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

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New Street Research

Soomit Datta

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

TIM has delivered solid Q3s, with a small beat at EBITDAaL combined with lower capex intensity to support very strong OpFCF after leases (+23% y/y) this quarter. Growth trends are naturally easing through the year, which is captured within reiterated FY guidance, though is perhaps spooking the market.

06/11/2024 1 EN

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Nubank

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Tim Brasil SA

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New Street Research

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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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

NU US (Neutral, TP: $13, -15%) TIM (BUY, TP: R$23, +44%) Vivo (BUY, TP: R$61, +17%) Nubank - Fintech disrupting Telcos: NuCel launch and pricing

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

CPNG 3Q24 Results: Margins to Improve YoY in FY24

LUMN: quick thoughts following the 3Q24 call

FYBR 3Q24 Quick Take: Subscribers beat; EBITDA in line; all eyes on the vote

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