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TIM Participações

DB:TCLA
Snowflake Description

Undervalued with solid track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TCLA
DB
R$31B
Market Cap
  1. Home
  2. DE
  3. Telecom
Company description

TIM Participações S.A. provides telecommunication services in Brazil. The last earnings update was 13 days ago. More info.


Add to Portfolio Compare Print
TCLA Share Price and Events
7 Day Returns
4.3%
DB:TCLA
-3%
Europe Wireless Telecom
0%
DE Market
1 Year Returns
5.4%
DB:TCLA
1.1%
Europe Wireless Telecom
9.9%
DE Market
TCLA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TIM Participações (TCLA) 4.3% 17.1% 9.7% 5.4% 26% -27.6%
Europe Wireless Telecom -3% -3.3% 2.2% 1.1% -14.3% -26.2%
DE Market 0% 4.6% 12.1% 9.9% 14.6% 18.2%
1 Year Return vs Industry and Market
  • TCLA outperformed the Wireless Telecom industry which returned 1.1% over the past year.
  • TCLA underperformed the Market in Germany which returned 9.9% over the past year.
Price Volatility
TCLA
Industry
5yr Volatility vs Market

Value

 Is TIM Participações undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of TIM Participações to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for TIM Participações.

DB:TCLA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 15 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:TCLA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Wireless Telecom Unlevered Beta Simply Wall St/ S&P Global 0.34
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.337 (1 + (1- 34%) (30.93%))
0.602
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:TCLA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for TIM Participações is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:TCLA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (BRL, Millions) Source Present Value
Discounted (@ 5%)
2020 2,487.40 Analyst x5 2,369.04
2021 3,250.00 Analyst x3 2,948.07
2022 2,241.00 Analyst x1 1,936.08
2023 2,169.81 Est @ -3.18% 1,785.38
2024 2,123.05 Est @ -2.16% 1,663.78
2025 2,092.48 Est @ -1.44% 1,561.79
2026 2,072.81 Est @ -0.94% 1,473.50
2027 2,060.59 Est @ -0.59% 1,395.12
2028 2,053.50 Est @ -0.34% 1,324.16
2029 2,049.96 Est @ -0.17% 1,258.98
Present value of next 10 years cash flows R$17,715.00
DB:TCLA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= R$2,049.96 × (1 + 0.23%) ÷ (5% – 0.23%)
R$43,092.12
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= R$43,092.12 ÷ (1 + 5%)10
R$26,464.90
DB:TCLA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= R$17,715.00 + R$26,464.90
R$44,179.90
Equity Value per Share
(BRL)
= Total value / Shares Outstanding
= R$44,179.90 / 2,420.57
R$18.25
DB:TCLA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:TCLA represents 1.10769x of BOVESPA:TIMP3
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.10769x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (BRL) x Listing Adjustment Factor
= R$ 18.25 x 1.10769
€20.22
Value per share (EUR) From above. €20.22
Current discount Discount to share price of €14.40
= -1 x (€14.40 - €20.22) / €20.22
28.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price TIM Participações is available for.
Intrinsic value
29%
Share price is €14.4 vs Future cash flow value of €20.22
Current Discount Checks
For TIM Participações to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • TIM Participações's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • TIM Participações's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for TIM Participações's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TIM Participações's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:TCLA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in BRL R$1.38
BOVESPA:TIMP3 Share Price ** BOVESPA (2019-11-18) in BRL R$13
Europe Wireless Telecom Industry PE Ratio Median Figure of 7 Publicly-Listed Wireless Telecom Companies 22.75x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 20.03x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of TIM Participações.

