Millicom (Buy, TP: SEK295.00) - More focus on ownership situation
We expect a fairly soft Q1 report, with 2% organic service revenue growth and flat EBITDA growth YOY. We also see a seasonally negative equity FCF, which is not fully reflected in consensus. This could pose some share-price risk over the numbers, but given the ongoing bid discussions, we see a continued good risk/reward, and reiterate our BUY and have raised our target price to SEK295 (265).
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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