Millicom (Buy, TP: SEK300.00) - Improved cash flow guided in H2
We believe the Q2 report was broadly in line with our estimates and consensus adjusting for lower corporate costs in the quarter. Management signalled improved cash flow generation in H2, which we view as positive, and also commented it is on track to crystallise value from carving out the tower and MFS businesses in 2023. We reiterate our 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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