Millicom (Buy, TP: USD39.00) - Solid underlying performance
We are a bit below consensus on service revenue, but believe this fully relates to Bolivia, where Millicom is set to report based on an assumed fair FX rate. Adjusting for this, we are in line with consensus on service revenue and EBITDA. We reiterate our BUY and have converted to a USD-based target price of USD39 (SEK375). The results are due at 12:00 CET on 8 May.
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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