Millicom to Enter Panama With Cable Onda Acquisition; Maintaining FVE, Shares Undervalued
On Oct. 7, