New Street: TIM Brasil (Buy, TP: $23, +99%) TIM Brasil Q2s - Solid trends, Fintech to the fore, CADE rumours dominate
TIM reported solid Q2 numbers after close, 1% ahead of expectations at revenue and EBITDA. Following the JPM deal announced with TIM's partner bank C6 at the end of last month, we're also beginning to see Fintech revenues build; on current Nubank multiples, this stake could grow to be worth 15% of (current) market cap over time.
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