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The most important step in judicial recovery gives Hello (OIBR3) occurred yesterday (14), with the sale of the mobile phone operation to the consortium formed by its rivals TIM (TIMS3), Alive (VIVT3) e Clear for R $ 16.5 billion. But, for the market, the big winner of the day is TIM.
It is true that the company will pay most of the acquisition (R $ 7.8 billion, or about 45% of the total), but the reward depends on it. “TIM will be the company most benefited by the consolidation of the mobile telephony market, due to the relevance of the cellular business in its consolidated results”, affirms the Safra Bank, in a report signed by Luis Azevedo and Silvio Dória.
How Oi Móvel will be divided among the winners of the sale auction
| TIM | Alive | Clear | |
|---|---|---|---|
| customers | 14.5 million | 10.5 million | 11.2 million |
| Spectrum | 54% total | 46% total | will not have the right |
| Infrastructure | 7,200 access points | 2,700 access points | 4.6 thousand access points |
| Base price | R $ 7.3 billion | R $ 5.5 billion | R $ 2.9 billion |
| Source: Safra |
The duo explains that more than 94% of their consolidated income comes from mobile telephony, while, in Vivo, this percentage is 65%. Considering that Oi Móvel generates annual revenues of R $ 7.2 billion, TIM will add R $ 2.9 billion to its revenues, which is equivalent to 17% of its current net revenues.
For Vivo, the agreement will add R $ 2.1 billion in revenues, an increase of only 5% over its total revenues.
Largest slice
“Above all, TIM will receive the majority of Oi’s mobile telephony operations (around 45% of assets), not only in number of clients, but also in radio frequency licenses, shortening the spectrum distance in relation to competitors, ”says Safra.
The bank reaffirmed the recommendation of superior performance (expected performance above the market average) for both papers, with a target price of R $ 56 for VIVT3 and R4 19 for TIMS3. The values include a high potential of 22% and 30%, respectively, over the prices used as reference by Safra.
