Millicom (Buy, TP: SEK310.00) - Colombia set to be part of next leg
Millicom is in the midst of the sales process for its 11,000 towers in LatAm, which could fetch USD1bn–1.2bn in value. We believe Millicom is likely to put this money to use through one or several of the following transactions; 1) buying out its partner in Tigo Colombia; 2) acquiring WOM Colombia; and/or 3) acquiring WOM Chile. Although the balance sheet is stretched, with net debt to EBITDA of 3.1x, we also expect strong cash-flow generation to fund a more aggressive approach.
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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