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

EUR 9608.00 For Business Accounts Only

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

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.

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Pan European Telecom Services and Cable

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Analysts

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

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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