Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price18.93 USD
Fair value28.50
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown18.93+0.0% to today
2026-09-14Read Accumulation18.70+1.2% to today ✓
2026-08-14Read Markdown19.12-1.0% to today ✓
2026-07-02Read Distribution22.29-15.1% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
TIM SA ADR holds its Markdown at $18.93. Elevated stress, defensive posture warranted, held for 20 days.
As held on the ledger · 2026-09-21
Phase
Markdown · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 20 days
Price at the screen
$18.93
Valuation
10.82 trailing · 9.17 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.11
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
29.05%
Below 33%
Interest-bearing debt is just 29.1% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.90%
Below 33%
Cash held in interest-bearing accounts and securities is 0.9% of assets, under the one-third limit.
Pass
Receivables
14.95%
Below 49%
Money owed to the company is 14.9% of assets, under the 49% limit.
Pass
Revenue purity
3.33%
Below 5%
Only 3.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
TIM clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 29%, inside the ~33% line, and interest is about 3% of its income, under the ~5% line, so it passes.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-21 screen. The gold marker is the market price at the same screen. A 50.6% margin of safety to the base estimate.
Third-party analyst targets: 8 covering, consensus None. The average target sits +27% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-21 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Brazil Families Rely on Steady Mobile Signals
Picture a Sao Paulo commuter topping up data mid-journey or a family in Recife sharing video calls across regions. TIM S.A. keeps those connections running through its mobile and fixed networks across Brazil. The business delivers 6% revenue growth, a 16% profit margin and 18% ROE at a forward P/E of 10.2x, yet the opportunity rating sits at none because the narrow moat and modest growth do not clear our bar for standout quality.
We pass even though our fair value sits 29% above the current price. The stock trades below analyst targets and offers no edge once the narrow competitive position and steady but unspectacular numbers are weighed together. Ethical screens clear without issue, yet that alone does not create an investment case.
Brazil currency swings and intense local competition remain the real pressures that could trim margins or stall expansion. A low multiple on telecom earnings often signals exactly these limits rather than a bargain. Analysis, not advice.
The risks · The things to watch: its business and earnings are exposed to Brazil and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
TIMB trades on the NYSE (the company is based in Brazil). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$18.93+1.2%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 21%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it none, with a mean price target of $26.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 2.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 21%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it none, with a mean price target of $26.
2026-08-14Markdown · changed$19.12-14.2%Entry 4
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 14.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 21%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it none, with a mean price target of $26.
2026-07-18Distribution$22.29+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 21%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it none, with a mean price target of $26.
2026-07-03Distribution$22.29+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Distribution$22.29Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
