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OIBR vs. ETF Alternatives
Oi SA is a telecommunication service providing company in Brazil. It offers telecommunication services that include fixed-line & mobile telecommunication services, data transmission services, ISP services & other services.
Friday, Jan 109:13 AM|Friday, Jan 109:13 AM| 8 Comments
Monday, Jan 611:07 AM
Monday, Jan 611:07 AM| Comment!
- Telefonica (TEF +0.2%) denies an Italian media report stating the carrier and Brazilian subsidiary Vivo (VIV -0.7%) are working with rivals America Movil (AMX +0.4%) and Oi (OIBR -1.7%) to acquire and break up Telecom Italia's (TI +0.1%) Brazilian unit, TIM Participacoes (TSU -1%). TIM and Oi are trading moderately lower today after flying higher on Friday in response to the report.
- Telefonica adds it hasn't talked with Brazil's antitrust regulator Cade about a deal. Reuters recently reported Cade has given Telefonica, which owns a large indirect stake in Telecom Italia, 18 months to lower its Brazilian market presence, either by cutting ties with TIM or finding a partner for Vivo.
- However, Cade reportedly prefers TIM to be sold in whole to a new market participant, rather than piecemeal to rivals. Telefonica, America Movil, and Oi would likely prefer that didn't happen, since it could spell competition from a major foreign carrier such as AT&T or Vodafone.
- Telefonica and others have been pressuring Telecom Italia to explore a sale of TIM, but the debt-laden Italian telco has been reluctant to cut its ties with a major growth market.
Friday, Jan 39:29 AM|Friday, Jan 39:29 AM| Comment!
Friday, Jan 39:12 AM
Wednesday, Dec 182013, 1:15 PM
Wednesday, Dec 182013, 1:15 PM| Comment!
- Reuters reports Brazilian antitrust regulator Cade has given Telefonica (TEF +0.6%) 18 months to lower its presence in the country, either by selling its indirect stake in TIM Participacoes (TSU -0.5%) or by finding a partner for local subsidiary/#1 Brazilian mobile carrier Vivo (VIV -2.5%).
- Telefonica has been pushing Telecom Italia (TI -0.3%) to sell TIM, and so has another minority investor, BlackRock. However, the Italian telco has been loathe to pull the trigger. Sources tell Reuters Telefonica wants to split up TIM's assets between Vivo and fellow Brazilian rivals America Movil (AMX -0.1%) and Oi (OIBR -1.9%).
- A banker talking with the news service thinks Cade's lengthy timetable will result in Telefonica taking its time to unload TIM. "If I had to bet on something, I would expect them to wait until the first half of 2015." Brazil's presidential election takes place in Oct. '14, and that could bring a change in the regulatory climate.
Thursday, Dec 52013, 9:09 AM
Wednesday, Dec 42013, 7:56 AM
Wednesday, Dec 42013, 7:56 AM| Comment!
- SBA Communications (SBAC) announces an expansion of operations in Brazil with the acquisition of 2,007 additional wireless sites for ~$645M at current exchange rates.
- Oi SA (OIBR), one of Brazil's largest telecommunications service providers, and its affiliates, will enter into a long-term lease with SBA for antenna space on each of the sites.
- SBA expects the sites will contribute ~R$110M of cash leasing revenue and R$70M of tower cash flow to results during 2014, and anticipates the transaction will be immediately accretive to AFFO/share.
Wednesday, Nov 272013, 9:47 AM
Wednesday, Nov 272013, 9:47 AM| 1 Comment
- TiVo (TIVO -4.7%) has been cut to Equal Weight by Evercore following its Q3 beat. Brean has also weighed in.
- Analog Devices (ADI -5.8%) has been cut to Hold by Drexel Hamilton after missing FQ4 revenue estimates and providing soft FQ1 guidance.
- Twitter (TWTR +1.3%) has been started at Buy by MKM.
- Qunar (QUNR -0.4%) has received two bullish and two neutral ratings on underwriter coverage day.
- Oi (OIBR +2.3%) has been started at Outperform by Bernstein.
- Ruckus (RKUS +2.8%) has been started at Buy by Stifel.
Thursday, Oct 32013, 11:04 PM
Thursday, Oct 32013, 11:04 PM| 2 Comments
- A day after Portugal Telecom (PT -3.1%) and Brazilian mobile unit Oi (OIBR -13.1%) both soared in response to the carriers' merger announcement, PT fell with the help of a Citi downgrade to Neutral.
- Oi fell harder, likely due to debt and Brazilian macro concerns. S&P has put Oi's debt ratings (already BBB-) on watch for a downgrade, and points out the deal requires the carrier to raise R$7B-$8B ($3.16B-$3.62B) in capital. R$2.5B-$3.5B will be used to give Oi a cash infusion, while R$4.5B will be used to pay down existing debt.
