New Street Research - Telefonica Brasil S.A. (VIVT3) ... New Street: TIM (Buy, TP: BRL20, +54%) Vivo (Neutral, TP: BRL56, +19%) Brazilian Telcos - ICMS tax cut could lift EBITDA by 20%!

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New Street Research

Soomit Datta

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New Street: TIM (Buy, TP: BRL20, +54%) Vivo (Neutral, TP: BRL56, +19%) Brazilian Telcos - ICMS tax cut could lift EBITDA by 20%!

Wednesday saw the Lower house in Brazil pass a bill that determines a cap of 17-18% state-level ICMS tax on fuel, natural gas, electricity, telecoms and transport, viewing these as essential goods and services.

10/06/2022 1 EN

Underlyings

Telefonica Brasil S.A.

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

Tim Brasil SA

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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:

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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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New Street: TIM (Buy, TP: BRL20, +54%) Vivo (Neutral, TP: BRL56, +19%) Brazilian Telcos - ICMS tax cut could lift EBITDA by 20%!

NU US (Neutral, TP: $13, -15%) Q3 24: NuCel the Telco disrupter, diversifying from lending

VIVT3 (Buy, TP: R$61, +15%) TIMS3 (Buy, TP: R$23, +43%) AMX (Buy, TP: $22, +37%) Vivo (BUY) and Brazil Q3 wrap - TIM lagging in wireless. NuCel the perceived overhang

TIM Brasil (Buy, TP: R$23, +43%) - Q3 24: In-line trends, Nubank and pricing concerns linger

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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