TIM (BSP:TIMS3) Cyclically Adjusted PS Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BSP:TIMS3 TIM SA BSP:TIMS3
82 GF Score
Price R$19.46
GF Value R$21.18
Valuation Fairly Valued
! 2 Warning Signs
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What is TIM Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


TIM  (BSP:TIMS3) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


TIM Cyclically Adjusted PS Ratio Related Terms


TIM Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for TIM's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

TIM Cyclically Adjusted PS Ratio Chart

TIM Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.36 1.27 1.85 1.48 2.10

TIM Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.15 2.29 2.06 2.61 2.04

BSP:TIMS3 vs VZ, TMUS, T: Cyclically Adjusted PS Ratio Comparison

For the Telecom Services subindustry, TIM's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


TIM Cyclically Adjusted PS Ratio vs Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, TIM's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where TIM's Cyclically Adjusted PS Ratio falls into.


BSP:TIMS3
82GF Score
TIM SA BSP:TIMS3
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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TIM Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

TIM's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, TIM's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=2.916/177.5443*177.5443
=2.916

Current CPI (Jun. 2026) = 177.5443.

TIM Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201606 1.578 108.851 2.574
201609 1.611 109.986 2.601
201612 1.671 110.802 2.678
201703 1.633 111.869 2.592
201706 1.629 112.115 2.580
201709 1.687 112.777 2.656
201712 1.758 114.068 2.736
201803 1.701 114.868 2.629
201806 1.719 117.038 2.608
201809 1.752 117.881 2.639
201812 1.842 118.340 2.764
201903 1.731 120.124 2.558
201906 1.761 120.977 2.584
201909 1.776 121.292 2.600
201912 1.895 123.436 2.726
202003 1.741 124.092 2.491
202006 1.647 123.557 2.367
202012 1.933 129.012 2.660
202103 1.793 131.660 2.418
202106 1.821 133.871 2.415
202109 1.864 137.913 2.400
202112 1.983 141.992 2.480
202203 1.953 146.537 2.366
202206 2.220 149.784 2.631
202209 2.005 147.800 2.409
202212 2.406 150.207 2.844
202303 2.330 153.352 2.698
202306 2.422 154.519 2.783
202309 2.502 155.464 2.857
202312 2.592 157.148 2.928
202403 2.518 159.372 2.805
202406 2.607 161.052 2.874
202409 2.652 162.342 2.900
202412 2.739 164.740 2.952
202503 2.641 168.102 2.789
202506 2.727 169.670 2.854
202509 2.778 170.739 2.889
202512 2.881 171.765 2.978
202603 2.849 175.066 2.889
202606 2.916 177.544 2.916

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is TIM (BSP:TIMS3) Overvalued in 2026?

Based on GuruFocus' analysis, TIM stock appears to be undervalued. The current stock price of R$19.46 is trading 8.1% below its estimated GF Value™ of R$21.18. GuruFocus considers TIM to be Fairly Valued.

Key valuation signals for BSP:TIMS3:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: R$21.18 vs. price of R$19.46 (8.1% below fair value)
  • GF Score™: 82/100 with 2 warning signs

No single metric tells the full story. See the BSP:TIMS3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


TIM Business Description

Address Avenida Joao Cabral de Melo Neto, 850, Torre Norte, 12th Floor, Room 1212, Barra da Tijuca, Rio de Janeiro, RJ, BRA, 22775-057
TIM, which is 67%-owned by Telecom Italia, is the third-largest wireless carrier in Brazil, with 62 million subscribers, equal to about 23% of the market. The firm owns 49% of I-Systems, an infrastructure partnership that is expanding its network footprint across Brazil. I-Systems can provide broadband service to about 8 million locations, including 6.5 million with fiber, equal to 10%-15% of the country. TIM leases capacity on the venture's network to serve retail broadband customers under the UltraFibra brand, but it has agreed to buy out its joint venture partner in 2026 and will take full ownership of these assets. TIM also resells fiber network access from other providers.
82GF Score

Get the complete analysis for BSP:TIMS3

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R$19.46
Price
R$21.18
GF Value