Competitor Insight #27.2007: Telecomunicacoes de Sao Paulo (Telesp)

Publication Date	June 2007
Publisher	IE Market Research
Product Type	Report
Pages	10
ISBN Number	not applicable
Product Code	IEM00097

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Summary

This market research report on Telecomunicacoes de Sao Paulo (Telesp) provides a comprehensive analysis of Telesp's strategies, operational and financial metrics. The report covers the key strategic issues facing Telesp, notably we give in depth coverage to merger and acquisition scene in Brazil and how Telesp might be affected. We also cover Telesp's decline in voice traffic and the offsetting growth in ADSL. Extensive coverage is also devoted to Telep's financial performance and forecasts highlighting 1Q07 results.

Content

Strategic Outlook
- M&A Scenario could involve integration of Telesp and Vivo
  - Scenario 1: Door remains open for America Movil (Unlikely)
  - Scenario 2: Telefonica sells its Vivo Stake to Portugal Telecom
  - Scenario 3: Telefonica allowed to keep Stake in TIM and Vivo
  - while Tele Norte Leste acquires Brasil Telecom
- We are not expecting integration in the next 2-year time horizon
Operational and Financial Summary and Forecasts
- Voice traffic continues to decline; ADSL takes up slack
- Dividend and potential M&A are most important drivers
- EBITDA margins are stable
List of Tables
- Table 1: Telesp's Quarterly Income Statement, 1Q07