New Street: NU US (Buy, TP: $7.2, +71%) NU - Investor Call feedback / Updated estimates (TP $8.3 to $7.2)
We held a call with NU Head of IR earlier this week. We reflect our thoughts in updated estimates which now also reflect the pre-paid interchange cut from 1 April 2023 (which isn’t new news). Areas in focus include 1/ Yields (up), 2/ Loan book (broadly unchanged), 3/ Fee income down (lower than expected Q4 TPV being flagged by payment companies), 4/ Deposit remuneration (falling as % CDI), 5/ CDI nudged up given the move in forward rates. We have brought net income expectations down, and our target from TP: USD8.3 to USD7.2.
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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