New Street Research - Banco Inter SA Units Cons of 1 Sh + 2 Pfd Shs (BIDI11) New Street: BIDI11 BZ (Buy, TP: BRL35, +121%) Inter Q1s: Softer Revenues, NPLs in line and US listing close to finish

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New Street Research

Soomit Datta

EUR 9144.00 For Business Accounts Only

New Street: BIDI11 BZ (Buy, TP: BRL35, +121%) Inter Q1s: Softer Revenues, NPLs in line and US listing close to finish

Inter reported Q1s after close yesterday. Revenue missed consensus by 2%, driven by weaker loan portfolio growth and yields. Net interest margin was down to 6.0% (vs 6.4% in Q4 21).

18/05/2022 1 EN

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Banco Inter SA Units Cons of 1 Sh + 2 Pfd Shs

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BRBIDICDAXX3 BM&F Bovespa - Securities, Commodities and Futures Exchange Brazil

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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:

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

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Pan European Telecom Services and Cable

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Soomit Datta

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New Street: BIDI11 BZ (Buy, TP: BRL35, +121%) Inter Q1s: Softer Revenues, NPLs in line and US listing close to finish

New Street: INTR US (Neutral, TP: USD4.3, +54%) Consolidation / M&A in Fintech: Itau - Avenue deal

New Street: BIDI11 (Buy, TP: BRL43, +157%) Inter (Buy) - Q1 22 operational outlook: slowing credit originations

Tesla: We, Reboot.

Deutsche Telekom (Buy, €36, +33%) CMD feedback: Conclusions on use of capital

If Trump Wins, How Will Musk Affect Telecom Policy?

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