New Street Research - America Movil S.A.B. de C.V. ADS (AMX) ... New Street: Brazilian Wireless - Consolidation synergies raised to R$25bn; TIM/Vivo/AMX (Buys)

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New Street Research

Soomit Datta

New Street: Brazilian Wireless - Consolidation synergies raised to >R$25bn; TIM/Vivo/AMX (Buys)

We have modelled out Oi wireless consolidation synergies in considerably more detail and lift our targeted savings on 100% of the deal from R$11bn to R$26bn; in so doing we believe we are well ahead of street expectations.

20/01/2021 17 EN

Underlyings

America Movil S.A.B. de C.V. ADS

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US02364W1053 New York Stock Exchange Mexico

Oi S.A. ON

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BROIBRACNOR1 BM&F Bovespa - Securities, Commodities and Futures Exchange Brazil

Telefonica Brasil

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Telefonica Brasil S.A.

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

Tim Brasil SA

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New Street Research

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Analysts

Soomit Datta

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New Street: Brazilian Wireless - Consolidation synergies raised to >R$25bn; TIM/Vivo/AMX (Buys)

VIVT3 (Buy, TP: BRL61, +23%) Vivo - Solid underlying Q1s – headline EBITDA hit by one-offs

AMX (Buy, TP: $24, +20%) Investor Day - Upbeat outlook, cash returns look set to rise quite materially

TIMS3 (Buy, TP: BRL23, +24%) TIM Brasil - Solid Q1s, trending ahead of FY guide

WISE (Neutral, TP: £8.00 (from £8.30) , +10%) WISE - FY model update: On the Attack; Company call feedback

Evotec - Double Downgrade - Cut to SELL

Bible 1Q24 - Service Provider Infrastructure: Approaching the bottom of the cycle?

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