NU US (Neutral, TP: $13, -8%) Nubank - Fintech disrupting Telcos? Sporting bets, Q3 outlook
Nubank’s MVNO launch in Brazil, first discussed earlier this year, appears imminent based on local press. We don’t think it’s a business model designed to be disruptive to the telcos but given Nubank’s huge scale (80m+ actives in Brazil) it will be worth watching and we model out a scenario analysis here.
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