Millicom (Buy, TP: SEK255.00) - Colombia at a crossroads
This is a focus report on Colombia, where Millicom has struggled with profitability due to tough price competition since WOM entered as a fourth operator. However, Millicom has seen strong profitability growth following cost reductions. We believe Colombia could experience market consolidation, but we also see the risk of another new entrant at the spectrum auction set for 20 December. We reiterate our BUY and SEK255 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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