New Street Research - Tim Brasil SA (TIMP3) New Street: TIM Brasil (Buy) - 3 Catalysts to re-rate; FY roadshow feedback

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New Street Research

Soomit Datta

New Street: TIM Brasil (Buy) - 3 Catalysts to re-rate; FY roadshow feedback

Having hosted TIM's FY roadshow recently, we pull together our thoughts and see three key catalysts for the stock to re-rate in the next 3 to 6 months: 1/ 5G auction details (much less onerous than the market fears), 2/ CADE deal confirmation potentially sooner than the market thinks, 3/ FiberCo monetisation.

22/03/2021 8 EN

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Tim Brasil SA

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New Street Research

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
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Global healthcare thematic research

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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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New Street: TIM Brasil (Buy) - 3 Catalysts to re-rate; FY roadshow feedback

Global EM Telcos & Towers – On Fire - NSR GEM Top-10 April 25 Update. IHS target to $7.7.

TIM Brasil (Buy, TP: R$22, +29%) Feedback from small group call with CEO

TIM Brasil (Buy, TP: BRL22, +27%) New R$1bn share buyback plan approved; material improvement to overall shareholder remuneration

Tariffs & TSMC: the baseline & what’s next

TeleColumbus Q4 results and 2025 outlook – Bullish thesis intact

Odido (T-Mobile NL) (Equal Weight) Q4 24: Good cost control and operational gearing; IPO still possible in 2025

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