Millicom (Buy, TP: SEK440.00) - Easier comparables from Q2e
We expect Q1 (results due at 12:00 CET on 28 April) to be similar to Q4, with mid single-digit service revenue growth YOY for Latin America and fairly stable EBITDA in local currencies. We are in line with consensus on service revenue and EBITDA. From Q2, Millicom should face easier comparables, especially in Colombia, and we then forecast mid single-digit EBITDA growth. We reiterate our BUY and SEK440 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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