(Adds details, context and share performance this year)
By Gabriela Mello
SAO PAULO, March 11 (Reuters) - Brazilian wireless carrier TIM Participacoes SA has disclosed forecasts for 2020-2022 after achieving most of its short-term goals under a 2019-2021 strategic plan.
In 2019, the local subsidiary of Telecom Italia SpA met estimates for key performance indicators, including earnings before interest, taxes, depreciation and amortization (EBITDA), dividends and capital expenditure.
“Such goals were met even though macroeconomic expectations have not materialized due to a slower and more unstable economy,” TIM said in a securities filing late on Tuesday.
For 2022, the company expects its EBITDA margin to surpass 40%, compared with 39.1% in 2019, boosted by cost-cutting efforts.
It expects mid-single-digit growth in 2022 service revenue, from 2.4% in 2019.
TIM expects its capital expenditure/net revenue ratio to exceed 20% in 2022 amid higher cash generation from efforts to modernize and expand its network infrastructure.
Shares in TIM have been little changed so far in 2020 after surging 37.5% in 2019.
In a separate filing, the carrier expressed joint interest with Telefonica Brasil SA to start talks to potentially buy all or part of rival Oi’s mobile unit .
The move should “add value to the company, generating benefits for its customers and shareholders” and boost growth, it said in the filing. (Reporting by Gabriela Mello; editing by Jason Neely and Bernadette Baum)