Millicom (Buy, TP: SEK290.00) - Equity FCF forecasts intact
Millicom reported a soft Q1, but is compensating for weaker EBITDA by trimming its capex budget due to lower demand and new price negotiations with vendors. As a result, its target of cumulative equity FCF (EFCF) of USD800m–1bn over 2022–2024 is unchanged. We reiterate our BUY but have trimmed our target price to SEK290 (295).
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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