New Street Research - Telefonica Brasil S.A. (VIVT3) Vivo (Buy, TP: BRL66, +23%) Q4 24: Somewhat mixed

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New Street Research

Chris Hoare

EUR 9523.00 For Business Accounts Only

Vivo (Buy, TP: BRL66, +23%) Q4 24: Somewhat mixed

Rounding off the reporting season, Vivo reported a somewhat mixed set of Q4 results. Revenue came in slightly ahead of consensus expectations and EBITDA slightly beat too, helped by $386m of contingencies reversal booked in “Other”. Excluding this, EBITDA missed expectations. Group service revenue growth was in line with the previous quarters, supported by a nice performance in fixed while MSR saw a deceleration in trends.

26/02/2025 1 EN

Underlying

Telefonica Brasil S.A.

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BRVIVTACNOR0 BM&F Bovespa - Securities, Commodities and Futures Exchange Brazil

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New Street Research

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Analysts

Chris Hoare

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Vivo (Buy, TP: BRL66, +23%) Q4 24: Somewhat mixed

Vivo (Buy, TP: BRL61, +15%) Vivo - Q4 23: Double digit EBITDA growth, improving cash returns

TIM/Vivo - Maintain Buys; Solid Wireless supported by improving Tower dynamics

Altice France (SFR) (Most Preferred) Altice France reaches agreement with its creditors – we are below consensus for value of equity stake

Cellnex (Neutral, €31, -9%) Q4 24: Strong EBITDA quarter, but core growth outlook still modest

OTE (Buy, TP: €20.3, +38%) Q4 24: Mixed results but 2025 trends should be better

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