Millicom (Buy, TP: SEK470.00) - Set for continued recovery
Solid Q3 results included a good recovery in service revenue QOQ. More importantly, however, Millicom fully recouped its Mobile subscriber losses in Q3, as well as reporting good intake on the Cable side. This indicates a continued recovery in the coming quarters. We reiterate our BUY and SEK470 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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