Millicom (Buy, TP: SEK660.00) - M&A still on the horizon
With Q4 results pre-announced and 2019 LatAm guidance presented at the CMD, the Q4 report should be a non-event. Discussions with LILAC have been terminated; Millicom may be looking instead at assets of Telefonica in Central America (Bloomberg reports). We would however not rule out that discussions with LILAC could resume. We have raised our target price to SEK660 (630) based on a combination of DCF, SOTP and peer valuation and we reiterate BUY.
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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