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 | Jan, 2026 | HOLD | N.A | 23.50 |
| BBVA | Alejandro Gallostra | Dec, 2024 | BUY | 21.00 | N.A |
| BofA ML | Rogério Araújo | Nov, 2025 | SELL | 26.00 | N.A |
| Bradesco | Daniel Federle | Jan, 2026 | BUY | 27.00 | N.A |
| BTG Pactual | Carlos Sequeira | Nov, 2025 | BUY | 22.00 | N.A |
| Citibank | Leandro Bastos | Jan, 2026 | HOLD | 25.00 | N.A |
| Goldman Sachs | – | – | SUSPENDED | – | – |
| HSBC | Phani Kanumuri | Mar, 2026 | BUY | 33.00 | N.A |
| Itaú | Maria Clara Infantozzi | Sep, 2025 | HOLD | 24,00 | N.A |
| Jefferies | Alex Wright | Nov, 2025 | HOLD | 26.00 | N.A |
| JP Morgan | Marcelo Santos | Aug, 2025 | HOLD | 26.00 | N.A |
| Morgan Stanley | Cesar Medina | Mar, 2026 | HOLD | N.A | 24.00 |
| New Street | Chris Hoare | Jan, 2026 | BUY | 28.00 | N.A |
| Safra | Silvio Doria | Aug, 2025 | BUY | 27.00 | N.A |
| Santander | Felipe Cheng | Nov, 2025 | HOLD | 26.00 | N.A |
| Scotiabank | Andres Coello | Nov, 2025 | HOLD | 26.30 | 23.60 |
| UBS | Leonardo Olmos | Jan, 2026 | HOLD | 27.00 | N.A |
| XP Inc. | Bernardo Guttman | May, 2025 | HOLD | 21.00 | N.A |
| Buy – 37% Hold – 58% Sell – 5% |
26.00 (median) |
23.55 (median) |
N.A – Not Applicable/ Not Available
Analyst estimates*:
| TIM: Main Indicators | ||||
|---|---|---|---|---|
| Median | 2026e | 2027e | 2028e | CAGR 25-28 |
| Net Revenues | 27,978 | 29,304 | 30,716 | 4.8% |
| Net Services Revenues | 27,130 | 28,431 | 29,788 | 4.8% |
| EBITDA | 14,380 | 15,278 | 15,963 | 5.4% |
| EBITDA Margin (%) | 51.4% | 52.1% | 52.3% | 0.5 p.p. |
| Net Income | 4,531 | 5,231 | 5,643 | 11.6% |
| CAPEX | 4,542 | 4,560 | 4,662 | 1.3% |
| YoY Change (%) | ||
|---|---|---|
| 2025-26 | 2026-27 | 2027-28 |
| 5.1% | 4.7% | 4.8% |
| 4.9% | 4.8% | 4.8% |
| 5.9% | 6.2% | 4.5% |
| 0.4 p.p. | 0.7 p.p. | 0.2 p.p. |
| 4.3% | 15.5% | 7.9% |
| 0.0% | 0.4% | 2.2% |
* 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 March 09th, 2026)