DB:TCLA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BOVESPA:TIMP3 Share Price ÷ EPS (both in BRL)

= 13 ÷ 1.38

9.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TIM Participações is good value based on earnings compared to the Europe Wireless Telecom industry average.
  • TIM Participações is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does TIM Participações's expected growth come at a high price?
Raw Data
DB:TCLA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
12%per year
Europe Wireless Telecom Industry PEG Ratio Median Figure of 5 Publicly-Listed Wireless Telecom Companies 2.38x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

DB:TCLA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.43x ÷ 12%

0.79x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TIM Participações is good value based on expected growth next year.
Price based on value of assets
What value do investors place on TIM Participações's assets?
Raw Data
DB:TCLA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in BRL R$8.99
BOVESPA:TIMP3 Share Price * BOVESPA (2019-11-18) in BRL R$13
Europe Wireless Telecom Industry PB Ratio Median Figure of 9 Publicly-Listed Wireless Telecom Companies 1.82x
Germany Market PB Ratio Median Figure of 577 Publicly-Listed Companies 1.84x
DB:TCLA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BOVESPA:TIMP3 Share Price ÷ Book Value per Share (both in BRL)

= 13 ÷ 8.99

1.45x

* Primary Listing of TIM Participações.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TIM Participações is good value based on assets compared to the Europe Wireless Telecom industry average.
X
Value checks
We assess TIM Participações's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Wireless Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Wireless Telecom industry average (and greater than 0)? (1 check)
  5. TIM Participações has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is TIM Participações expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TIM Participações expected to grow at an attractive rate?
  • TIM Participações's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • TIM Participações's earnings growth is positive but not above the Germany market average.
  • TIM Participações's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:TCLA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:TCLA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 12%
DB:TCLA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 4.2%
Europe Wireless Telecom Industry Earnings Growth Rate Market Cap Weighted Average 15.8%
Europe Wireless Telecom Industry Revenue Growth Rate Market Cap Weighted Average 1.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:TCLA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in BRL Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:TCLA Future Estimates Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 19,873 3,269 2
2021-12-31 19,241 5,845 2,570 12
2020-12-31 18,319 6,662 2,211 15
2019-12-31 17,715 6,634 1,814 6
2019-11-18
DB:TCLA Past Financials Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income *
2019-09-30 17,248 6,378 3,336
2019-06-30 17,152 5,983 4,108
2019-03-31 17,052 5,766 2,420
2018-12-31 16,981 6,129 2,545
2018-09-30 16,781 6,418 2,517
2018-06-30 16,623 6,517 1,463
2018-03-31 16,402 6,786 1,348
2017-12-31 16,234 5,404 1,235
2017-09-30 16,021 4,884 994
2017-06-30 15,837 4,978 899
2017-03-31 15,714 5,075 755
2016-12-31 15,617 4,992 750

