Millicom (Buy, TP: SEK245.00) - Q3 results unlikely to be a catalyst
For Q3, we forecast a sequential improvement in EBITDA growth. However, we are fairly in line with consensus and hence we do not expect the results (due at 12:00 CET on 26 October) to be a share-price catalyst. Rather, we believe improved free cash flow in 2024 and the sale of towers would be the more likely triggers. We reiterate our BUY and SEK245 target price.
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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