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, 2022 BUY N.A 16.00
BBVA Alejandro Gallostra Jan, 2021 BUY 21.00 20.00
BofA ML* Fred Mendes Apr, 2022 BUY 17.00 N.A
Bradesco* Otávio Tanganeli Feb, 2022 BUY 19.00 N.A
BTG Pactual* Carlos Sequeira Oct, 2021 BUY 20.00 17.70
Citibank Gabriel Gusan Apr, 2022 BUY 19.00 N.A
Credit Suisse Daniel Ferdele Mar, 2022 BUY 16.00 N.A
Eleven Financial Flávia Ozawa May, 2021 BUY 19.00 N.A
Genial Investimentos Gabriel Tinem Jan, 2022 BUY 15.00 N.A
Goldman Sachs Diego Aragão May, 2022 BUY 23.00 22.00
HSBC Madhvendra Singh Apr, 2022 BUY 18.00 N.A
Itaú* Arturo Langa N.A Rating Suspended N.A N.A
JP Morgan Marcelo Santos May, 2022 BUY 17.50 N.A
Morgan Stanley Cesar Medina May, 2022 HOLD N.A 15.00
New Street Soomit Datta May, 2022 BUY 20.00 N.A
Safra Luis Azevedo Feb, 2022 BUY 20.80 N.A
Santander Felipe Cheng Feb, 2022 BUY 18.00 N.A
Scotiabank Andres Coello Jan, 2021 HOLD N.A 12.10
UBS* Leonardo Olmos Nov, 2021 BUY 18.00 N.A
XP Inc. Bernardo Guttman May, 2022 BUY 22.00 N.A
Buy – 93%
Hold – 7%
Sell – 0%
19.00
(average)
16.00
(average)
*Do not included Oi Mobile Assets in the model.
N.A – Not Applicable/ Not Available

Analyst estimates*:

TIM: Main Indicators
Median 2022e 2023e 2024e CAGR 22-24
Net Revenues 20,850 23,141 24,399 8.2%
Net Services Revenues 20,193 22,222 23,256 7.3%
EBITDA 10,192 11,449 12,225 9.5%
EBITDA Margin (%) 48.1% 49.3% 49.7% 0.8 p.p.
Net Income 2,350 2,447 3,034 13.6%
CAPEX 4,826 4,697 4,650 -1.8%
YoY Change (%)
2021-22 2022-23 2023-24
15.5% 11.0% 5.4%
15.4% 10.0% 4.7%
16.6% 12.3% 6.8%
-0.3 p.p. 1.3 p.p. 0.4 p.p.
6.8% 4.1% 24.0%
10.1% -2.7% -1.0%

* The consensus is the compilation of the most recent estimates (<12 months) and still without the inclusion of Oi Mobile’s assets, 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 18, 2022)