Stock TIMS3 TIM S.A.
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Financials TIM S.A.

Equities

TIMS3

BRTIMSACNOR5

Integrated Telecommunications Services

Market Closed - Sao Paulo
Other stock markets
 04:07:57 2024-04-26 pm EDT 		5-day change 1st Jan Change
17.49 BRL +0.40% Intraday chart for TIM S.A. +1.16% -2.45%
Mar. 29 Tim S.A. Announces Payment of Complementary Dividends Related to the Fiscal Year Ended December 31, 2023, Payable on April 22, 2024, July 23, 2024 and October 22, 2024 CI
Mar. 20 Telecom Italia investor Merlyn proposes sale of Brazilian unit RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 37,930 35,465 31,828 30,012 43,397 42,332 - -
Enterprise Value (EV) 1 44,801 41,076 34,940 43,835 55,039 52,608 50,192 48,552
P/E ratio 10.4 x 19.2 x 10.8 x 18 x 15.3 x 12.3 x 9.67 x 8.77 x
Yield 2.23% - 2.81% 5.97% 3.69% 7.21% 8.62% 9.97%
Capitalization / Revenue 2.18 x 2.05 x 1.76 x 1.39 x 1.82 x 1.67 x 1.65 x 1.53 x
EV / Revenue 2.58 x 2.38 x 1.93 x 2.04 x 2.31 x 2.07 x 1.95 x 1.75 x
EV / EBITDA 6.59 x 4.91 x 4 x 4.36 x 4.74 x 4.16 x 3.75 x 3.46 x
EV / FCF 44.8 x 8.59 x 7.29 x 9.33 x 6.95 x 7.31 x 6.72 x 5.86 x
FCF Yield 2.23% 11.6% 13.7% 10.7% 14.4% 13.7% 14.9% 17.1%
Price to Book 1.68 x 1.53 x 1.27 x 1.18 x 1.67 x 1.66 x 1.64 x 1.69 x
Nbr of stocks (in thousands) 2,420,573 2,420,804 2,420,358 2,420,358 2,420,358 2,420,358 - -
Reference price 2 15.67 14.65 13.15 12.40 17.93 17.49 17.49 17.49
Announcement Date 2/12/20 2/9/21 2/23/22 2/9/23 2/6/24 - - -
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 25,368 25,731 27,685
EBITDA 1 6,798 8,372 8,738 10,049 11,620 12,646 13,388 14,014
EBIT 1 2,609 2,845 3,034 3,160 4,717 5,649 6,703 7,439
Operating Margin 15.01% 16.48% 16.8% 14.68% 19.79% 22.27% 26.05% 26.87%
Earnings before Tax (EBT) 1 4,753 2,008 3,103 1,721 3,184 4,094 5,278 5,900
Net income 1 3,765 1,844 2,957 1,671 2,837 3,481 4,467 4,850
Net margin 21.67% 10.68% 16.38% 7.76% 11.9% 13.72% 17.36% 17.52%
EPS 2 1.500 0.7617 1.220 0.6900 1.170 1.421 1.809 1.994
Free Cash Flow 1 999 4,783 4,794 4,699 7,917 7,200 7,466 8,288
FCF margin 5.75% 27.7% 26.55% 21.82% 33.22% 28.38% 29.02% 29.94%
FCF Conversion (EBITDA) 14.7% 57.13% 54.87% 46.76% 68.13% 56.94% 55.77% 59.14%
FCF Conversion (Net income) 26.53% 259.4% 162.13% 281.23% 279.02% 206.86% 167.15% 170.91%
Dividend per Share 2 0.3500 - 0.3700 0.7400 0.6610 1.260 1.508 1.743
Announcement Date 2/12/20 2/9/21 2/23/22 2/9/23 2/6/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 4,512 4,799 4,727 5,368 5,611 5,824 5,640 5,863 6,055 6,275 6,038 6,230 6,430 6,635 6,353
EBITDA 1 2,167 2,450 2,123 2,486 2,697 2,743 2,612 2,914 3,011 3,084 2,849 3,129 3,224 3,383 3,040
EBIT 1 755 1,002 715 732.2 761.9 970.9 816 1,039 1,219 1,680 1,084 1,411 1,518 1,672 1,343
Operating Margin 16.73% 20.88% 15.13% 13.64% 13.58% 16.67% 14.47% 17.72% 20.13% 26.77% 17.95% 22.65% 23.61% 25.2% 21.15%
Earnings before Tax (EBT) 1 544 1,565 446.9 293.3 359.9 620.8 556.1 613 813 1,202 674 965 1,068 1,266 -
Net income 1 993 1,015 405.4 279.5 447.7 538.2 412.4 626.5 716 1,083 527.5 690 763 1,509 -
Net margin 22.01% 21.15% 8.58% 5.21% 7.98% 9.24% 7.31% 10.68% 11.82% 17.25% 8.74% 11.08% 11.87% 22.74% -
EPS 2 0.4190 0.4200 0.1700 0.1200 0.1600 0.2400 0.1700 0.2600 0.3000 0.4500 0.2250 0.3218 0.3489 0.5223 0.3424
Dividend per Share 2 0.0568 0.3119 - 0.2000 - - - - - 0.2706 0.1787 0.4478 0.1726 0.6214 0.1414
Announcement Date 10/25/21 2/23/22 5/3/22 8/1/22 11/7/22 2/9/23 5/8/23 7/31/23 11/6/23 2/6/24 - - - - -
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 10,276 7,860 6,220
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.011 x 0.6702 x 0.3562 x 1.375 x 1.002 x 0.8126 x 0.5871 x 0.4438 x
Free Cash Flow 1 999 4,783 4,794 4,699 7,917 7,201 7,467 8,288
ROE (net income / shareholders' equity) 17.8% 8.15% 9.11% 13.2% 11% 12.9% 16% 17.7%
ROA (Net income/ Total Assets) 11.4% 4.52% 4.81% 3.15% 5.08% 6.67% 7.58% 7.6%
Assets 1 33,164 40,756 61,478 53,114 55,834 52,202 58,904 63,809
Book Value Per Share 2 9.330 9.580 10.40 10.50 10.70 10.50 10.70 10.30
Cash Flow per Share 2 2.920 0.3900 4.160 3.900 5.160 4.460 4.350 4.710
Capex 1 3,853 3,891 5,284 4,730 4,504 4,520 4,601 4,818
Capex / Sales 22.17% 22.54% 29.26% 21.97% 18.9% 17.82% 17.88% 17.4%
Announcement Date 2/12/20 2/9/21 2/23/22 2/9/23 2/6/24 - - -
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 TIM S.A.

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
17.49 BRL
Average target price
22.11 BRL
Spread / Average Target
+26.43%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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