VIVT3 BZ (Buy, TP: BRL55, +37%) TIMP3 BZ (Neutral, TP: BRL17, +30%) Brazilian Telcos - Feedback from London Meets: Positive Wireless pricing Improving; top pick Vivo
We met with Vivo and TIM in London this week. Focus was on Wireless pricing with recent moves on the front-book likely to be very supportive in 2023. Additional moves in pre-paid could follow. Falling capex - notably at Vivo - is supportive for FCF and for Vivo this should translate well into the dividend; uncertainty here we sense continues to hold back the stock. Vivo remains our top pick, with a little more concern on post-paid adds momentum at TIM.
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