New Street Research - Nubank (NU:US) NU US (Neutral, TP: $13, -8%) Nubank - Fintech disrupting Telcos? Sporting bets, Q3 outlook

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New Street Research

Soomit Datta

EUR 9599.00 For Business Accounts Only

NU US (Neutral, TP: $13, -8%) Nubank - Fintech disrupting Telcos? Sporting bets, Q3 outlook

Nubank’s MVNO launch in Brazil, first discussed earlier this year, appears imminent based on local press. We don’t think it’s a business model designed to be disruptive to the telcos but given Nubank’s huge scale (80m+ actives in Brazil) it will be worth watching and we model out a scenario analysis here.

16/10/2024 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.

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Pan European Telecom Services and Cable

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Soomit Datta

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NU US (Neutral, TP: $13, -8%) Nubank - Fintech disrupting Telcos? Sporting bets, Q3 outlook

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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