New Street Research - Tim Brasil SA (TIMP3) TIMS3 (Buy, TP: BRL22, +33%) TIM Brasil - Investor Day feedback/ Q3s: FCF expansion driving Dividend hike

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New Street Research

Soomit Datta

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TIMS3 (Buy, TP: BRL22, +33%) TIM Brasil - Investor Day feedback/ Q3s: FCF expansion driving Dividend hike

TIM hosted an Investor Event in NY yesterday and which followed the earlier announcement of lifting the FY 23 dividend to BRL2.9 billion (consensus BRL2.6 billion) and the previous evening’s very strong Q3 numbers. Focus today was on FCF margin expansion, shareholder remuneration and the opportunity in B2B.

08/11/2023 1 EN

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Tim Brasil SA

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New Street Research

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Pan European Telecom Services and Cable

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Soomit Datta

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TIMS3 (Buy, TP: BRL22, +33%) TIM Brasil - Investor Day feedback/ Q3s: FCF expansion driving Dividend hike

NU US (Neutral, TP: $13, -15%) Q3 24: NuCel the Telco disrupter, diversifying from lending

VIVT3 (Buy, TP: R$61, +15%) TIMS3 (Buy, TP: R$23, +43%) AMX (Buy, TP: $22, +37%) Vivo (BUY) and Brazil Q3 wrap - TIM lagging in wireless. NuCel the perceived overhang

TIM Brasil (Buy, TP: R$23, +43%) - Q3 24: In-line trends, Nubank and pricing concerns linger

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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