Millicom (Buy, TP: SEK665.00) - Steps in the right direction
The Q1 report showed Millicom is taking steps in the right direction in terms of 4G subscriber intake, HFC homes connected, service revenue growth and Mobile growth. Millicom is on track to more stable revenue growth due to increased subscription revenues. We believe it should be able to grow by at least mid-single digits on service revenue, and hence deserves to be valued as a growth company. We reiterate our BUY and have raised our target to price to SEK665 (655).
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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