Analyst Coverage

These analysts are professionals who belong to institution that are independent from TIM S.A. The company is not responsible for information or opinions of such analysts. TIM does not endorse information from these independent professionals and advises investors not to put unduly reliance on information provided by them.

Institution Analyst
BofAML Frederico Mendes
Barclays Mathieu Robilliard
Bradesco Otávio Tanganelli
BTG Pactual Carlos Sequeira / Osni Carfi
Credit Suisse Daniel Federle / Felipe Cheng
Eleven Flávia Ozawa
Goldman Sachs Diego Aragão / Vitor Tomita
Itaú Arturo Langa / Alejandro Salmeron
JP Morgan Marcelo Santos
Morgan Stanley Cesar Medina / Ernesto Gonzales
New Street Soomit Datta
Safra Luis Azevedo / Silvio Doria
Scotiabank Andrés Coello
UBS Leonardo Olmos

Analyst estimates*:

TIM: Main Indicators
Median 2021e 2022e 2023e CAGR 21-23
Net Revenues 18,119 18,838 19,645 4.4%
Net Services Revenues 17,324 18,059 18,811 4.1%
EBITDA 8,762 9,215 9,639 4.8%
EBITDA Margin (%) 48.2% 48.7% 49.0% 0.1 p.p.
Net Income 2,112 2,498 2,882 15.5%
CAPEX 4,250 4,225 4,224 2.8%
YoY Change (%)
2020-21 2021-22 2022-23
4.9% 4.0% 4.3%
4.0% 4.2% 4.2%
4.7% 5.2% 4.6%
-0.3 p.p. 0.4 p.p. 0.4 p.p.
12.9% 18.3% 15.4%
9.2% -0.6% 0.0%

Stock Rating:

12M Target Price (TIMS3) 12M Target Price (TIMB)
Estimates for 2021 R$ 19.75 US$ 16.00

*The above estimates were calculated from the median of the results expected by the analysts that activley cover TIM in Excel spreadsheet using built-in functions and common rounding, without any adjustments or modifications, and consider the impacts from IFRS 16 adoption. Please note that any opinions, estimates or forecasts regarding TIM’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of the Company or its management. TIM does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

(Last updated on September 10, 2021)

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