Vivo (Buy, TP: BRL59, +43%) Telefonica Brasil / Vivo Q2 23 – Numbers ahead; Wireless driving top line strength
Vivo reported solid Q2s, with revenue and EBITDA 1% and 2.5% ahead of consensus, respectively. Revenue growth, now fully clean of Oi, was >10% y/y in wireless on the back of recent price hikes and therefore well ahead of current inflation (~4%). On the fixed side, trends softened a little from lower Corporate Data (more volatile) but still with group service revenue growth of 7.5% which likely won’t be too far off TIM’s underlying (and largely wireless only) growth.
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