Millicom Reports Q3 Results That Show Stabilising Revenue and Strong Margins; Shares Undervalued
Millicom reported third-quarter results that were ahead of our expectations. We are maintaining our fair value estimate for its ADRs, but we expect to increase our fair value estimate for the local shares, as the Swedish krone has strengthened versus the dollar. Our narrow moat rating remains unchanged. While currencies were much more stable in the quarter versus the year-ago period, the lower currency rates are affecting the real economy by pushing up the costs of exports and increasing inflati...
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