New Street Research - OI S A (OIBRQN) ... New Street: Brazilian Telecoms – 5G Auction Watch; FCF Profile should be in Focus

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New Street Research

Soomit Datta

New Street: Brazilian Telecoms – 5G Auction Watch; FCF Profile should be in Focus

The Brazilian 5G auction will take place November 4th wrapping up in 1-2 days. We summarise the (rather complex) process and update assumptions, shifting mix from capex to
upfront spend (but with minimal change to value).

15/10/2021 10 EN

Underlyings

OI S A

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US6708514012 Mexican Stock Exchange Brazil

Telefonica Brasil S.A.

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BRVIVTACNOR0 BM&F Bovespa - Securities, Commodities and Futures Exchange Brazil

Tim Brasil SA

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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
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Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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New Street: Brazilian Telecoms – 5G Auction Watch; FCF Profile should be in Focus

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

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

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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