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 9623.00 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

Underlying

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

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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