Millicom (Buy, TP: SEK520.00) - Peak recovery
Given solid subscriber growth in previous quarters, we forecast 10% service revenue growth and 16% EBITDA growth YOY in Q2 (results due at 12:00 CET on 29 July). We are in line with consensus on sales and 1.5% above on EBITDA. 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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