New Street Research - Telefonica Brasil S.A. (VIVT3) New Street: VIVT3 BZ (Neutral, TP: BRL54, +30%) Vivo Q3s Quick Take - Net income beat to drive short-term dividend relief

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New Street Research

Soomit Datta

EUR 9623.00 For Business Accounts Only

New Street: VIVT3 BZ (Neutral, TP: BRL54, +30%) Vivo Q3s Quick Take - Net income beat to drive short-term dividend relief

VIvo reported Q3s after close. Numbers were solid, with a 3% EBITDA beat driving 12% y/y growth (including Oi), and was supported by tax recoveries lowering opex.

25/10/2022 1 EN

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Telefonica Brasil S.A.

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

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Analysts

Soomit Datta

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New Street: VIVT3 BZ (Neutral, TP: BRL54, +30%) Vivo Q3s Quick Take - Net income beat to drive short-term dividend relief

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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