New Street Research - Oi S.A. ON (OIBR3) New Street: Oi (Neutral, TP: BRL1.8, +12%) Oi 2022-24 Strategic Review - Value transfer to Infra Co, Higher leverage

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New Street Research

Soomit Datta

New Street: Oi (Neutral, TP: BRL1.8, +12%) Oi 2022-24 Strategic Review - Value transfer to Infra Co, Higher leverage

Oi presented its 2022-24 Strategic Review for the new-look company today. Three things struck as noteworthy: 1/ The ambitious FTTH revenue target, offset by 2/ Much lower EBITDA margins (and absolute EBITDA) than we expected, suggesting potentially a higher transfer payment to Infra Co. Additionally, 3/ Leverage targets are higher than expected,

20/07/2021 1 EN

Underlying

Oi S.A. ON

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BROIBRACNOR1 BM&F Bovespa - Securities, Commodities and Futures Exchange Brazil

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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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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New Street: Oi (Neutral, TP: BRL1.8, +12%) Oi 2022-24 Strategic Review - Value transfer to Infra Co, Higher leverage

New Street: Brazil Telcos: Oi (Neutral, TP: Under review) - New look, post disposals / Debt restructuring, Round II

New Street: Oi (Neutral, TP: under review) Oi Q1 22 - Pro-forma Leverage update: Still High

New Street: Oi (Neutral, TP: under review) Oi Q1 22 - Running the numbers on pro-forma Leverage: Still High

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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