Telefônica Brasil S.A. (VIVT3) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Telefônica Brasil S.A. stock BRL 38.00, price BRL 34.04, upside +11.6%, quality 54 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.
How to read this chart
60‑month range R$14.26 – R$40.66 · fair‑value band R$26.64 – R$49.36 · the R$34.04 price screens below the R$38.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 2026.
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Telefônica Brasil S.A., together with its subsidiaries, operates as a mobile telecommunications company in Brazil.
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Its fixed line voice services portfolio includes local, domestic long-distance, and international long-distance calls; and mobile portfolio comprises voice and broadband internet access through 3G, 4G, 4.5G, and 5G, as well as value-added, prepaid plans with data sharing features, family plans, voice mail, caller identification, voice minutes in unlimited bundles to mobile and fixed-line phones, and digital services, and wireless roaming services.
The company also offers data services, including broadband and mobile data services; fixed-line local services consist of activation, monthly subscription, public telephones and measured services.
In addition, it provides pay TV services through IPTV technologies; network services, such as rental of facilities and other services; wholesale services, including interconnection services to users of other network providers; and digital services that include entertainment, cloud, and security and financial services.
Further, the company offers multimedia communication services, which include audio, data, voice and other sounds, images, texts, and other information, as well as sells devices and accessories, such as smartphones, broadband USB modems, and other devices.
Additionally, it provides telecommunications solutions and IT support to various industries, such as retail, manufacturing, services, financial institutions, government, etc; insurance services; and sale of wireless devices and consumer electronics.
It markets and sells its solutions through Vivo stores, dealers, retail channels, distribution and digital channels, door-to-door sales, and outbound tele sales.
The company was formerly known as Telecomunicações de São Paulo S.A. - TELESP and changed its name to Telefônica Brasil S.A. in October 2011. Telefônica Brasil S.A. was incorporated in 1998 and is headquartered in São Paulo, Brazil.
Stock analysis
Telefônica Brasil S.A. (VIVT3) currently trades at R$34.04, while our model-based Fair Value estimate is R$38.00, implying the stock looks roughly 10% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of R$53.13 per share, and 15 of the 26 models we run sit above the R$34.04 price.
Bear case: the Asset-Based group reads lowest at R$4.35, and 11 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: R$26.64 (bear) to R$49.36 (bull), the price of R$34.04 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Telefônica Brasil S.A. reported revenue of R$59.6B in FY2025 versus R$44.0B in FY2021, a compound +7.9%/yr. Reported net income was R$6.2B in FY2025, compounding −0.3%/yr from FY2021.
Key figures
Market cap R$109B (≈ $19.3B) Large · P/E ratio 16.3 · P/S ratio 1.74 · EPS (TTM) R$2.09 · Dividend yield 0.7% · Net margin 11.4% · Return on equity 10.6% · Return on assets (EBIT) 6.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 49% fair-value upside, at 12%, VIVT3 screens richer than that median.
Fair Value models
BearR$26.64Fair Value R$38.00BullR$49.36
Price R$34.04 · Upside +11.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (R$1.61 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.7%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.0%
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What shareholders gained per year (last 5 years), in BRL ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−7.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.8%
Dividend (yield on the price)0.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−8.4% vs −2.3%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 15%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.8%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Brazil: IMF forecast 3.3% a year to 2030, 5.4% from 2016 to 2025) that is about −4.9% a year for the price and +2.2% for the forecasts.
AI conclusion: Business quality remains constrained by limited evidence of a durable moat across categories, while acquisition-driven fiber growth offers the primary avenue for strengthening recurring revenues.
Main risk: Regional fiber providers and satellite offerings from Starlink could capture broadband customers from Vivo or force price reductions in the fragmented fixed broadband market.
Bull case: Vivo could leverage its scale in mobile-fiber convergence and selective acquisitions like Vero to consolidate the fragmented broadband market and defend margins through bundled offerings.
Bear case: If smaller operators and satellite rivals continue gaining share, Vivo might face sustained pressure on broadband ARPU and slower growth in its fixed-line segment amid ongoing market fragmentation.
