TIMS3 (Buy, TP: BRL23, +27%) TIM Brasil - Solid Q4, mid-term guide highly supportive; BS recap can keep driving the stock
TIM Brasil reported solid Q4s, with a mid-term outlook which sees consensus at the bottom of the newly guided to range for service revenue (5-6%) and EBITDA (6-8%) out to 2026 (i.e. real growth given ~3.5% inflation expectations looking forward). Given TIM’s ability to meet or beat in the past, this suggests earnings momentum can continue to be strong.
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