- Moody's is maintaining its Baa3 rating for Oi with a negative outlook, but is putting its Ba2 rating for PT on review for an upgrade, citing Oi's guarantee to give PT bondholders to either have their debt paid off or converted into newly-issued bonds.
- The agency also praises the merger's synergies, and expects the combined company to start producing positive free cash flow in 2015.
- Also: Telecom Italia CEO Franco Bernabe has resigned. That should pave the way for TI to put its Brazilian unit on the block; many think a major foreign carrier such as AT&T or Vodafone will end up buying it.
Wednesday, Oct 22013, 9:11 AM
Wednesday, Oct 22013, 5:26 AM
Wednesday, Oct 22013, 5:26 AM| Comment!
- Portugal Telecom (PT) has agreed to merge with Brazilian affiliate Oi SA (OIBR) in an all-stock deal that will create a company with 100M subscribers.
- PT shareholders will hold 38% of the new firm, to be temporarily called CorpCo. Oi CEO Zeinal Bava will head the company.
- The operators have a combined market cap of over $7B.
- PT +15.8%, OIBR +16.2% premarket (PR)
Monday, Sep 302013, 12:50 PM|Monday, Sep 302013, 12:50 PM| Comment!
Wednesday, Sep 252013, 1:25 PM
Wednesday, Sep 252013, 1:25 PM| Comment!
- At a parliamentary hearing in Rome, Telecom Italia (TI -4.8%) reiterated his opposition to a sale of the company's Brazilian and Argentine assets, at least over the near-term. Bernabe argued selling the units, responsible for 40% of TI's 2012 revenue, would hurt the carrier's international profile.
- TIM (TSU -4.8%), TI's Brazilian unit, is joining TI in selling off after rallying yesterday. A downgrade to Hold from Stifel could be contributing to the losses. Telecom Argentina (TEO +0.3%), in which TI owns an indirect 37% stake, is up slightly.
- Bernabe's remarks come a day after Telefonica (TEF +0.8%) announced a deal that could let it eventually take full control of holding company Telco and its 22.4% TI stake. Telefonica, whose Brazilian unit (VIV -2.9%) competes with TIM, is widely believed to be pushing TI to sell TIM to shore up its balance sheet and appease regulator Anatel (previous).
- Bloomberg reports Anatel would prefer TIM be sold in full rather than have its assets sold piecemeal. That could translate into a sale into a major foreign carrier such as Vodafone or AT&T, which in turn would spell tougher competition for Telefonica and fellow Brazilian carriers Oi (OIBR -9.6%), America Movil (AMX), and NII Holdings (NIHD +1.1%).
Tuesday, Sep 32013, 11:33 AM
Tuesday, Sep 32013, 11:33 AM| Comment!
- Oi (OIBR +4.8%) is bouncing after Brazil's telco regulator Anatel released new statistics on Wi-Fi hotspots in the country. Oi has expanded its lead considerably, offering 61.8K hotspots (91.5% of hotspots in the survey) as of Aug. The number represents a 232% increase from June. Net, in second place, offered only 3.5K hotspots in the same period.
- Last year, Oi VP of Marketing Marcos Ferraz Romero said, "There is a huge potential to increase penetration and integration of telecom services in Brazil, and we view Wi-Fi as a strategic technology accomplishing this."
Monday, Aug 192013, 10:47 AM
Monday, Aug 192013, 10:47 AM| Comment!
- Oi (OIBR -3.1%) continues to slide as the market takes in Fitch's downgrade of the Brazilian telco's debt to BBB- (from BBB previous) on Friday. Fitch's outlook remains Negative.
- The new rating, which covers Oi's foreign currency senior notes and local debenture issuances, "reflects weak operating results and higher net leverage...The Negative Outlook reflects Fitch's concerns about Oi's ability to reduce net leverage."
- The stock is down 18.3% since the company released Q2 results on Aug. 14.
Friday, Aug 162013, 12:19 PM
Friday, Aug 162013, 12:19 PM| Comment!
- Brazilian telco Oi (OIBR -4%) is falling after Goldman aims a spotlight on the company's Q2 results in its downgrade of Oi parent Portugal Telecom (PT -1.8%).
- Analyst Tim Boddy: "Much weaker-than-expected 2Q results in Brazil leaves Oi with little room for error to remain within financial covenants and avoid the need for more capital. While Oi’s CEO has a strong track record that gives us confidence for an operational turnaround, and we still view PT’s domestic operations as structurally attractive (albeit with rising NT competitive risk from Vodafone) we now see this outweighed by financial risk."
- Portugal Telecom is facing significant debt problems of its own.