Financials Telefônica Brasil S.A.

Equities

VIVT3

BRVIVTACNOR0

Integrated Telecommunications Services

Market Closed - Sao Paulo Other stock markets 04:07:35 2024-05-17 pm EDT			5-day change	1st Jan Change
46.45 ^BRL	-0.11%		+2.97%	-13.08%

May. 08	Transcript : Telefônica Brasil S.A., Q1 2024 Earnings Call, May 08, 2024
May. 08	Telefônica Brasil S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	92,820	78,524	80,926	63,942	87,940	76,763	-	-
Enterprise Value (EV) ¹	103,252	86,001	91,382	80,970	102,319	88,760	86,900	83,558
P/E ratio	-	16.5 x	13.1 x	15.7 x	17.6 x	13.5 x	11.2 x	10.2 x
Yield	-	4.24%	7.23%	-	3.11%	8.43%	9.4%	10.4%
Capitalization / Revenue	2.1 x	1.82 x	1.84 x	1.33 x	1.69 x	1.39 x	1.32 x	1.27 x
EV / Revenue	2.33 x	1.99 x	2.08 x	1.69 x	1.96 x	1.61 x	1.5 x	1.38 x
EV / EBITDA	6.44 x	4.85 x	4.81 x	4.2 x	4.8 x	3.93 x	3.65 x	3.36 x
EV / FCF	11.6 x	7.78 x	10.4 x	8.95 x	10.3 x	6.6 x	6.97 x	6.19 x
FCF Yield	8.6%	12.9%	9.6%	11.2%	9.75%	15.2%	14.3%	16.2%
Price to Book	-	1.13 x	1.16 x	0.94 x	1.27 x	1.12 x	1.12 x	1.15 x
Nbr of stocks (in thousands)	1,688,694	1,688,695	1,679,316	1,667,333	1,645,588	1,652,584	-	-
Reference price ²	49.04	46.50	48.19	38.35	53.44	46.45	46.45	46.45
Announcement Date	2/19/20	2/23/21	2/22/22	2/15/23	2/20/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	44,268	43,126	44,033	48,041	52,100	55,265	57,966	60,441
EBITDA ¹	16,040	17,733	19,007	19,282	21,318	22,610	23,820	24,902
EBIT ¹	7,214	6,581	6,969	6,622	7,929	9,335	10,561	11,747
Operating Margin	16.3%	15.26%	15.83%	13.78%	15.22%	16.89%	18.22%	19.44%
Earnings before Tax (EBT) ¹	6,394	6,009	5,959	4,832	5,574	6,496	7,830	8,916
Net income ¹	5,001	4,771	6,229	4,058	5,029	5,739	6,728	7,538
Net margin	11.3%	11.06%	14.15%	8.45%	9.65%	10.39%	11.61%	12.47%
EPS ²	-	2.821	3.684	2.440	3.030	3.448	4.137	4.532
Free Cash Flow ¹	8,883	11,052	8,777	9,048	9,975	13,450	12,459	13,501
FCF margin	20.07%	25.63%	19.93%	18.83%	19.15%	24.34%	21.49%	22.34%
FCF Conversion (EBITDA)	55.38%	62.33%	46.18%	46.92%	46.79%	59.49%	52.31%	54.22%
FCF Conversion (Net income)	177.62%	231.66%	140.91%	222.96%	198.34%	234.35%	185.19%	179.12%
Dividend per Share ²	-	1.973	3.487	-	1.660	3.914	4.366	4.843
Announcement Date	2/19/20	2/23/21	2/22/22	2/15/23	2/20/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	11,501	11,352	11,831	12,199	12,659	12,721	12,733	13,112	13,535	13,546	13,677	14,005	14,431	14,268	14,348
EBITDA ¹	4,933	4,511	4,578	4,957	5,234	4,942	5,085	5,539	5,752	5,277	5,517	5,714	5,916	5,538	5,743
EBIT ¹	1,867	1,437	1,481	1,732	1,971	1,682	1,878	2,121	2,248	1,911	2,266	2,411	2,656	2,200	2,330
Operating Margin	16.23%	12.66%	12.52%	14.2%	15.57%	13.22%	14.75%	16.18%	16.61%	14.11%	16.57%	17.21%	18.41%	15.42%	16.24%
Earnings before Tax (EBT)	1,460	909	876	1,689	1,357	1,018	1,387	1,549	1,621	1,224	-	-	-	-	-
Net income ¹	2,628	750	746	1,440	1,126	835	1,123	1,472	1,601	896	1,180	1,145	2,155	-	-
Net margin	22.85%	6.61%	6.31%	11.8%	8.89%	6.56%	8.82%	11.23%	11.83%	6.61%	8.63%	8.18%	14.93%	-	-
EPS ²	1.553	0.4472	0.4559	0.8600	0.6800	0.5000	0.6800	0.8900	0.9700	0.5400	0.7920	0.8347	1.183	0.8127	0.9503
Dividend per Share ²	2.512	0.1070	-	-	-	-	-	-	0.4372	-	0.8648	1.153	1.591	0.5857	2.497
Announcement Date	2/22/22	5/10/22	7/26/22	10/25/22	2/15/23	5/9/23	7/25/23	10/31/23	2/20/24	5/7/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,432	7,477	10,455	17,028	14,379	11,997	10,138	6,796
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6504 x	0.4216 x	0.5501 x	0.8831 x	0.6745 x	0.5306 x	0.4256 x	0.2729 x
Free Cash Flow ¹	8,883	11,052	8,777	9,048	9,975	13,450	12,459	13,501
ROE (net income / shareholders' equity)	7.04%	6.82%	8.93%	5.91%	7.29%	8.53%	10.2%	11.5%
ROA (Net income/ Total Assets)	4.74%	4.4%	5.55%	3.48%	4.19%	4.95%	5.48%	5.84%
Assets ¹	105,426	108,514	112,202	116,616	119,921	115,851	122,882	128,969
Book Value Per Share ²	-	41.10	41.70	40.80	42.10	41.50	41.40	40.60
Cash Flow per Share ²	-	11.40	10.70	11.30	11.30	12.10	12.40	12.80
Capex ¹	8,839	8,289	9,295	9,894	8,811	9,119	9,274	9,583
Capex / Sales	19.97%	19.22%	21.11%	20.6%	16.91%	16.5%	16%	15.86%
Announcement Date	2/19/20	2/23/21	2/22/22	2/15/23	2/20/24	-	-	-

¹BRL in Million²BRL

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Telefônica Brasil S.A.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

46.45 BRL

Average target price

56.71 BRL

Spread / Average Target

+22.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
TELEFÔNICA BRASIL S.A.	-13.08%	15.01B
CHINA MOBILE LIMITED	+13.35%	208B
VERIZON COMMUNICATIONS	+6.26%	169B
DEUTSCHE TELEKOM AG	+1.15%	118B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-11.90%	82.11B
CHINA TELECOM CORPORATION LIMITED	+16.04%	71.25B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+4.19%	61.11B
SAUDI TELECOM COMPANY	-5.07%	50.99B
CHARTER COMMUNICATIONS, INC.	-29.76%	39.32B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-18.02%	38.12B

Other Integrated Telecommunications Services