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TIM Participações's earnings are expected to grow by 12% yearly, however this is not considered high growth (20% yearly).
  • TIM Participações's revenue is expected to grow by 4.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:TCLA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from TIM Participações Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TCLA Future Estimates Data
Date (Data in BRL Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 1.02 1.23 0.67 6.00
2020-12-31 0.90 1.12 0.55 8.00
2019-12-31 0.72 0.96 0.40 7.00
2019-11-18
DB:TCLA Past Financials Data
Date (Data in BRL Millions) EPS *
2019-09-30 1.38
2019-06-30 1.70
2019-03-31 1.00
2018-12-31 1.05
2018-09-30 1.04
2018-06-30 0.60
2018-03-31 0.56
2017-12-31 0.51
2017-09-30 0.41
2017-06-30 0.37
2017-03-31 0.31
2016-12-31 0.31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • TIM Participações is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess TIM Participações's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
TIM Participações has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has TIM Participações performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare TIM Participações's growth in the last year to its industry (Wireless Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • TIM Participações's year on year earnings growth rate has been positive over the past 5 years.
  • TIM Participações's 1-year earnings growth exceeds its 5-year average (32.5% vs 14.6%)
  • TIM Participações's earnings growth has exceeded the Europe Wireless Telecom industry average in the past year (32.5% vs 21%).
Earnings and Revenue History
TIM Participações's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from TIM Participações Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TCLA Past Revenue, Cash Flow and Net Income Data
Date (Data in BRL Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 17,247.95 3,336.00 6,826.68
2019-06-30 17,152.48 4,107.57 6,791.66
2019-03-31 17,052.30 2,420.01 6,667.68
2018-12-31 16,981.33 2,545.10 6,579.10
2018-09-30 16,780.84 2,517.32 5,720.16
2018-06-30 16,622.61 1,463.16 6,200.29
2018-03-31 16,402.44 1,347.55 6,100.08
2017-12-31 16,233.96 1,234.51 5,999.82
2017-09-30 16,020.77 994.10 6,013.03
2017-06-30 15,836.68 899.09 6,017.42
2017-03-31 15,714.44 754.61 5,939.51
2016-12-31 15,617.41 750.43 5,977.75
2016-09-30 15,688.60 852.13 6,013.45
2016-06-30 15,904.91 1,026.88 5,949.28
2016-03-31 16,445.30 1,895.92 6,028.61
2015-12-31 17,142.27 2,085.44 6,018.25
2015-09-30 18,195.88 2,080.09 5,967.45
2015-06-30 18,933.06 2,069.59 6,102.16
2015-03-31 19,347.25 1,491.72 6,178.79
2014-12-31 19,498.17 1,546.42 6,153.73
2014-09-30 19,513.00 1,585.05 6,117.18
2014-06-30 19,743.39 1,551.74 6,078.23
2014-03-31 19,912.80 1,571.68 5,963.58
2013-12-31 19,921.29 1,505.61 5,924.08
2013-09-30 19,763.93 1,469.21 4,865.28
2013-06-30 19,403.15 1,527.38 5,324.46
2013-03-31 19,006.34 1,486.12 4,724.40
2012-12-31 18,763.95 1,448.89 4,776.51

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • TIM Participações has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • TIM Participações used its assets more efficiently than the Europe Wireless Telecom industry average last year based on Return on Assets.
  • TIM Participações has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess TIM Participações's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Wireless Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
TIM Participações has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is TIM Participações's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up TIM Participações's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • TIM Participações's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • TIM Participações's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of TIM Participações's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from TIM Participações Company Filings, last reported 1 month ago.

DB:TCLA Past Debt and Equity Data
Date (Data in BRL Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 21,762.66 2,233.79 1,342.31
2019-06-30 21,939.91 2,368.12 956.13
2019-03-31 19,919.11 2,562.43 1,360.60
2018-12-31 19,794.84 1,663.02 1,571.02
2018-09-30 19,545.00 2,328.96 1,001.36
2018-06-30 18,445.55 3,684.43 1,789.37
2018-03-31 18,338.10 3,916.41 2,631.88
2017-12-31 18,151.18 4,690.94 3,490.24
2017-09-30 17,826.02 5,859.15 3,605.78
2017-06-30 17,544.93 6,176.49 3,427.58
2017-03-31 17,323.57 6,790.53 4,060.92
2016-12-31 17,187.51 6,719.78 5,608.14
2016-09-30 16,967.78 6,120.05 4,226.33
2016-06-30 16,774.49 6,226.23 3,809.73
2016-03-31 16,690.61 7,040.66 4,384.13
2015-12-31 16,577.32 7,926.44 6,699.82
2015-09-30 16,928.28 6,889.24 4,829.10
2015-06-30 16,563.23 6,793.98 4,842.12
2015-03-31 15,636.29 7,052.18 3,550.19
2014-12-31 15,322.03 6,754.42 5,232.99
2014-09-30 15,219.86 6,385.04 5,427.87
2014-06-30 14,849.84 6,351.22 5,324.65
2014-03-31 14,968.32 4,783.31 3,619.27
2013-12-31 14,594.64 4,746.66 5,287.64
2013-09-30 14,444.34 4,664.59 3,335.34
2013-06-30 14,128.26 4,772.14 2,536.89
2013-03-31 14,141.24 4,404.62 2,772.71
2012-12-31 13,832.87 4,390.10 4,430.59
  • TIM Participações's level of debt (10.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (42% vs 10.3% today).
  • Debt is well covered by operating cash flow (285.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7x coverage).
X
Financial health checks
We assess TIM Participações's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. TIM Participações has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is TIM Participações's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.7%
Current annual income from TIM Participações dividends. Estimated to be 4.15% next year.
If you bought €2,000 of TIM Participações shares you are expected to receive €54 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • TIM Participações's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.33%).
  • TIM Participações's dividend is below the markets top 25% of dividend payers in Germany (3.68%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:TCLA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
Europe Wireless Telecom Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:TCLA Future Dividends Estimate Data
Date (Data in R$) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.65 1.00
2021-12-31 0.70 6.00
2020-12-31 0.49 9.00
2019-12-31 0.46 8.00
2019-11-18
DB:TCLA Past Annualized Dividends Data
Date (Data in R$) Dividend per share (annual) Avg. Yield (%)
2019-02-20 0.351 2.983
2018-07-20 0.397 3.323
2018-05-09 0.380 2.863
2018-02-06 0.110 0.753
2018-02-05 0.110 0.817
2017-11-08 0.079 0.628
2017-02-03 0.061 0.585
2016-02-05 0.194 2.507
2016-02-04 0.194 3.120
2015-05-06 0.152 1.859
2015-02-13 0.152 1.384
2015-02-12 0.152 1.210
2014-02-14 0.349 2.892
2014-02-13 0.349 2.759
2013-02-06 0.290 3.031
2013-02-05 0.307 3.549
2012-07-30 0.201 2.543
2012-02-16 0.221 2.102
2012-02-15 0.221 2.259
2011-04-12 0.201 2.259
2010-02-25 0.125 1.749
2010-02-23 0.125 1.723
2009-06-26 0.000 0.002
2009-02-27 0.111 1.661

