Millicom (Buy, TP: $46, +31%) On a path to $1bn EFCF. Upgrade target to US$ 46.
Following our day spent with Millicom in Miami and Q1 results we review our model. Assuming the Colombian deal closes we now see the company on a path to $1bn EFCF once synergies are delivered. Dividends are likely to rise to over $4/share, driving the shares towards $50. We remain Buyers and upgrade our price target to US$46.Millicom International Cellular is a global telecommunications group with mobile telephony operations in emerging markets. Co also operates various combinations of fixed telephony, cable and broadband businesses in five countries in Central America. Co. operates its mobile businesses in El Salvador, Guatemala, Honduras, Bolivia, Colombia, Paraguay, Chad, the Democratic Republic of Congo, Ghana, Mauritius, Rwanda, Senegal, Tanzania and Laos. Co. also provides broadband and cable television services in Costa Rica, Honduras and El Salvador; fixed telephony in El Salvador and Honduras, and corporate data services in the above countries and in Guatemala and Nicaragua.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
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- Global Emerging Market Telecoms
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- Pan European Telecom Services and Cable
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