Report
Stefan Gauffin
EUR 478.94 For Business Accounts Only

Millicom (Buy, TP: SEK375.00) - 2025 guidance of 16% EFCF yield

The Q4 report was mixed, with lower-than-forecast service revenue and EBITDA. However, EFCF beat expectations, while the 2025 EFCF guidance of cUSD750m, corresponding to a 16% EFCF yield, also exceeded our forecast. We reiterate our BUY and have raised our target price to SEK375 (350) (USD35 (32.5)).
Underlying
Millicom International Cellular S.A.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Stefan Gauffin

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