Millicom (Buy, TP: SEK350.00) - Customer comeback
Despite increased customer intake in Q3, EBITDA adjusted for one-offs and EFCF was solid. We expect improved customer momentum to drive service revenue growth in 2025. We reiterate our BUY and have raised our target price to SEK350 (330).
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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