Millicom (Buy, TP: SEK520.00) - c20% below pre-pandemic price
The Q2 report showed a still-strong recovery, and we expect this trend to continue. With confidence in further solid momentum, Millicom initiated a USD100m buy-back programme that we believe will provide support for the shares. We reiterate our BUY and SEK520 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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