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

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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

Bible 1Q24 - Service Provider Infrastructure: Approaching the bottom of the cycle?

Alphabet (GOOGL, Buy, raising target to $210) Adding AI Overview Ads to our Search Model

Bharti Airtel, Airtel Africa & Singtel At $100bn, downgrade Bharti Airtel to Neutral; play via Singtel or AAF. Upgrade AAF pt to 200GBp

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