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

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Pan European Telecom Services and Cable

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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)

LatAm Telcos – TIM/Vivo to Neutral; Wireless MVNO threats - NuCel / Brazil macro

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

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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