Millicom (Buy, TP: SEK655.00) - On course to sustained high growth
With solid mobile data and cable KPIs, we believe Millicom has laid the foundations for improved revenue and EBITDA growth in 2018. We also believe exiting Africa and focusing on mobile data and cable would lead to strong cash flow generation, and in turn improve shareholder remuneration. We reiterate our BUY recommendation and SEK655 target price, based on a combination of DCF, SOTP and peer valuation.
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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