New Street Research - Telefonica Brasil S.A. (VIVT3) New Street: Telefonica Brasil / Vivo (Neutral, TP: BRL56, +36%) CEO/CFO Meeting notes

Report

New Street Research

Soomit Datta

EUR 9623.00 For Business Accounts Only

New Street: Telefonica Brasil / Vivo (Neutral, TP: BRL56, +36%) CEO/CFO Meeting notes

We held a call with Vivo CEO, Christian Gebara and CFO, David Melcon yesterday. Operational trends look good, particularly on wireless with oppportunities from ICMS changes and mid-term from Mobile Money.

02/09/2022 1 EN

Underlying

Telefonica Brasil S.A.

See profile

BRVIVTACNOR0 BM&F Bovespa - Securities, Commodities and Futures Exchange Brazil

Provider

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

See profile

Analysts

Soomit Datta

Other Reports on these Companies

New Street Research

Vivo (Buy, TP: BRL61, +15%) Vivo - Q4 23: Double digit EBITDA growth, improving cash returns

Vivo reported a good set of Q4s, with a 2% EBITDA beat taking growth to 10% y/y, or 6% in real terms. Wireless service revenue growth is running ahead of peers with post-paid adds very strong; fixed has been consistently growing now at 2-3% for a few quarters. Capex came in at a shade below BRL9 billion, a level in absolute terms which think can be maintained for the coming years (and implying falling as % sales).

EUR 9623.00

February 21, 2024 February 21, 2024 1 EN

New Street Research

TIM/Vivo - Maintain Buys; Solid Wireless supported by improving Tower dynamics

Despite the 40-45% rally YTD we continue to like the Brazilian Telco stocks. Wireless operator dynamics remain very favourable with FCF supported significantly for TIM in the near-term by Oi tower decommissioning, with a potentially broader reset for the industry relative to the Tower cos over the mid-term (part of a broader EM theme perhaps following IHS in Nigeria).

EUR 9623.00

November 28, 2023 November 28, 2023 1 EN

New Street Research

Vivo (Buy, TP: BRL61, +30%) Vivo Q3 23 – Solid quarter, strong FCF paves way for bumper cash return

Vivo reported solid Q3s, with revenue and EBITDA (stripping out a BRL175m gain) 1.2% and 1.5% ahead of consensus, respectively. Service revenue grew 7.5% YoY (similar to Q2) driven by 3% growth in fixed and 9% in wireless, and remaining well ahead of inflation (which is creeping up again in Brazil). FCF generation, supported by falling capex, remains a highlight, with YTD of BRL7.6 billion representing >10% yield to equity – there will be more to come in Q4. FCF paves the way for the BRL5 billion capital stock reduction which we expect in early 2024.

EUR 9623.00

November 1, 2023 November 1, 2023 1 EN

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

o3, only a few steps away from AGI, is a game changer for AI adoption, monetization, and infrastructure. After the $1bn-to-train model, here is the $1m-inference model.

December 23, 2024 December 23, 2024 1 EN

Chris Hoare

Chris Hoare

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Airtel Africa has announced a second share buyback program of up to $100m, with the first $50m tranche starting today until the 24th of April 2025. This is positive news and as we wrote HERE reflects the strength of execution of AAF

EUR 9623.00

December 23, 2024 December 23, 2024 1 EN

Dan Salmon

Dan Salmon

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

Yesterday we hosted the latest in our Digital Ad Exec Speaker Series with Chris Goodridge, President and COO of VerticalScope, (FORA-TO, Not rated), which operates 1,200+ online enthusiast communities with 100M+ monthly users (70% of which are in the US), generating $60M+ of digital ad revenue annually.

EUR 9623.00

December 20, 2024 December 20, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

New Street: Telefonica Brasil / Vivo (Neutral, TP: BRL56, +36%) CEO/CFO Meeting notes

Vivo (Buy, TP: BRL61, +15%) Vivo - Q4 23: Double digit EBITDA growth, improving cash returns

TIM/Vivo - Maintain Buys; Solid Wireless supported by improving Tower dynamics

Vivo (Buy, TP: BRL61, +30%) Vivo Q3 23 – Solid quarter, strong FCF paves way for bumper cash return

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)

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe