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 May, 2024 HOLD N.A 19.00
BBVA Alejandro Gallostra Dec, 2023 BUY 23.00 21.95
BofA ML Fred Mendes Mar, 2024 BUY 22.00 22.00
Bradesco Otávio Tanganeli Jan, 2024 HOLD 20.00 N.A
BTG Pactual Carlos Sequeira Jan, 2024 BUY 20.00 N.A
Citibank Gabriel Gusan May, 2024 BUY 21.00 N.A
Genial Investimentos Igor Guedes May, 2023 BUY 16.00 N.A
Goldman Sachs Vitor Tomita May, 2024 HOLD 18.00 17.30
HSBC Madhvendra Singh May, 2024 BUY 22.00 N.A
Itaú Carlos Lagarreta Dec, 2023 BUY 21.00 20.00
Jefferies Alex Wright Sep, 2023 BUY 19.00 N.A
JP Morgan Marcelo Santos May, 2024 BUY 20.50 N.A
Morgan Stanley Cesar Medina Jan, 2024 HOLD N.A 18.00
New Street Soomit Datta Jan, 2024 BUY 23.00 N.A
Safra Gabriel Pucci Feb, 2024 BUY 21.50 N.A
Santander Felipe Cheng Jan, 2024 BUY 21.00 N.A
Scotiabank Andres Coello Dec, 2023 HOLD N.A 18.00
UBS Leonardo Olmos Feb, 2024 BUY 21.00 N.A
XP Inc. Bernardo Guttman Feb, 2024 BUY 24.00 N.A
Buy – 74%
Hold – 26%
Sell – 0%
21.00
(median)
19.00
(median)
N.A – Not Applicable/ Not Available

Analyst estimates*:

TIM: Main Indicators
Median 2024e 2025e 2026e CAGR 24-26
Net Revenues 25,397 26,618 27,972 4.9%
Net Services Revenues 24,546 25,753 26,940 4.8%
EBITDA 12,577 13,357 14,148 6.1%
EBITDA Margin (%) 49.6% 50.3% 50.7% 0.5 p.p.
Net Income 3,288 4,125 4,724 19.9%
CAPEX 4,500 4,525 4,622 1.3%

 

YoY Change (%)
2023-24 2024-25 2025-26
6.4% 4.8% 5.1%
6.2% 4.9% 4.6%
7.6% 6.3% 5.8%
0.6 p.p. 0.7 p.p. 0.4 p.p.
21.8% 25.5% 14.5%
-0.1% 0.6% 2.1%

* 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 May 17th, 2024)