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    Phani Kumar Kanumuri • HSBC

    Phani Kumar Kanumuri's questions to Telefonica Brasil SA (VIV) leadership

    Phani Kumar Kanumuri's questions to Telefonica Brasil SA (VIV) leadership • Q2 2025

    Question

    Phani Kumar Kanumuri of HSBC questioned the seemingly weaker mobile net additions and the company's long-term fiber strategy, including its view on the total addressable market and the potential use of outside capital.

    Answer

    CEO Christian Gebara responded that the mobile strategy is focused on value, migrating prepaid to hybrid plans and driving convergence, which has led to healthy 11% postpaid revenue growth and low churn. On fiber, he stated that Vivo does not envision needing another financial partner for expansion, having already reached its 30.1 million homes passed target. He confirmed there is still room to grow towards the 60 million potential homes in Brazil, either organically or through selective M&A.

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    Phani Kumar Kanumuri's questions to Telefonica Brasil SA (VIV) leadership • Q1 2025

    Question

    Phani Kumar Kanumuri inquired about the competitive landscape in the mobile sector, particularly from regional operators, and asked about the planned use for the cash expected from the sale of copper and real estate assets.

    Answer

    Executive Christian Gebara acknowledged the mobile market is competitive but emphasized Vivo's strong performance, driven by a superior value proposition that leads to positive postpaid growth and low churn. Regarding the use of cash, he reiterated the company's commitment to its shareholder remuneration policy of distributing a minimum of 100% of net income, while also maintaining flexibility for strategic M&A in digital services or fiber.

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    Phani Kumar Kanumuri's questions to Telefonica Brasil SA (VIV) leadership • Q4 2024

    Question

    Phani Kumar Kanumuri from HSBC asked about the free cash flow impact timeline from the license migration and questioned the use of cash, given that free cash flow exceeds shareholder returns, probing on M&A plans.

    Answer

    Executive Christian Gebara confirmed Vivo is actively looking at M&A opportunities in the digital B2C and B2B arenas to accelerate growth, leveraging its low debt. Executive David Sanchez-Friera explained that while investments are spread over 5-10 years, the company aims to capture a large part of the benefits from asset sales in the first four years to maximize free cash flow. Management reiterated its strategy of growing revenue while reducing CapEx intensity.

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    Phani Kumar Kanumuri's questions to Telefonica Brasil SA (VIV) leadership • Q2 2024

    Question

    Phani Kumar Kanumuri asked if the concession migration would necessitate higher fiber investment, impacting CapEx, and questioned the robustness of the shareholder remuneration guidance in light of potential M&A and migration costs.

    Answer

    Executive Christian Gebara clarified that Vivo's fiber strategy is independent of the concession migration and will proceed as planned, with the migration only requiring continued service in a few specific locations. He firmly stated that the shareholder remuneration guidance to pay out 100% or more of net income remains unchanged and is not affected by the migration process.

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    Phani Kumar Kanumuri's questions to America Movil SAB de CV (AMX) leadership

    Phani Kumar Kanumuri's questions to America Movil SAB de CV (AMX) leadership • Q2 2025

    Question

    Phani Kumar Kanumuri questioned the lower labor obligation payments in the first half of the year and whether this indicated a lower total outflow for the full year. He also asked if M&A activity in markets like Argentina and Colombia is leading to more rational competition.

    Answer

    CFO Carlos García Moreno Elizondo clarified that the timing of labor obligation payments varies quarterly and that the full-year outflow is not expected to see major changes from the prior year. CEO Daniel Hajj Aboumrad added that market consolidation, as seen in Argentina and Colombia, is expected to lead to more rational competition. However, he noted that in other markets like Peru, Uruguay, and Ecuador, the entry of new players creates a different dynamic.

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    Phani Kumar Kanumuri's questions to America Movil SAB de CV (AMX) leadership • Q2 2025

    Question

    Phani Kumar Kanumuri asked about the lower labor obligation payments in the first half of the year and whether the full-year outflow is expected to be lower. He also questioned if M&A activity in markets like Argentina and Colombia is leading to more rational competition.

    Answer

    CFO Carlos García Moreno Elizondo clarified that the timing of labor obligation payments varies quarterly and that the full-year outflow should not see major changes relative to last year. CEO Daniel Hajj Aboumrad added that market consolidation, as seen in Argentina and Colombia, is expected to foster more rational competition, but noted that new entrants in other markets like Peru and Ecuador create a different dynamic.

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    Phani Kumar Kanumuri's questions to America Movil SAB de CV (AMX) leadership • Q1 2025

    Question

    Phani Kanumuri asked about potential pressure on corporate network revenue in the fixed segment and the reasons for the year-on-year and quarter-on-quarter margin decline in Colombia.

    Answer

    CEO Daniel Hajj Aboumrad explained that in Colombia, service revenue is growing strongly, and the slight reduction in EBITDA margin percentage was due to increased investment to fuel that growth, while absolute EBITDA still grew 2.4%. Executive Oscar Von Hauske Solís addressed the corporate segment, stating that while a large project boosted the prior year's results, there is a very strong current pipeline for cloud, digitalization, and data center services.

