Telefônica Brasil, known as Vivo, is a leading telecom company in Brazil, excelling in dividend payments and maintaining a strong market presence despite macroeconomic challenges. Despite a sharp decline in ADR performance in 2024, the company's fundamentals remain strong, with revenue growth surpassing inflation and improved EBITDA margins. Macroeconomic factors, including high-interest rates and currency depreciation, have pressured the stock, but the dividend yield remains attractive, potentially reaching double digits by 2026.