Millicom (Buy, TP: SEK330.00) - Towers sale outweighs FX impact
Large negative FX movements and one-off costs mean we are slightly below September consensus ahead of the Q3 results (due at 12:00 CET on 7 November). We like the company’s profitability transformation and reiterate our BUY, having raised our target price to SEK330 (310).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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