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)

Report

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

See profile

US02364W1053 New York Stock Exchange Mexico

Oi S.A. ON

See profile

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

Telefonica Brasil

See profile

Telefonica Brasil S.A.

See profile

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

Tim Brasil SA

See profile

Provider

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:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Soomit Datta

Other Reports on these Companies

New Street Research

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

Underlying Q1 trends remained robust at Vivo, with revenue in-line (+7% y/y growth) and headline EBITDA missing (1.5%) only due to other items in the cost base (gains/sales) fluctuating. Excluding this and underlying EBITDA of +9% y/y was steady on Q4, and comparable to TIM’s +10% (reported yesterday). Vivo’s mobile service revenue was the strongest in Brazil vs peers, offset slightly by lower fixed growth (the more volatile data/IT business slowing this quarter).

EUR 9337.00

May 8, 2024 May 8, 2024 1 EN

New Street Research

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

America Movil held an investor event in New York today which was, in the main, pretty upbeat for mid-term revenue and EBITDA – a message given credibility by the strong momentum coming out of the Q1s.

EUR 9337.00

May 8, 2024 May 8, 2024 1 EN

New Street Research

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

TIM reported solid Q1 24 earnings overnight, coming in a shade of ahead of estimates (1% at EBITDA). Service revenue growth remains robust at >7% y/y, with some seasonality potentially impacting Q1 pre-pay revenue; EBITDA of +10% y/y and EBITDAaL +20% y/y is also very strong (and well ahead of 4% inflation), the latter enjoying historic lease reductions (though these are now sequentially stabilising). Q1 trends are tracking a touch above FY guide, potentially enabling further earnings uplift.

EUR 9337.00

May 7, 2024 May 7, 2024 1 EN

Indian Mobile Indian Spectrum Auction – Day 1 results confirm modest spending likely

After further ado, India entered its 10th spectrum auction yesterday with 10,523 MHz of airwaves worth INR 963bn (US$ 11.3 bn), at reserve prices. While Jio has no renewals until 2030, both Bharti and Vodafone Idea have some of their 900 MHz and 1800 MHz band up for renewals this year, in six and two circles respectively. Preliminary analysis suggests that bidding will take on a modest tone unlike in 2022, as validated by Day 1's results, and as we expected. Our thoughts below.

EUR 9337.00

3h / 9m 3h / 9m 1 EN

Pierre FerraguÊ

Pierre FerraguÊ

Tesla 2Q24 Delivery Preview: Demand stabilizing, but no sign of material improvement

Tesla will report 2Q24 deliveries next week. Please see the link below for our expectations ahead of the report.

21h 21h 1 EN

Soomit Datta

Soomit Datta

PYPL US (Buy, TP: $80, +33%) PayPal: Apple Pay on 3rd-party browser - not "Game Over" for Branded

Having spent the week discussing Apple Pay’s recent (WWDC) initiatives with investors on the road we draw some firmer conclusions. The short thesis on PYPL since the announcement has focused largely on the 3rd party browser (non-Safari)/non-MacOS launch (rather than the BNPL/rewards/incentives).

EUR 9337.00

June 24, 2024 June 24, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

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

Indian Mobile Indian Spectrum Auction – Day 1 results confirm modest spending likely

Tesla 2Q24 Delivery Preview: Demand stabilizing, but no sign of material improvement

PYPL US (Buy, TP: $80, +33%) PayPal: Apple Pay on 3rd-party browser - not "Game Over" for Branded

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe