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VIV (Telefonica Brasil) Piotroski F-Score : 8 (As of Mar. 17, 2025)


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What is Telefonica Brasil Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Telefonica Brasil has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Telefonica Brasil's Piotroski F-Score or its related term are showing as below:

VIV' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 7   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of Telefonica Brasil was 8. The lowest was 5. And the median was 7.


Telefonica Brasil Piotroski F-Score Historical Data

The historical data trend for Telefonica Brasil's Piotroski F-Score 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.

* Premium members only.

Telefonica Brasil Piotroski F-Score Chart

Telefonica Brasil Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 6.00 5.00 8.00 8.00

Telefonica Brasil Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Piotroski F-Score 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 8.00 N/A 8.00 9.00 8.00

Competitive Comparison of Telefonica Brasil's Piotroski F-Score

For the Telecom Services subindustry, Telefonica Brasil's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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.


Telefonica Brasil's Piotroski F-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, Telefonica Brasil's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Telefonica Brasil's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 179.853 + 226.849 + 301.102 + 288.976 = $997 Mil.
Cash Flow from Operations was 989.037 + 1062.189 + 841.568 + 749.036 = $3,642 Mil.
Revenue was 2720.116 + 2539.674 + 2535.133 + 2390.005 = $10,185 Mil.
Gross Profit was 1210.318 + 1127.145 + 1127.484 + 1008.203 = $4,473 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(24641.41 + 24872.333 + 23038.71 + 22331.553 + 20478.72) / 5 = $23072.5452 Mil.
Total Assets at the begining of this year (Dec23) was $24,641 Mil.
Long-Term Debt & Capital Lease Obligation was $2,344 Mil.
Total Current Assets was $3,739 Mil.
Total Current Liabilities was $3,976 Mil.
Net Income was 160.248 + 231.273 + 297.962 + 326.676 = $1,016 Mil.

Revenue was 2442.29 + 2623.3 + 2654.91 + 2762.302 = $10,483 Mil.
Gross Profit was 1057.389 + 1171.813 + 1145.941 + 1189.876 = $4,565 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(22709.704 + 0 + 24755.835 + 24296.105 + 24641.41) / 5 = $24100.7635 Mil.
Total Assets at the begining of last year (Dec22) was $22,710 Mil.
Long-Term Debt & Capital Lease Obligation was $2,911 Mil.
Total Current Assets was $3,928 Mil.
Total Current Liabilities was $4,099 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Telefonica Brasil's current Net Income (TTM) was 997. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Telefonica Brasil's current Cash Flow from Operations (TTM) was 3,642. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec23)
=996.78/24641.41
=0.04045142

ROA (Last Year)=Net Income/Total Assets (Dec22)
=1016.159/22709.704
=0.04474559

Telefonica Brasil's return on assets of this year was 0.04045142. Telefonica Brasil's return on assets of last year was 0.04474559. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Telefonica Brasil's current Net Income (TTM) was 997. Telefonica Brasil's current Cash Flow from Operations (TTM) was 3,642. ==> 3,642 > 997 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=2343.644/23072.5452
=0.10157718

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=2910.643/24100.7635
=0.12076974

Telefonica Brasil's gearing of this year was 0.10157718. Telefonica Brasil's gearing of last year was 0.12076974. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec24)=Total Current Assets/Total Current Liabilities
=3739.441/3976.059
=0.94048931

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=3927.704/4098.98
=0.95821497

Telefonica Brasil's current ratio of this year was 0.94048931. Telefonica Brasil's current ratio of last year was 0.95821497. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Telefonica Brasil's number of shares in issue this year was 1626.683. Telefonica Brasil's number of shares in issue last year was 1652.584. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=4473.15/10184.928
=0.43919309

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=4565.019/10482.802
=0.43547698

Telefonica Brasil's gross margin of this year was 0.43919309. Telefonica Brasil's gross margin of last year was 0.43547698. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec23)
=10184.928/24641.41
=0.4133257

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=10482.802/22709.704
=0.46160012

Telefonica Brasil's asset turnover of this year was 0.4133257. Telefonica Brasil's asset turnover of last year was 0.46160012. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+1+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Telefonica Brasil has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Telefonica Brasil  (NYSE:VIV) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Telefonica Brasil Piotroski F-Score Related Terms

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Telefonica Brasil Business Description

Traded in Other Exchanges
Address
Avenida Engenheiro Luis Carlos Berrini, 1376, 32nd Floor, Sao Paulo, SP, BRA, 04571-936
Telefonica Brasil, known as Vivo, is the largest wireless carrier in Brazil with 100 million customers, which is equal to about 39% market share. The firm is strongest in the postpaid business, where it has 65 million customers, or about 41% share of this market. Wireless services and equipment contribute about 70% of total revenue. Vivo is the incumbent fixed-line telephone operator in Sao Paulo state and, following the acquisition of GVT, the owner of an extensive fiber network across the country. The firm provides internet access to 7 million households on this network. The firm also sells pay-tv and phone services to its fixed-line customers. Finally, corporate data and IT services, including cloud computing support, contribute about 8% of total revenue.

Telefonica Brasil Headlines