Noble Securities: 46% potential for TIM rate increase

In the analytical report of 14.10.2021, Noble Securities S.A. determined the present value of TIM SA shares at PLN 62.30, which gives a 46% growth potential. 

As explained by the analyst Noble Securities Michał Sztabler, “we calculated the value of one TIM SA share as an average of the comparative valuation and DCF, with the weight of 50% each. On this basis, we determined the current value of shares to be PLN 62.3. In the comparative approach, we valued the commercial and logistics business separately (in both cases using an indicator analysis) and the sum of the obtained values represented the total value”. In the report entitled “TIM – historical peak results”, the analyst also adds that “the growth rate in the commercial segment for 9M2021 and optimistic forecasts for e-commerce development led us to raise the forecast of revenues in the medium term”. 

The report was prepared as part of the GPW Analytical Support Programme. You can download it from Comments, analyses, recommendations.