New Street Research - Oi S.A. ON (OIBR3) New Street: OIBR3 BZ (Neutral, TP: BRL 0.9, +18%) Brazilian fixed – Fibre momentum continues to slow in Brazil / Oi FYs

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New Street Research

Soomit Datta

EUR 9623.00 For Business Accounts Only

New Street: OIBR3 BZ (Neutral, TP: BRL 0.9, +18%) Brazilian fixed – Fibre momentum continues to slow in Brazil / Oi FYs

Oi reported, rather belatedly, FY 21 numbers before the open today. The headlines had been pre-released so it was the detail which was more interesting.

06/05/2022 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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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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New Street: OIBR3 BZ (Neutral, TP: BRL 0.9, +18%) Brazilian fixed – Fibre momentum continues to slow in Brazil / Oi FYs

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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