VIV - Oi S.A. Is Transforming Into A Leading Telecom Infrastructure Wholesaler For 5G In Brazil

Thesis Overview

Despite weaker than forecast earnings and a declining cash position, Brazilian telecom carrier, Oi S.A. presents a compelling opportunity to buy what should become a leading telecom infrastructure company, whose 360,000 kilometers of fiber optic cable will provide the necessary infrastructure for the build out of 5G networks, at less than 5x pro forma EBITDA as Brazil transitions to 5G mobile networks. Should Oi successfully raise sufficient capital from the sale of non-core assets allowing it to complete its fiber build out and transform itself into a fixed telecom infrastructure company, at an