LatAm TMT "V.tal: Who Can Unlock the Network and Its Value?" Olmos

研报英文原文证据摘录

LatAm TMT "V.tal: Who Can Unlock the Network and Its Value?" Olmos

Global Research

19 May 2026ab

LatAm TMT Equities

Latin AmericaV.tal: Who Can Unlock the Network and Its

Leonardo Olmos, CFAValue?

Analyst

leonardo.olmos@ubs.com

+55-11-9658 7533

V.tal as a Strategic Asset: Value Depends on Ownership Outcome Gustavo Farias

After the acquisition of Desktop by AMX, we resumed screening of potential new Associate Analyst

deals in the Brazilian telecom universe. With BTG now holding full control of V.tal, gustavo.farias@ubs.com

+55-11-2767 6154

market and media articles are increasingly focused on monetization paths—

including a potential IPO or strategic combination. We now assess how ownership Ondrej Cabejsek

could shape value realization. Our analysis suggests convergence, cost synergies, Analyst

and wholesale economics could drive R$1.4–3.3bn in NPV, with outcomes varying ondrej.cabejsek@ubs.com

+44-20-7568 6332

by buyer: Vivo appears more defensive, Claro more structural, and TIM more

transformational. At the industry level, market structure remains a key driver of Oba Agboola

returns, and avoiding incremental fragmentation could be as relevant as extracting Associate Analyst

synergies. This report applies a scenario-based framework, combining convergence obaloluwa.agboola@ubs.com

+44-20-7568 3969

dynamics, cost avoidance, wholesale value and financial levers, alongside

execution risks, to compare outcomes across potential buyers.

Convergence Is Already Monetized in Brazil

Convergence between fixed broadband and mobile appears to be a revenue lever in

Brazil, with operators reporting higher ARPU, lower churn, and improved customer

lifetime value for bundled customers. Vivo and Claro have scaled convergent