New Street Research - Telefonica Brasil S.A. (VIVT3) Vivo (Buy, TP: BRL55, +38%) Telefonica Brasil / Vivo Q4s - Dividend resolution in sight

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New Street Research

David Lopes ...

Soomit Datta

EUR 8957.00 For Business Accounts Only

Vivo (Buy, TP: BRL55, +38%) Telefonica Brasil / Vivo Q4s - Dividend resolution in sight

Vivo Q4s reported after close were solid, coming in 1-2% ahead at revenue and EBITDA. Perhaps more crucially for the stock Vivo has also started the process of asking Anatel for a Capital stock reduction of BRL5 billion. This should remove dividend overhang on the stock and pave the way for a yield - along with a BRL500m buy back - which should be in the 8-9% range we think.

16/02/2023 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

David Lopes

Soomit Datta

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Vivo (Buy, TP: BRL55, +38%) Telefonica Brasil / Vivo Q4s - Dividend resolution in sight

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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