Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.597

+1.3%

Dec 24 12:59 PM EST

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To: Steve Fancy who wrote (15310)	5/15/1999 9:41:00 AM
From: Alfredo Nova	Read Replies (2) of 22640

To all: the latest short version of DLJ research on Unibanco: regards, Alfredo Good earnings, with significant benefit from devaluation and tax settlement partially offset by high provisions and balance sheet cleanup. Raising estimate due to a larger than expected benefit from the current high interest rate environment and expected continued cost cutting. Upgrading Unibanco to Top Pick, with a $39 price target. Looking beyond the current recession toward the resumption of growth next year, Unibanco is relatively undervalued at roughly 1.3 times book value, especially with Banco Itaú currently trading at a lofty 2.2 times book value. We are thus reinstating our Top Pick recommendation and setting a $39 price target, which equates to 1.9 times year-end book value and represents 41% upside potential.

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