telecom, this suggests commoditizing services, pricing pressure, or slowing subscriber growth relative to peers.
moderate
Valuation multiple compression risk
Forward P/E of 9.9 is deeply discounted to current 15.6, implying market expects earnings deceleration. QoQ growth of 1.9% vs YoY 18.5% confirms momentum is fading.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow yield of 11.5% offers substantial income return at current valuation.
Consistent revenue growth of 7.6% year over year with 5-year average of 6.3% demonstrates resilience.
Share buybacks reducing dilution by 1.8% last year enhance per-share value creation.
Why it could disappoint
Return on invested capital of 5.6% trails cost of capital, destroying shareholder value.
Latest earnings missed expectations by 17.4%, signaling operational headwinds.
Only 13% of analysts rate the stock Buy or Strong Buy, showing weak conviction.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 10, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
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Valuation
INVESTOR
Where VIV's valuation models land
Price
$12.96
Model fair value
$16.29
Model range
$10.59 to $25.90
Fair value $16.29
Price $12.96
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.
+Quarter-over-quarter institutional position changes
+Every insider and Congress trade, with how late it was disclosed
+Active 13D activist filings and top holders
Compare
Where it sits vs peers
News and Record
Press releases mentioning this company
Recent performance
1 week
+3.6%
1 month
+11.2%
3 months
-7.8%
6 months
-19.3%
YTD
+9.3%
1 year
+4.2%
SEC filings
Recommendation history, last 12 months
Date
Type
New
Previous
Price
18 Oct 2026, 16:04 CEST
Fair value
$16.29
$20.59
$12.51
18 Oct 2026, 16:04 CEST
Rating
Undervalued
first publication
$12.51
14 Oct 2026, 00:00 CEST
Fair value
$20.59
first publication
$12.16
26 Sept 2026, 00:00 CEST
ACCE price target
$12.70
first publication
$11.69
Price
+2.1% · 1Y
Ask anything about VIV
Answered from Telefonica Brasil S.A. American Depositary Shares (Each representing One Common Share) fundamentals + recent valuations. Every number shows its source and date.
This stock Peer Peer median weaker → stronger
P/Ebetter than 33% of peers
low 0.0x16.6xhigh 35.7x
ROEbetter than 33% of peers
low -112%10%high 31%
Div yieldbetter than 100% of peers
low 0.0%7.7%high 7.7%
Peers
Prices Oct 23, 2026
Company
Price
Fair value
vs fair value
P/E
ROE
Quality
Score
VIVTelefonica Brasil S.A. American Depositary Shares (Each representing One Common Share)