reports
- Chris Hoare
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
TRUE TRUE CORP. PUBLIC CO. LTD.
VIVT3 TELEFONICA BRASIL S.A.
VOD VODAFONE GROUP PLC
VEON VEON LTD. SPONSORED ADR
LILAB LIBERTY GLOBAL PLC LILAC
AAF AIRTEL AFRICA
AMX AMERICA MOVIL SAB DE CV
- Chris Hoare
Global EM Telcos & Towers The impossible dream – NSR GEM Top-10 March...
2025 was such a strong year for EM Telcos with the result that while remaining bullish we thought it was not plausible that 2026 would be as strong. Yet if anything the year has started better than 2025, with our picks up 18% ytd already, and up 113% since the start of 2025.
- Chris Hoare
EM Telcos Pricing power returns; where best; why (some) EM Telcos’ mu...
The resumption of pricing power is one of the key drivers of the rally in EM Telcos and perhaps the area where consensus is most sceptical. In this note we analyse which markets have the greatest potential for sustained pricing power, looking at key issues: affordability and regulatory and competitive structure.
- Chris Hoare
- David Lopes
- Chris Hoare
Global EM Telcos & Towers – Strong start – NSR GEM Top-10 February ‘26...
Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- David Lopes
- Chris Hoare
Brazilian Telcos Solid quarter, improving shareholder remuneration; Q...
Q4 was a solid quarter for the Brazilian market, despite a small slowdown in revenue and EBITDA growth. Claro outperformed peers again from an MSR and an EBITDA growth standpoint, Vivo was the outperformer from a KPI perspective. Prepaid remained under pressure and will likely remain challenged this year. However, postpaid continued to trend well.
- Chris Hoare
- Chris Hoare
Vivo (Buy, TP: BRL66, +23%) Q4 24: Somewhat mixed
Rounding off the reporting season, Vivo reported a somewhat mixed set of Q4 results. Revenue came in slightly ahead of consensus expectations and EBITDA slightly beat too, helped by $386m of contingencies reversal booked in “Other”. Excluding this, EBITDA missed expectations. Group service revenue growth was in line with the previous quarters, supported by a nice performance in fixed while MSR saw a deceleration in trends.
- Chris Hoare
- Chris Hoare
TIM Brasil (Buy, TP: BRL22, +27%) New R$1bn share buyback plan approv...
TIM Brasil has approved a new share buyback plan, up to R$1bn (US$ 173m), which represents a significant uptick in overall shareholder remuneration. This is another positive development following its new medium term guidance. With a net cash position and 14% 2025 FCFE yield, the stock is a compelling Buy and represents one of our Top Picks in EM with a R$ 22 price target.
- Chris Hoare
LatAm Telcos: Outlook 2025 – Market repair continues, TIM Brasil and V...
Fundamentals continue to look pretty good to us in Latin America, with market repair continuing across wireless markets and further consolidation likely. Macro / political risk is probably the biggest issue. We upgrade TIM Brasil and Vivo to Buy. Price targets rise to BRL22 and BRL66 (from BRL19 and BRL57 ) respectively.
- Soomit Datta
- Soomit Datta
- Soomit Datta
TIM Brasil (Buy, TP: R$23, +43%) - Q3 24: In-line trends, Nubank and p...
TIM has delivered solid Q3s, with a small beat at EBITDAaL combined with lower capex intensity to support very strong OpFCF after leases (+23% y/y) this quarter. Growth trends are naturally easing through the year, which is captured within reiterated FY guidance, though is perhaps spooking the market.
- Soomit Datta
- Soomit Datta
TIMS3 (Buy, TP: BRL23, +32%) VIVT3 (Buy, TP: BRL61, +26%) AMX (Buy, TP...
TIM Q2s: As with Claro and Vivo, TIM delivered a robust set of Q2 results. Both revenue and EBITDA beat consensus by ~1% though at EBITDAaL TIM outperformed with a +5% beat, supported by stable Leases compared to Q1. Service revenue maintained consistent growth in-line with previous quarters (~7% y/y) from faster postpaid, and maintained negative prepaid. H1 EBITDA (and revenue) continued to trend slightly above the FY24 guidance. Despite management’s confidence in achieving targets for the year...
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