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 Last Update Recommendation Target Price TIMS3 (R$) Target Price TIMB (US$)
Barclays Mathieu Robilliard Mar, 2025 HOLD N.A 16.50
BBVA Alejandro Gallostra Dec, 2024 BUY 21.00 N.A
BofA ML Lucca Brendim Mar, 2025 BUY 23.00 20.00
Bradesco Daniel Federle Feb, 2025 BUY 19.00 N.A
BTG Pactual Carlos Sequeira Nov, 2024 BUY 22.00 N.A
Citibank Luis Terzariol Nov, 2024 BUY 19.00 N.A
Genial Investimentos Igor Guedes May, 2023 BUY 16.00 N.A
Goldman Sachs Vitor Tomita Feb, 2025 HOLD 18.00 N.A
HSBC Phani Kanumuri Feb, 2025 BUY 19.00 N.A
Itaú Carlos Lagarreta Nov, 2024 BUY 22.00 21.15
Jefferies Alex Wright Sep, 2023 BUY 23.00 N.A
JP Morgan Marcelo Santos Apr, 2025 BUY 22.00 N.A
Morgan Stanley Cesar Medina Jan, 2024 HOLD N.A 18.00
New Street Chris Hoare Jan, 2025 BUY 22.00 N.A
Safra Silvio Doria Apr, 2025 BUY 22.00 N.A
Santander Felipe Cheng Apr, 2025 HOLD 19.00 N.A
Scotiabank Andres Coello Feb, 2025 BUY 21.10 17.60
UBS Leonardo Olmos Feb, 2025 HOLD 18.50 N.A
XP Inc. Bernardo Guttman Mar, 2025 BUY 21.00 N.A
Buy – 74%
Hold – 26%
Sell – 0%
21.00
(median)
18.00
(median)
N.A – Not Applicable/ Not Available

Analyst estimates*:

TIM: Main Indicators
Median 2025e 2026e 2027e CAGR 25-27
Net Revenues 26,725 27,989 29,280 4.7%
Net Services Revenues 25,792 27,059 28,348 4.8%
EBITDA 13,422 14,200 15,006 5.7%
EBITDA Margin (%) 50.2% 50.7% 51.1% 0.5 p.p.
Net Income 3,836 4,393 4,979 13.9%
CAPEX 4,504 4,552 4,617 1.3%

 

YoY Change (%)
2024-25 2025-26 2026-27
5.0% 4.7% 4.6%
4.9% 4.9% 4.8%
6.3% 5.8% 5.7%
0.6 p.p. 0.6 p.p. 0.4 p.p.
21.4% 14.5% 13.4%
-1.0% 1.1% 1.4%

* The consensus is the compilation of the most recent estimates (<12 months), made by analysts who actively cover the Company. TIM does not modify the numbers of these estimates, calculating only growths and median.

(Last updated on April 25th, 2025)