New Street Research - Nubank (NU:US) ... TIM Brasil (Buy, TP: R$23, +43%) - Q3 24: In-line trends, Nubank and pricing concerns linger

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New Street Research

Soomit Datta

EUR 9475.00 For Business Accounts Only

TIM Brasil (Buy, TP: R$23, +43%) - Q3 24: In-line trends, Nubank and pricing concerns linger

TIM has delivered solid Q3s, with a small beat at EBITDAaL combined with lower capex intensity to support very strong OpFCF after leases (+23% y/y) this quarter. Growth trends are naturally easing through the year, which is captured within reiterated FY guidance, though is perhaps spooking the market.

06/11/2024 1 EN

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Nubank

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Tim Brasil SA

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New Street Research

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Pan European Telecom Services and Cable

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Soomit Datta

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TIM Brasil (Buy, TP: R$23, +43%) - Q3 24: In-line trends, Nubank and pricing concerns linger

NU US (Neutral, TP: $13, -15%) Q3 24: NuCel the Telco disrupter, diversifying from lending

VIVT3 (Buy, TP: R$61, +15%) TIMS3 (Buy, TP: R$23, +43%) AMX (Buy, TP: $22, +37%) Vivo (BUY) and Brazil Q3 wrap - TIM lagging in wireless. NuCel the perceived overhang

MELI US (Neutral, TP: $2,000, -5%) MercadoLibre Credit cards drive big NIMAL and group EBIT miss

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflecting; Q3 24 review

EOLO Q2 25: Evolving churn and ARPU levels

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