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

Report

New Street Research

Soomit Datta

EUR 9599.00 For Business Accounts Only

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

Underlyings

Nubank

See profile

Tim Brasil SA

See profile

Provider

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
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

See profile

Analysts

Soomit Datta

Other Reports on these Companies

New Street Research

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

NU reported numbers which missed a touch at NIM on a combination of lower yields and higher funding cost. The latter continues to be driven by deposit ramp and still relatively low lending in Mexico.

EUR 9599.00

November 14, 2024 November 14, 2024 1 EN

New Street Research

VIVT3 (Buy, TP: R$61, +15%) TIMS3 (Buy, TP: R$23, +43%) AMX (Buy, TP: $22, +37%) Vivo (BUY) and Brazil Q3 wrap - TIM lagging in wireless. NuCel the perceived overhang

Rounding off the reporting season, Vivo reported solid Q3s results with a 3% beat at EBITDA and the best postpaid net adds in Brazil this quarter.

EUR 9599.00

November 7, 2024 November 7, 2024 1 EN

New Street Research

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

Top line trends were in-line/slightly ahead, with only a very slight slowdown in local FX GMV. However, there was a miss at both the gross profit level (2.5%) and, to an even greater extent, at operating income (25%, 19% ex-one-off) and net income (18%).

EUR 9599.00

November 7, 2024 November 7, 2024 1 EN

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

Yesterday the DOJ filed its proposed remedies in the Search antitrust case. The recommended divestiture of Chrome drew most of the headlines. And while potentially very negative for GOOGL (as are all proposed remedies), we don’t believe it is the most impactful to the market for general search services.

EUR 9599.00

16h / 28m 16h / 28m 1 EN

Jonathan Chaplin

Jonathan Chaplin

SATS: DBS merger breaks

According to press reports, TPG will call off the merger today. For the merger to proceed, bondholders needed to agree to a debt exchange. Apparently, they have rejected the exchange. Our quick thoughts in this brief note.

EUR 9599.00

November 22, 2024 November 22, 2024 1 EN

Jonathan Chaplin

Jonathan Chaplin

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

In this iteration of “Broadband Trends” we update our FWA capacity forecast. We also touch on early signs that demand for FWA may be limited, which could prevent mobile operators from reaching capacity limits (or force them to work harder to get there). This could have a big impact on the pace of Cable subscriber growth. Finally, we reprise our work on the competitive positioning of the various operators based on relative NPS scores.

EUR 9599.00

November 22, 2024 November 22, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

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

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

VIVT3 (Buy, TP: R$61, +15%) TIMS3 (Buy, TP: R$23, +43%) AMX (Buy, TP: $22, +37%) Vivo (BUY) and Brazil Q3 wrap - TIM lagging in wireless. NuCel the perceived overhang

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

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe