New Street Research - Telefonica Brasil S.A. (VIVT3) ... New Street: VIVT3 (Buy, TP: BRL55, +50%) TIMP3 (Neutral, BRL17, +38%) Brazil Telecoms 2023 - Switching Preference to Vivo / Telefonica Brasil (Upgrade to Buy) from TIM (cut to Neutral)

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New Street Research

Soomit Datta

EUR 9623.00 For Business Accounts Only

New Street: VIVT3 (Buy, TP: BRL55, +50%) TIMP3 (Neutral, BRL17, +38%) Brazil Telecoms 2023 - Switching Preference to Vivo / Telefonica Brasil (Upgrade to Buy) from TIM (cut to Neutral)

We think Vivo is set to reverse recent revenue underperformance in Wireless, on the back of ongoing post-paid commercial momentum, whilst showing further expansion in fixed growth.

09/01/2023 1 EN

Underlyings

Telefonica Brasil S.A.

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

TIM Participações

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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.

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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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New Street: VIVT3 (Buy, TP: BRL55, +50%) TIMP3 (Neutral, BRL17, +38%) Brazil Telecoms 2023 - Switching Preference to Vivo / Telefonica Brasil (Upgrade to Buy) from TIM (cut to Neutral)

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)

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