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    Phani Kumar Kanumuri's questions to America Movil SAB de CV (AMX) leadership • Q4 2024

    Question

    Phani Kumar Kanumuri asked about the outlook for shareholder remuneration in 2025 and inquired about the mobile market in Brazil, specifically if its rational competitive environment and strong growth rate would continue.

    Answer

    Executive Oscar Von Hauske Solís indicated a positive outlook for shareholder returns, citing strong revenue growth, lower capital intensity, and stable leverage, which should free up more cash for distributions. CEO Daniel Hajj Aboumrad expressed confidence in Brazil, highlighting the company's strong 5G market share, network quality, and consistent postpaid growth, positioning them well for the coming year.

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    Phani Kumar Kanumuri's questions to America Movil SAB de CV (AMX) leadership • Q3 2024

    Question

    Phani Kumar Kanumuri of HSBC asked if recent LatAm currency depreciation would alter shareholder remuneration or CapEx plans, and which countries drove the strong constant currency fixed broadband revenue growth.

    Answer

    Executive Daniel Hajj Aboumrad confirmed there are no changes to the 2024 CapEx plan or the shareholder remuneration policy due to currency movements. Executives Carlos Jose Garcia Moreno Elizondo and Daniela Lecuona specified that the above-average fixed service revenue growth was driven by strong performance in Brazil (8.8%), Colombia (7.2%), Eastern Europe (15.7%), and Central America (8.6%).

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    Phani Kumar Kanumuri's questions to Endava PLC (DAVA) leadership

    Phani Kumar Kanumuri's questions to Endava PLC (DAVA) leadership • Q3 2025

    Question

    Phani Kumar Kanumuri asked about current and projected utilization rates, the key factors driving the lower EPS guidance, and the status of integration benefits from the GalaxE acquisition.

    Answer

    CFO Mark Thurston stated that utilization was around 72% in Q3 and is expected to remain at that level in Q4. He detailed that the lower Q4 EPS guidance is primarily due to a significant negative FX impact of about 6p, plus revenue and gross margin compression, partially offset by G&A savings. He confirmed that G&A synergies from GalaxE are largely realized, with future benefits expected through operational efficiencies in the gross margin.

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    Phani Kumar Kanumuri's questions to Endava PLC (DAVA) leadership • Q3 2025

    Question

    Phani Kanumuri asked about current and expected Q4 utilization rates, the cost elements impacting the EPS guidance, and whether all GalaxE integration benefits are now factored in.

    Answer

    CFO Mark Thurston stated that utilization was around 72% in Q3 and is expected to remain at that level in Q4. He detailed that the Q4 EPS guide reduction was driven primarily by a significant FX headwind (about 6p) and revenue compression, partially offset by G&A savings. He noted that while G&A synergies from GalaxE are largely realized, further operational efficiencies are expected to benefit the gross margin in FY26.

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    Phani Kumar Kanumuri's questions to TIMS3 leadership

    Phani Kumar Kanumuri's questions to TIMS3 leadership • Q4 2024

    Question

    Phani Kumar Kanumuri from HSBC asked if the revenue growth guidance is primarily driven by postpaid, given pressures in other segments, and what contribution is expected from new initiatives. He also inquired about the potential for future price increases.

    Answer

    CEO Alberto Griselli confirmed that postpaid is a key growth driver, fueled by price adjustments and customer migrations. However, he emphasized that customer platform partnerships and the B2B/IoT business are also expected to be important contributors. He described the market as constructively rational, noting that back-book price increases are proceeding as planned.

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    Phani Kumar Kanumuri's questions to Tim SA (TIMB) leadership

    Phani Kumar Kanumuri's questions to Tim SA (TIMB) leadership • Q4 2024

    Question

    Phani Kumar Kanumuri from HSBC questioned the primary drivers of the revenue growth guidance, asking for the contribution from postpaid versus new initiatives. He also asked if the challenges with 'more-for-more' pricing strategies from last year are expected to continue.

    Answer

    CEO Alberto Griselli confirmed that postpaid remains a key growth driver, fueled by price adjustments and customer migrations. He also highlighted customer platform partnerships and the B2B/IoT business as two other important growth pillars. Regarding pricing, he described the market as still constructive and rational, noting that back-book price increases are proceeding as planned, similar to last year.

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    Phani Kumar Kanumuri's questions to Millicom International Cellular SA (TIGO) leadership

    Phani Kumar Kanumuri's questions to Millicom International Cellular SA (TIGO) leadership • Q4 2024

    Question

    Phani Kumar Kanumuri questioned whether expected growth in key markets is driven by volume or pricing power, and asked for the rationale behind resuming dividends at a 2.5x leverage target rather than prioritizing further debt reduction.

    Answer

    CEO Marcelo Benitez attributed growth to a 'more-for-more' pricing strategy that monetizes rising data demand by increasing allowances and prices. CFO Bart Vanhaeren explained the dividend decision reflects a balanced approach, distributing about two-thirds of the $750 million in expected equity free cash flow to shareholders while retaining one-third for deleveraging or strategic projects, a policy initiated after achieving their leverage target.

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