Millicom (Buy, TP: SEK500.00) - Preparing for a strong 2022
Millicom reported good subscriber intake and service revenue growth in Q3, but the costs needed to do so put pressure on EBITDA and management flagged higher capex for Q4 to fuel growth into 2022. Millicom is pushing to meet its medium-term targets in 2022. We reiterate our BUY but have cut our target price to SEK500 (520).
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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