Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.170

+6.4%

Nov 12 3:59 PM EST

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To: Steve Fancy who wrote (12211)	1/22/1999 11:00:00 PM
From: Madharry	Read Replies (2) of 22640

It has taken me this long to respond because I could not find the numbers until now. based on the info provided, I feel comfortable that UBB is worth anywhere from $25-$45 based on multiples of earnings and book-value. This is just taking into account a bottom up analysis without country risk-but in my humble opinion if and this is a big if the asset liability stuff is good and the release hinted that the bank bewnefits from the devaluation, I believe the banks do well as exports increase. So I am very happy with these results and cannot understand why the market did not respond more favorably. no reason not to wait til some sanity is restored and keep clipping the coupons.

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