TIMP3 (Buy, TP: BRL21, +42%) VIVT3 (Buy, TP: BRL59, +34%) Brazilian Telecoms - Pre-paid Pricing adds to the Carnival: Upgrade TIM to Buy
Despite a good run for the Brazilian telco equities of late we think there is much more to come over the next 12 months. Following some early testing of the water by the industry we now incorporate pre-paid wireless price increases into estimates noting how low spend as % income in Brazil should help prices stick (and reminds us of India); TIM is most geared into this segment and leads us to upgrade the stock to Buy, while we remain positive on Vivo and AMX (Brazil being 20% of EBITDA).
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
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