New Street Research - Nubank (NU:US) Nu Holdings (Buy) Q1 23 Quick Take: Strong beat; Rapid growth and Rising profitability - Earnings call follow up

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New Street Research

Soomit Datta

EUR 9599.00 For Business Accounts Only

Nu Holdings (Buy) Q1 23 Quick Take: Strong beat; Rapid growth and Rising profitability - Earnings call follow up

NU reported Q1s after close. Revenue continues to grow rapidly at 112% y/y (constant FX) and came in 3% ahead of street estimates on rising loan growth and a higher yield than expected (on higher credit card yields and a higher Personal loan mix).

16/05/2023 1 EN

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Nubank

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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
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Pan European Telecom Services and Cable

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Soomit Datta

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Nu Holdings (Buy) Q1 23 Quick Take: Strong beat; Rapid growth and Rising profitability - Earnings call follow up

NU US (Neutral, TP: $13, -15%) Q3 24: NuCel the Telco disrupter, diversifying from lending

MELI US (Neutral, TP: $2,000, -5%) MercadoLibre Credit cards drive big NIMAL and group EBIT miss

TIM Brasil (Buy, TP: R$23, +43%) - Q3 24: In-line trends, Nubank and pricing concerns linger

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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