Vivo (Buy, TP: BRL61, +15%) Vivo - Q4 23: Double digit EBITDA growth, improving cash returns
Vivo reported a good set of Q4s, with a 2% EBITDA beat taking growth to 10% y/y, or 6% in real terms. Wireless service revenue growth is running ahead of peers with post-paid adds very strong; fixed has been consistently growing now at 2-3% for a few quarters. Capex came in at a shade below BRL9 billion, a level in absolute terms which think can be maintained for the coming years (and implying falling as % sales).
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.