Europe, as we say in the South, "is a big 'ol mess." Authorities have put a tiny band aid on the wound, which is also known as "Greece." Yet massive problems lie ahead in the other Euro-peripherals: Spain, Portugal, Ireland and Italy.

But, as you may know, I'm a huge fan of looking for opportunity in chaos, and I've found one in Portugal Telecom (NYSE: PT).

Portugal Telecom provides a full suite of telecommunications products such as fixed line, mobile, multimedia, data and corporate services throughout Portugal and in other countries through subsidiaries — but more on that later.

It's not the prettiest picture considering the company is domiciled in the "P" of the "PIIGS," where gross domestic product is currently contracting by 1.3%, the unemployment rate sits at a frustrating 14.8% and the youth unemployment rate hovers at a staggering 27.8%. For all practical purposes, that's a depression. But if you haven't clicked away from this article, thinking "I'd rather flush my money down the toilet," then you likely know the value behind the "buy 'em when they're hated" mantra. So here's why there's value in Portugal Telecom shares…

1. 63% revenue growth
Portugal Telecom's 2011 revenue should come in right at $ 4.21 billion. That's a 63% jump from 2010 results of $ 2.58 billion. Although earnings-per-share results will most likely end up about where last year's came in, an estimated $ 0.59 to $ 0.60 per share for 2011 compared with $ 0.61 for 2010. Overall, an improving revenue and stable earnings scenario is encouraging in the face of such horrendous macroeconomic conditions.