New Street Research - Nubank (NU:US) NU US (Buy, TP: $8.5, +5%) Quick Take - Improving Yield mix driving strong beat

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New Street Research

Soomit Datta

EUR 8954.00 For Business Accounts Only

NU US (Buy, TP: $8.5, +5%) Quick Take - Improving Yield mix driving strong beat

NU reported strong Q2s after close. Revenue was 6% ahead, driven by better yields on solid loan book expansion. Pricing is stable, and rather the mix effect is favourable – a combination of rising Personal loan contribution, as well as a rising interest bearing component to Credit cards (PIX financing as opposed to revolving).

16/08/2023 1 EN

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Nubank

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New Street Research

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Analysts

Soomit Datta

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NU US (Buy, TP: $8.5, +5%) Quick Take - Improving Yield mix driving strong beat

NU US (Neutral, TP: $12.5, -2%) Nu Holdings Q2 24 Quick Take: In-line, pre-provisioning, moderated growth indicators

TIMS3 (Buy, TP: BRL23, +32%) VIVT3 (Buy, TP: BRL61, +26%) AMX (Buy, TP: $22, +32%) TIM Brasil (Buy) / Brazil Q2 wrap - Strong EBITDAaL beat at TIM / Market round up / Nubank MVNO latest Fintech-Telco offer

PSA Digital Payments: Brazil’s Pix – The Great Equaliser

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

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