New Street: TIMP3 BZ (Buy, TP: BRL22, +70%) VIVT3 BZ (Buy, TP: BRL60, +28%) OIBR3 BZ (Neutral, TP: BRL0.9, +25%) Brazilian Telcos: Deal close imminent; A lot else to be Positive on through Q4 and 2022
We have caught up with the Brazilian telco operators this week and update our thoughts into the Q4s and the year ahead. As per normal, focus is on the Oi deal closing with the key date being Feb 9th, when CADE (competition authority) needs to have ruled by; no ruling and the deal defaults to closing; we don't expect a problem. Elsewhere, wireless remains solid into Q4, fixed broadband a little less so (Vivo doing well, Oi and TIM less so) and we highlight also the potential longer-term value from the recent favourable ruling on ICMS taxation. Valuations remain compelling, particularly at TIM.
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
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.