Millicom (Buy, TP: SEK300.00) - Colombia driving EBITDA growth
We are in line with consensus on service revenue and EBITDA ahead of the Q2 report. Due to a weaker COP, we have cut our 2023–2024e revenue and EBITDA by c4%. We reinstate coverage with a BUY and SEK300 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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