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of TIM Participações's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (8.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess TIM Participações's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can TIM Participações afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TIM Participações has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of TIM Participações's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Pietro Labriola
AGE 52
TENURE AS CEO 0.6 years
CEO Bio

Mr. Pietro Labriola serves as Chief Executive Officer at TIM Participações S.A. since April 3, 2019. He has been Director at TIM Participações S.A. since February 6, 2019 and served as its Chief Operating Officer since August 2015 until October 2018. Mr. Labriola has been Chief Operating Officer of Tim Brasil Serviços e Participações S.A. since July 30, 2015. He oversees commercial activities and information technology at TIM Brasil. He has been a Member of Board of Executive Officers of TIM Participações S.A. since December 16, 2015. He serves as Chief Transformation Officer at Telecom Italia and helps Chief Executive Officer to improve the revenues ahead of possible industry consolidation. Mr. Labriola served as Head of Business Transformation & Quality at Telecom Italia S.p.A. Prior to this, he held the following positions in the Telecom Italia group: Chief Transformation Officer from 2013 to 2015, Executive Vice President Business Market from 2009 to 2012, Executive Vice President Fixed Line Services from 2007 to 2008, Executive Vice President Marketing from 2001 to 2006. From 1996 to 2001, Mr. Labriola held positions as Marketing Director and Business Director at Infostrada Serviços de Comunicações Fixas. Mr. Labriola is an Italian citizen with a degree in Administration from Universidade de Studi di Bari and a masters in Innovation and Technology Management from ASMIT Advanced School.

CEO Compensation
  • Insufficient data for Pietro to compare compensation growth.
  • Insufficient data for Pietro to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the TIM Participações management team in years:

3.2
Average Tenure
51
Average Age
  • The tenure for the TIM Participações management team is about average.
Management Team

Pietro Labriola

TITLE
CEO, Member of Board of Statutory Officers & Director
AGE
52
TENURE
0.6 yrs

Adrian Calaza

TITLE
CFO, Investor Relation Officer & Member of Board of Statutory Officers
AGE
52
TENURE
3.2 yrs

Mario Girasole

TITLE
Regulatory & Institutional Affairs Officer and Member of Board of Statutory Officers
AGE
51
TENURE
5.6 yrs

