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.
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