New Street: TIMS3 (Buy, TP: BRL19, +40%) TIM Brasil Q3 22 – Quick Take: EBITDA beat, market robust, shareholder returns on track
TIM reported solid numbers after close, with revenue in-line and EBITDA coming in 2.7% ahead of consensus. As inflation continues to slow in Brazil, our estimates for growth ex-Oi suggest it is meaningfully positive in real terms at the top line (+3.6% y/y) for the first time in a while.
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- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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We provide debt research on:
- Pan European Telecom Services and Cable
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