Jaques Horn

TITLE
Chief Legal Officer
AGE
55
TENURE
5.6 yrs

Leonardo De Capdeville

TITLE
CTO & Member of Board of Statutory Officers
AGE
50
TENURE
4.8 yrs

Bruno Gentil

TITLE
Bus. Support Officer
AGE
50
TENURE
1.8 yrs

Renato Ciuchini

TITLE
Head of Marketing

Alberto Griselli

TITLE
Chief Revenue Officer
AGE
50
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the TIM Participações board of directors in years:

1.2
Average Tenure
55.5
Average Age
  • The average tenure for the TIM Participações board of directors is less than 3 years, this suggests a new board.
Board of Directors

Nicandro Durante

TITLE
Independent Chairman of the Board
AGE
63
TENURE
0.6 yrs

Pietro Labriola

TITLE
CEO, Member of Board of Statutory Officers & Director
AGE
52
TENURE
0.8 yrs

Herculano Alves

TITLE
Independent Director
AGE
66
TENURE
4.6 yrs

Walmir Kesseli

TITLE
Chairman of the Fiscal Council
AGE
60

Piergiorgio Peluso

TITLE
Director
AGE
51
TENURE
1.7 yrs

Agostino Nuzzolo

TITLE
Director
AGE
51
TENURE
1.7 yrs

Raimondo Zizza

TITLE
Director
AGE
55
TENURE
1.7 yrs

Gesner de Oliveira Filho

TITLE
Independent Director
AGE
63

Carlo Nardello

TITLE
Director
AGE
55
TENURE
0.7 yrs

Elisabetta Romano

TITLE
Director
AGE
56
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess TIM Participações's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. TIM Participações has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

TIM Participações S.A. provides telecommunication services in Brazil. It offers mobile voice and data, broadband Internet access, value-added, and other telecommunications services and products. The company offers prepaid and postpaid services; corporate solutions for mobile or fixed services, as well as mobile-to-mobile services; value-added services; financial and other services; digital channels; and customer services. It also provides landline telephone services, domestic long-distance and international long-distance voice services, personal mobile services, and multimedia communication services. In addition, the company sells various mobile handsets and accessories through its dealer network, which includes its own stores, exclusive franchises, and authorized dealers; and offers co-billing services to other telecommunication service providers. As of December 31, 2018, it served a subscriber base of 55.9 million customers; and had approximately 12.2 thousand points of sale, including 156 company owned stores, as well as had approximately 310 thousand points of sales to access prepaid phone services through supermarkets, newsstands, and other small retailers. The company was formerly known as Tele Celular Sul Participações S.A. and changed its name to TIM Participações S.A. in August 2004. The company was founded in 1998 and is headquartered in Rio de Janeiro, Brazil. TIM Participações S.A. is a subsidiary of TIM Brasil Serviços e Participações S.A.

Details
Name: TIM Participações S.A.
TCLA
Exchange: DB
Founded: 1998
R$6,787,963,222
2,420,572,595
Website: http://www.tim.com.br/ir
Address: TIM Participações S.A.
North Tower,
12th Floor,
Rio de Janeiro,
Rio de Janeiro, 22775-055,
Brazil
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BOVESPA TIMP3 Common Shares Bolsa de Valores de Sao Paulo BR BRL 29. Sep 1998
NYSE TSU ADR EACH REP 10 PREF NPV(BNY) New York Stock Exchange US USD 16. Nov 1998
DB TCLA ADR EACH REP 10 PREF NPV(BNY) Deutsche Boerse AG DE EUR 16. Nov 1998
BMV TSU N ADR EACH REP 10 PREF NPV(BNY) Bolsa Mexicana de Valores MX MXN 16. Nov 1998
Number of employees
Current staff
Staff numbers
9,540
TIM Participações employees.
Industry
Wireless Telecommunication Services
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/18 20:46
End of day share price update: 2019/11/18 00:00
Last estimates confirmation: 2019/11/12
Last earnings filing: 2019/11/05
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.