New Street Research - Telefonica Brasil S.A. (VIVT3) Vivo (Buy, TP: $55, +34%) Telefonica Brasil / Vivo Q1 23 - Accelerating top line in mobile and fixed

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New Street Research

Soomit Datta

EUR 8957.00 For Business Accounts Only

Vivo (Buy, TP: $55, +34%) Telefonica Brasil / Vivo Q1 23 - Accelerating top line in mobile and fixed

Vivo reported solid Q1s, with revenue and EBITDA ~3% and ~1% ahead of consensus, respectively. Revenue trends accelerated in both fixed (cloud, corporate data) - and mobile (price increases, and another good quarter of post-paid adds). As a result, group service revenue growth accelerated (to 11.5% y/y from 9.9% in Q4) whereas peers saw a small slowdown this quarter.

10/05/2023 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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Vivo (Buy, TP: $55, +34%) Telefonica Brasil / Vivo Q1 23 - Accelerating top line in mobile and fixed

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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