Telefônica Brasil is holding preliminary talks to acquire Vero, a fiber broadband provider serving 1.3 million customers across nine states. The move would expand its fiber footprint beyond the current 32 million homes passed without equivalent new build-out. Does the company strengthen its recurring revenue base through faster consolidation or face added integration challenges in a competitive market?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 251 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+11.6% · Above median
Profitability
Return on equity (12 months)10.6% · Above median
Return on assets4.8% · Above median
Net margin (12 months)11.4% · Above median
Operating margin (12 months)18.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)7.2% · Above median
Dividend yield (12 months)0.7% · Bottom 25%
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (12 months)16.3× · Pricier than median
P/B1.59× · Cheaper than median
P/S (12 months)1.74× · Pricier than median
Price / free cash flow (fiscal year)9.7× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Telefônica Brasil S.A. Fair Value". https://www.fairvalue-calculator.com/stock/VIVT3
Frequently asked questions
Is Telefônica Brasil S.A. (VIVT3) overvalued or undervalued?
As of Nov 13, 2026, our model estimates a fair value of R$38.00 versus a price of R$34.04, about +12% upside (undervalued).
What is the fair value of VIVT3?
Our model-based fair value for Telefônica Brasil S.A. is R$38.00 (as of Nov 13, 2026), built from audited fundamentals. The current price: R$34.04.
What is the quality score of VIVT3?
Telefônica Brasil S.A. has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Telefônica Brasil S.A. (VIVT3)?
Our model-based price target is the fair value of R$38.00 (as of Nov 13, 2026) from 26 valuation models. Cautious scenario R$26.64, optimistic scenario R$49.36. It is a calculation from audited fundamentals, not an analyst target.
What is the Telefônica Brasil S.A. stock forecast for 2026?
Our models put fair value at R$38.00, about +12% upside versus a price of R$34.04 (undervalued). Cautious scenario R$26.64, optimistic scenario R$49.36. The calculation is refreshed regularly with new filings.
What is the revenue of Telefônica Brasil S.A. (VIVT3)?
Telefônica Brasil S.A. reported trailing-twelve-month revenue of about R$62.8B (latest available figure, as of Nov 13, 2026).
Does Telefônica Brasil S.A. pay a dividend?
Telefônica Brasil S.A. currently shows a dividend yield of 0.70% relative to its recent price (as of Nov 13, 2026).
How much is the dividend of Telefônica Brasil S.A. (VIVT3) and when is the ex-dividend date?
Telefônica Brasil S.A. pays a dividend of R$0.238 per share a year, a dividend yield of 0.7%. The last ex-dividend date was Oct 27, 2026. A dividend has been paid every year since at least 2000. The payout ratio is 11.4% of earnings. Free cash flow covers the dividend 14.80 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Telefônica Brasil S.A. (VIVT3)?
For today's price to be fair in a discounted-cash-flow model, Telefônica Brasil S.A. would have to grow free cash flow by -1.8 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.7 % per year. As of Nov 13, 2026.
What discount rate (WACC) does the fair value of VIVT3 use?
Our models discount Telefônica Brasil S.A. at 10.7 %: a base by market capitalisation (large), damped by beta 0.20, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Telefônica Brasil S.A. that is -1.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Telefônica Brasil S.A. (VIVT3) delivered so far?
Over the past 5 years revenue at Telefônica Brasil S.A. grew +6.7 % a year. The price currently implies free-cash-flow growth of -1.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Telefônica Brasil S.A. (VIVT3) growing?
The median revenue growth in the sector is +3.9 % a year. That is the yardstick for the growth priced into Telefônica Brasil S.A. (-1.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Telefônica Brasil S.A. (VIVT3)?
The free-cash-flow yield on the price is 10.30 %: that much free cash flow Telefônica Brasil S.A. produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Telefônica Brasil S.A. (VIVT3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Telefônica Brasil S.A. it is R$38.00 per share (as of Nov 13, 2026), against a price of R$34.04. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Telefônica Brasil S.A. stock overvalued or undervalued in 2026?
As of Nov 13, 2026, VIVT3 trades below its calculated fair value: price R$34.04, fair value R$38.00, a gap of about +12% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VIVT3?
