Millicom Reports Weak 4Q Results Due to Currencies, but Turnaround on Track; Shares Undervalued
Millicom reported weak fourth-quarter revenue as it was once again hit by currency weakness. However, we are pleased with the underlying progress the company is making and don’t anticipate any significant changes to our $86 per ADR fair value estimate. We continue to believe the company has a narrow moat, and the shares are undervalued. We model Millicom as if it consolidated its operations in Guatemala and Honduras and removed minority interests. On this basis, the firm’s revenue declined 2.9% ...
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