TIM SA - ADR
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Earnings Call Q3 2026
November 10, 2026 - AI Summary
Strong operating momentum & cash generation (good)
- 3Q26 service revenues ~BRL 6.9bn, +5.3% YoY.
- For the first 9M 2026: service revenue +5.8%, normalized EBITDA +6.8%, and operating cash flow +11.6%.
- 3Q25 vs 3Q26 profitability/cash: normalized EBITDA nearly +7% with margin >52% (post-IFRS16); reported EBITDA grew close to 8% with EBITDA margin +~1pp to 41.3%.
- Operating cash flow (9M): ~BRL 5bn, OCF margin 23.9% (+1.3pp).
- Liquidity/leverage: cash ~BRL 5.2bn at quarter-end; gross debt -3.7% YoY despite VA and I-Systems payments; leverage “lower” vs prior year.
Guidance outlook: company says it remains on track, priorities stay consistent (forecast/expectations)
- Management states results keep TIM on track to deliver 2026 guidance.
- 2026 priorities:
- B2C: evolve value proposition across mobile + broadband.
- B2B: expand portfolio via partnerships/contracts in verticals and connected vehicles.
- 2027 strategic intent: enter 2027 with a stronger pace (especially for mobile operational KPIs and net additions) and continue margin/free-cash-flow expansion trajectory.
Mobile dynamics: postpaid ARPU flat vs pressure; prepaid improving due to portfolio optimization (mixed/good + bad)
- Postpaid: competitive environment described as broadly unchanged vs 2Q; no major new launches (beyond typical promotions).
- ARPU “flattish YoY”: pressure linked to earlier-year churn and competitive pricing, plus higher retention discounts.
- Relief: churn pressure eased in 3Q, which helped contain ARPU erosion; back-book contracted revenues pretty unchanged QoQ vs 2Q.
- Expectation: market remains edgy but no sign of a major deterioration; “front book price updates” so far didn’t fully materialize.
- Prepaid: first clear signs of recovery; TIM is optimizing portfolio with new price points (BRL 30 and BRL 40 offers for 30 days, higher GB in BRL 40 where applicable).
- Response positive; management expects Oct–Nov to be consistent with 3Q.
- Competitive read-through: one competitor announced BRL 35 prepaid (seen as positive vs TIM not changing BRL 30), while another (Claro) apparently put back some offering (mixed).
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Share Statistics
| Market cap | $9.22 Billion |
|---|---|
| Enterprise Value | $27.69 Billion |
| Annual dividend | $1.39 |
| Dividend yield | 3.35% |
| Earnings per Share | $8.95 |
| Beta | 0.11 |
| Outstanding Shares | 483,290,244 |
Return
| Return on Equity | 16.28% |
|---|---|
| Return on Assets | 7.20% |
| Return on Invested Capital | 19.05% |
Valuation & Multiples
| P/E Ratio | 12.6 |
|---|---|
| PEG | -70.15 |
| Price to Sales | 0.33 |
| Price to Book Ratio | 0.37 |
| Enterprise Value to Revenue | 1 |
| Enterprise Value to EBIT | 3.45 |
| Enterprise Value to Net Income | 6 |
| Total Debt to Enterprise | 0.78 |
| Debt to Equity | 0.86 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 9, 2026
EPS
$0.46
Est. $0.43Revenue
$1.35 B
Est. $1.37 BNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$0.56
Consensus analyst estimateRevenue Estimate
$1.34 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.00000% |
|---|---|
| Total Calls | - |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.45%▼ 2.95% |
|---|---|
| Total Invested | $123.57M▼ 73.32% |
| Investors Holding | 61▼ 110.00% |
About TIM SA
8,873 employees
CEO: Alberto Mario Griselli
TIM S.A. operates as a prominent telecommunications provider in Brazil, offering a diverse array of services to both individual customers and businesses of all scales. Its core activities include mobile voice and data communication, high...