No. The price is what the market pays today (R$34.04); the fair value is what the company's own numbers justify (R$38.00). For Telefônica Brasil S.A. the two are R$3.96 per share apart. That gap is exactly why we show both numbers side by side.
How much is Telefônica Brasil S.A. worth?
The market values Telefônica Brasil S.A. at about R$109B (market capitalisation, as of Nov 13, 2026). Per share that is R$34.04; our models calculate a fair value of R$38.00 per share.
What do the bullish and bearish scenarios say about VIVT3?
Our models span a range for Telefônica Brasil S.A.: cautious scenario R$26.64, base R$38.00, optimistic R$49.36 per share (as of Nov 13, 2026, price R$34.04). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VIVT3?
Telefônica Brasil S.A. trades at a price-to-earnings ratio of 16.3 (as of Nov 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$38.00 is built from several models across several years. Other multiples: PEG 0.9, P/B 1.6, P/S 1.7, EV/EBITDA 4.2.
What is the PEG ratio of VIVT3?
The PEG ratio of Telefônica Brasil S.A. is 0.94 (P/E divided by earnings growth, as of Nov 13, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Telefônica Brasil S.A. (VIVT3)?
Balance-sheet figures for Telefônica Brasil S.A. (as of Nov 13, 2026): return on equity 10.6%, debt of 0.07 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is VIVT3 from its 52-week high?
Telefônica Brasil S.A. trades at R$34.04, about 16% below its 52-week high of R$40.66 and 17% above the low of R$29.02 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of R$38.00 is for.
Which stocks are comparable to Telefônica Brasil S.A.?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Telefônica Brasil S.A. stock attractive at the current price?
The data as of Nov 13, 2026: price R$34.04, calculated fair value R$38.00 (+12%), Quality Score 54/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VIVT3 calculated?
We run Telefônica Brasil S.A. through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of R$38.00 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9% above its aggregate fair value. Telefônica Brasil S.A. currently trades 10% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Telefônica Brasil S.A. (VIVT3)?
The closing price on Nov 13, 2026 was R$34.04. Our model-based fair value is R$38.00, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Telefônica Brasil S.A. right now?
A fairly wide model range (R$26.64 to R$49.36) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Telefônica Brasil S.A. (VIVT3) come from?
Earnings per share at Telefônica Brasil S.A. grew −0.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.1 %, EBIT margin +0.9 %, tax rate −0.2 %, residual (interest, one-offs) −1.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Telefônica Brasil S.A.
How large is the market capitalisation of Telefônica Brasil S.A. (VIVT3)?
The market capitalisation of Telefônica Brasil S.A. is R$109B (≈ $19.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Telefônica Brasil S.A. (VIVT3)?
The price-to-sales ratio of Telefônica Brasil S.A. is 1.74 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Telefônica Brasil S.A. (VIVT3)?
Earnings per share at Telefônica Brasil S.A. are R$2.09 (price ÷ EPS = P/E 16.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Telefônica Brasil S.A. (VIVT3)?
The dividend yield of Telefônica Brasil S.A. is 0.7% (payout 11.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Telefônica Brasil S.A. (VIVT3)?
The net margin of Telefônica Brasil S.A. is 11.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Telefônica Brasil S.A. (VIVT3)?
The return on equity (ROE) of Telefônica Brasil S.A. is 10.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Telefônica Brasil S.A. (VIVT3)?
On an EBIT basis the return on assets of Telefônica Brasil S.A. is 6.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Telefônica Brasil S.A. (VIVT3)?
The operating margin of Telefônica Brasil S.A. is 18.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Telefônica Brasil S.A. (VIVT3)?
Revenue at Telefônica Brasil S.A. is growing +7.2% versus a year earlier (3y avg +7.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Telefônica Brasil S.A. (VIVT3)?
Earnings per share at Telefônica Brasil S.A. are growing +18.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Telefônica Brasil S.A. (VIVT3) carry?
The net debt of Telefônica Brasil S.A. is R$23.8B (fiscal year 2025, ≈ 2.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 13, 2026