New Street Research - Tim Brasil SA (TIMP3) ... TIM Brasil (Buy, TP: BRL22, +27%) New R$1bn share buyback plan approved; material improvement to overall shareholder remuneration

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New Street Research

Chris Hoare

EUR 9594.00 For Business Accounts Only

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

TIM Brasil has approved a new share buyback plan, up to R$1bn (US$ 173m), which represents a significant uptick in overall shareholder remuneration. This is another positive development following its new medium term guidance. With a net cash position and 14% 2025 FCFE yield, the stock is a compelling Buy and represents one of our Top Picks in EM with a R$ 22 price target.

13/02/2025 1 EN

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Tim Brasil SA

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TIM SA (Brazil)

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BRTIMSACNOR5 BM&F Bovespa - Securities, Commodities and Futures Exchange Brazil

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Chris Hoare

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

TIM Brasil (Buy, TP: BRL22, +39%) Q4 24: Solid quarter, positive MT guidance

Global EM Telcos & Towers – NSR EM Top picks Feb 25 update. Top-8 becomes Top-10, add LILAC and TIM Brasil

ATUS 4Q24 Quick Take: Subscribers fine; EBITDA weak

Mas Orange (Equal Weight) Q4 24: Good results, new leverage target seems to imply c€4bn of delevering

NSR Policy Spectrum Battles: A Field Guide

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