New Street Research - Tim Brasil SA (TIMP3) VIVT3 (Buy, TP: BRL61, +23%) Vivo - Solid underlying Q1s – headline EBITDA hit by one-offs

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New Street Research

Soomit Datta

EUR 9480.00 For Business Accounts Only

VIVT3 (Buy, TP: BRL61, +23%) Vivo - Solid underlying Q1s – headline EBITDA hit by one-offs

Underlying Q1 trends remained robust at Vivo, with revenue in-line (+7% y/y growth) and headline EBITDA missing (1.5%) only due to other items in the cost base (gains/sales) fluctuating. Excluding this and underlying EBITDA of +9% y/y was steady on Q4, and comparable to TIM’s +10% (reported yesterday). Vivo’s mobile service revenue was the strongest in Brazil vs peers, offset slightly by lower fixed growth (the more volatile data/IT business slowing this quarter).

08/05/2024 1 EN

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Tim Brasil SA

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New Street Research

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Soomit Datta

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VIVT3 (Buy, TP: BRL61, +23%) Vivo - Solid underlying Q1s – headline EBITDA hit by one-offs

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

GOOGL/META : How the antitrust path could change (or not) under the Trump administration

Digi (Equal Weight) Q3 24: Capex up; Belgium/Portugal updates (not good for incumbents)

MTN (Buy, TP: ZAR130, +57%) Q3 24: Solid, SR growth back on track with MT guidance

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