Millicom (Buy, TP: SEK470.00) - Preparing for L-shaped recovery
Millicom is preparing for the effects seen in April to be present throughout 2020. We believe the effects will be biggest in Q2, before we start to see a gradual recovery in Q3 and Q4. That said, we believe management is doing the right thing, and from an investor perspective this should give upside risk to estimates. We reiterate our BUY but have cut our target price to SEK470 (520)
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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