New Street Research - Sitios Latinoamerica (MXN6.6) ... Sitios Latinoamerica - LASITE B-1 (Neutral, TP: MXN6.6, -7%) Telesites/Opsimex - SITES1 (Neutral - from Reduce, MXN17, +3%) LatAm Towers - Telesites (Opsimex) from Reduce to Neutral; Sitios Latinoamerica support from MA

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New Street Research

Soomit Datta

EUR 8824.00 For Business Accounts Only

Sitios Latinoamerica - LASITE B-1 (Neutral, TP: MXN6.6, -7%) Telesites/Opsimex - SITES1 (Neutral - from Reduce, MXN17, +3%) LatAm Towers - Telesites (Opsimex) from Reduce to Neutral; Sitios Latinoamerica support from M&A

We update our thoughts on LatAm towers following recent Q1s - Sitios Latinoamerica's third report since listing last September. Whilst early days for Sitios, trends remain a little lacklustre, with smaller M&A the bigger driver of momentum at the moment. Following the 30% retracing of the Telesites/Opsimex share price this year, we move back to Neutral (from Reduce), target unchanged at MXN17.

15/05/2023 1 EN

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Sitios Latinoamerica

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Telesites

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Telesites

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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:

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

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Analysts

Soomit Datta

Other Reports on these Companies

New Street Research

Sitios Latinoamérica (Neutral) – Mixed Q4s, trends a little hard to fathom still

Sitios Latinoamerica reported Q4s after the close yesterday.

EUR 8824.00

February 16, 2023 February 16, 2023 1 EN

New Street Research

New Street: LASITE (Neutral, TP: MXN6.6, +2%) SITES1 (Reduce, TP: MXN17, -44%) Towers: Feedback from Sitios (LASITE) CEO/CFO call / Cutting Opsimex (SITES1) to Reduce

We held a call last week with Sitios Latinoamérica CEO, Gerardo Kuri, and CFO, Karla Arroyo. In focus was: Tower build expectations and 5G, acquisitions in Peru and the Dominican Republic, consolidation (Brazil) and strategic opportunities.

EUR 8824.00

November 16, 2022 November 16, 2022 1 EN

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

In this first take following tonight’s results, we touch on: 1. Advertising: risk to 2Q25 Search consensus owing to de minimus changes 2. AI Overviews: consistent monetization and now reaching 1.5B users 3. AI Mode: what we’re really excited about 4. After last quarter’s capex guidance, more capital return soothes this quarter 5. Additional Quick Hits on subscriptions, margins and AI vertical integration

EUR 8824.00

2h / 16m 2h / 16m 1 EN

Dan Salmon

Dan Salmon

AI monetization and how the Search market expands

Earlier this week, we had the pleasure of hosting Seth Micarelli, former Director of AI + Search Strategy and Growth at Google (and previously with AMZN’s Devices and Alexa teams) to discuss the future of AI search (e.g., Google’s AI Overviews and AI Mode, ChatGPT, Meta AI, etc.) and agentic AI (e.g., Alexa+).

EUR 8824.00

2h / 20m 2h / 20m 1 EN

Jonathan Chaplin

Jonathan Chaplin

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

This note covers results in detail, updates to guidance, updates to the model, and trending charts. We remain above consensus for net adds and EBITDA (and our EBITDA estimate is conservative). We continue to think T-Mobile is the best positioned in a market with rising competition given lower ARPU, higher capacity, and great momentum. Buy ($308; +19%).

EUR 8824.00

2h / 46m 2h / 46m 1 EN

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Sitios Latinoamerica - LASITE B-1 (Neutral, TP: MXN6.6, -7%) Telesites/Opsimex - SITES1 (Neutral - from Reduce, MXN17, +3%) LatAm Towers - Telesites (Opsimex) from Reduce to Neutral; Sitios Latinoamerica support from M&A

Sitios Latinoamérica (Neutral) – Mixed Q4s, trends a little hard to fathom still

New Street: LASITE (Neutral, TP: MXN6.6, +2%) SITES1 (Reduce, TP: MXN17, -44%) Towers: Feedback from Sitios (LASITE) CEO/CFO call / Cutting Opsimex (SITES1) to Reduce

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

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