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 8957.00 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

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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

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

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