Financials Verizon Communications Inc. Sao Paulo

Equities

VERZ34

BRVERZBDR008

Integrated Telecommunications Services

Market Closed - Sao Paulo Other stock markets 01:35:00 03/07/2024 am IST			5-day change	1st Jan Change
38.87 ^BRL	+16.48%		+3.90%	+29.05%

28/06	Tucows Names Ivan Ivanov CFO	MT
28/06	Tucows Names Ivan Ivanov as New CFO	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,53,937	2,43,113	2,18,116	1,65,473	1,58,495	1,73,000	-	-
Enterprise Value (EV) ¹	3,62,832	3,50,004	3,73,506	3,13,507	3,07,104	3,14,230	3,06,342	2,99,755
P/E ratio	13.2 x	13.7 x	9.77 x	7.79 x	13.7 x	9.19 x	8.81 x	8.4 x
Yield	3.97%	4.23%	4.88%	4.9%	6.99%	6.51%	6.63%	6.76%
Capitalization / Revenue	1.93 x	1.89 x	1.63 x	1.21 x	1.18 x	1.28 x	1.26 x	1.24 x
EV / Revenue	2.75 x	2.73 x	2.8 x	2.29 x	2.29 x	2.32 x	2.23 x	2.15 x
EV / EBITDA	7.69 x	7.44 x	7.72 x	6.55 x	6.43 x	6.44 x	6.17 x	5.92 x
EV / FCF	20.4 x	14.8 x	19.4 x	22.3 x	16.4 x	16.9 x	16 x	15.3 x
FCF Yield	4.91%	6.74%	5.15%	4.48%	6.09%	5.9%	6.24%	6.52%
Price to Book	4.14 x	3.58 x	2.62 x	1.82 x	1.64 x	1.73 x	1.61 x	1.49 x
Nbr of stocks (in thousands)	41,35,784	41,38,094	41,97,774	41,99,817	42,04,102	42,09,255	-	-
Reference price ²	61.40	58.75	51.96	39.40	37.70	41.10	41.10	41.10
Announcement Date	30/01/20	26/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,31,868	1,28,292	1,33,613	1,36,835	1,33,974	1,35,163	1,37,130	1,39,240
EBITDA ¹	47,189	47,060	48,380	47,870	47,789	48,767	49,689	50,661
EBIT ¹	30,378	28,798	32,448	30,467	22,877	30,991	31,871	32,713
Operating Margin	23.04%	22.45%	24.29%	22.27%	17.08%	22.93%	23.24%	23.49%
Earnings before Tax (EBT) ¹	22,733	23,967	29,420	28,271	16,987	24,935	25,834	26,741
Net income ¹	19,265	17,801	22,065	21,256	11,614	18,768	19,529	20,389
Net margin	14.61%	13.88%	16.51%	15.53%	8.67%	13.89%	14.24%	14.64%
EPS ²	4.650	4.300	5.320	5.060	2.750	4.472	4.667	4.890
Free Cash Flow ¹	17,807	23,600	19,253	14,054	18,708	18,544	19,126	19,553
FCF margin	13.5%	18.4%	14.41%	10.27%	13.96%	13.72%	13.95%	14.04%
FCF Conversion (EBITDA)	37.74%	50.15%	39.8%	29.36%	39.15%	38.03%	38.49%	38.6%
FCF Conversion (Net income)	92.43%	132.58%	87.26%	66.12%	161.08%	98.81%	97.94%	95.9%
Dividend per Share ²	2.435	2.485	2.535	1.932	2.635	2.677	2.724	2.778
Announcement Date	30/01/20	26/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹USD in Million²USD

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	34,067	33,554	33,789	34,241	35,251	32,912	32,596	33,336	35,130	32,981	33,035	33,702	35,354	33,509	33,653
EBITDA ¹	11,765	12,032	11,873	12,218	11,747	11,902	11,971	12,238	11,678	12,072	12,260	12,465	12,012	12,297	12,256
EBIT ¹	7,608	7,796	7,552	7,894	7,225	7,584	7,220	7,473	600	7,521	7,861	8,036	7,564	7,905	7,840
Operating Margin	22.33%	23.23%	22.35%	23.05%	20.5%	23.04%	22.15%	22.42%	1.71%	22.8%	23.79%	23.84%	21.39%	23.59%	23.3%
Earnings before Tax (EBT) ¹	6,144	6,083	6,857	6,520	8,811	6,500	6,112	6,192	-1,817	6,075	6,345	6,597	6,049	6,370	6,533
Net income ¹	4,613	4,580	5,199	4,900	6,577	4,909	4,648	4,762	-2,705	4,602	4,774	4,920	4,542	4,763	4,794
Net margin	13.54%	13.65%	15.39%	14.31%	18.66%	14.92%	14.26%	14.28%	-7.7%	13.95%	14.45%	14.6%	12.85%	14.21%	14.25%
EPS ²	1.110	1.090	1.240	1.170	1.560	1.170	1.100	1.130	-0.6400	1.090	1.128	1.175	1.084	1.135	1.157
Dividend per Share ²	0.6400	0.6400	0.6400	0.6525	0.6525	0.6525	0.6525	0.6650	0.6650	0.6650	0.6650	0.6775	0.6775	0.6848	0.6848
Announcement Date	25/01/22	22/04/22	22/07/22	21/10/22	24/01/23	25/04/23	25/07/23	24/10/23	23/01/24	22/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,08,895	1,06,891	1,55,390	1,48,034	1,48,609	1,41,229	1,33,341	1,26,754
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.308 x	2.271 x	3.212 x	3.092 x	3.11 x	2.896 x	2.684 x	2.502 x
Free Cash Flow ¹	17,807	23,600	19,253	14,054	18,708	18,544	19,126	19,553
ROE (net income / shareholders' equity)	33.6%	31.4%	29.9%	25.2%	21.6%	19.6%	18.4%	17.7%
ROA (Net income/ Total Assets)	6.92%	5.85%	6.56%	5.83%	5.23%	5.02%	5.14%	5.16%
Assets ¹	2,78,279	3,04,103	3,36,613	3,64,479	2,22,146	3,73,813	3,79,778	3,94,854
Book Value Per Share ²	14.80	16.40	19.80	21.70	23.00	23.70	25.60	27.60
Cash Flow per Share ²	8.630	10.10	9.530	8.830	8.900	8.400	8.630	8.720
Capex ¹	17,939	18,200	20,286	23,087	18,767	17,303	17,378	17,551
Capex / Sales	13.6%	14.19%	15.18%	16.87%	14.01%	12.8%	12.67%	12.6%
Announcement Date	30/01/20	26/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Verizon Communications Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

41.1 USD

Average target price

45.98 USD

Spread / Average Target

+11.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

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NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-8.76%	81.25B
CHINA TELECOM CORPORATION LIMITED	+26.74%	73.38B
AMÉRICA MÓVIL, S.A.B. DE C.V.	-1.65%	52.7B
SAUDI TELECOM COMPANY	-6.81%	50.49B
CHARTER COMMUNICATIONS, INC.	-21.92%	42.64B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-17.41%	38.12B
SINGAPORE TELECOMMUNICATIONS LIMITED	+12.10%	33.56B

Other Integrated Telecommunications Services