Financials TIM S.A. Nyse

Equities

TIMB

US88706T1088

Integrated Telecommunications Services

Real-time Estimate Cboe BZX 10:04:22 17/06/2024 pm IST 5-day change 1st Jan Change
14.42 USD -2.67% Intraday chart for TIM S.A. -3.36% -22.09%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 37,930 35,465 31,828 30,012 43,397 38,411 - -
Enterprise Value (EV) 1 44,801 41,076 34,940 43,835 55,039 49,234 47,208 45,154
P/E ratio 10.4 x 19.2 x 10.8 x 18 x 15.3 x 11.5 x 9.04 x 8.07 x
Yield 2.23% - 2.81% 5.97% 3.69% 8.32% 9.21% 11.6%
Capitalization / Revenue 2.18 x 2.05 x 1.76 x 1.39 x 1.82 x 1.51 x 1.44 x 1.38 x
EV / Revenue 2.58 x 2.38 x 1.93 x 2.04 x 2.31 x 1.94 x 1.77 x 1.63 x
EV / EBITDA 6.59 x 4.91 x 4 x 4.36 x 4.74 x 3.92 x 3.53 x 3.23 x
EV / FCF 44.8 x 8.59 x 7.29 x 9.33 x 6.95 x 6.95 x 6.77 x 6.11 x
FCF Yield 2.23% 11.6% 13.7% 10.7% 14.4% 14.4% 14.8% 16.4%
Price to Book 1.68 x 1.53 x 1.27 x 1.18 x 1.67 x 1.56 x 1.56 x 1.6 x
Nbr of stocks (in thousands) 24,20,573 24,20,804 24,20,358 24,20,358 24,20,358 24,20,358 - -
Reference price 2 15.67 14.65 13.15 12.40 17.93 15.87 15.87 15.87
Announcement Date 12/02/20 09/02/21 23/02/22 09/02/23 06/02/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 17,377 17,268 18,058 21,531 23,834 25,402 26,639 27,740
EBITDA 1 6,798 8,372 8,738 10,049 11,620 12,575 13,356 13,969
EBIT 1 2,609 2,845 3,034 3,160 4,717 5,513 6,528 7,394
Operating Margin 15.01% 16.48% 16.8% 14.68% 19.79% 21.7% 24.5% 26.66%
Earnings before Tax (EBT) 1 4,753 2,008 3,103 1,721 3,184 3,719 4,857 5,812
Net income 1 3,765 1,844 2,957 1,671 2,837 3,360 4,338 4,773
Net margin 21.67% 10.68% 16.38% 7.76% 11.9% 13.23% 16.28% 17.21%
EPS 2 1.500 0.7617 1.220 0.6900 1.170 1.382 1.756 1.967
Free Cash Flow 1 999 4,783 4,794 4,699 7,917 7,084 6,973 7,395
FCF margin 5.75% 27.7% 26.55% 21.82% 33.22% 27.89% 26.18% 26.66%
FCF Conversion (EBITDA) 14.7% 57.13% 54.87% 46.76% 68.13% 56.33% 52.21% 52.94%
FCF Conversion (Net income) 26.53% 259.4% 162.13% 281.23% 279.02% 210.85% 160.75% 154.94%
Dividend per Share 2 0.3500 - 0.3700 0.7400 0.6610 1.320 1.462 1.843
Announcement Date 12/02/20 09/02/21 23/02/22 09/02/23 06/02/24 - - -
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 4,799 4,727 5,368 5,611 5,824 5,640 5,863 6,055 6,275 6,096 6,259 6,469 6,688 6,372 6,607
EBITDA 1 2,450 2,123 2,486 2,697 2,743 2,612 2,914 3,011 3,084 2,890 3,151 3,250 3,405 3,040 3,376
EBIT 1 1,002 715 732.2 761.9 970.9 816 1,039 1,219 1,680 1,113 1,363 1,484 1,634 1,305 1,656
Operating Margin 20.88% 15.13% 13.64% 13.58% 16.67% 14.47% 17.72% 20.13% 26.77% 18.26% 21.78% 22.94% 24.43% 20.48% 25.06%
Earnings before Tax (EBT) 1 1,565 446.9 293.3 359.9 620.8 556.1 613 813 1,202 587.9 843 943 1,167 - -
Net income 1 1,015 405.4 279.5 447.7 538.2 412.4 626.5 716 1,083 519.4 313 680 1,695 - -
Net margin 21.15% 8.58% 5.21% 7.98% 9.24% 7.31% 10.68% 11.82% 17.25% 8.52% 5% 10.51% 25.34% - -
EPS 2 0.4200 0.1700 0.1200 0.1600 0.2400 0.1700 0.2600 0.3000 0.4500 0.2100 0.1293 0.2811 0.7001 0.3424 0.4274
Dividend per Share 2 0.3119 - 0.2000 - - - - - 0.2706 0.0826 0.2773 0.1734 0.6692 0.1414 1.229
Announcement Date 23/02/22 03/05/22 01/08/22 07/11/22 09/02/23 08/05/23 31/07/23 06/11/23 06/02/24 06/05/24 - - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,871 5,611 3,112 13,822 11,642 10,823 8,797 6,742
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.011 x 0.6702 x 0.3562 x 1.375 x 1.002 x 0.8607 x 0.6586 x 0.4827 x
Free Cash Flow 1 999 4,783 4,794 4,699 7,917 7,084 6,973 7,395
ROE (net income / shareholders' equity) 17.8% 8.15% 9.11% 13.2% 11% 13% 16% 18.1%
ROA (Net income/ Total Assets) 11.4% 4.52% 4.81% 3.15% 5.08% 6.3% 7.36% 7.86%
Assets 1 33,164 40,756 61,478 53,114 55,834 53,366 58,980 60,754
Book Value Per Share 2 9.330 9.580 10.40 10.50 10.70 10.20 10.20 9.920
Cash Flow per Share 2 2.920 0.3900 4.160 3.900 5.160 4.600 4.720 4.600
Capex 1 3,853 3,891 5,284 4,730 4,504 4,595 4,606 4,813
Capex / Sales 22.17% 22.54% 29.26% 21.97% 18.9% 18.09% 17.29% 17.35%
Announcement Date 12/02/20 09/02/21 23/02/22 09/02/23 06/02/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
15.87 BRL
Average target price
21.11 BRL
Spread / Average Target
+33.00%
Consensus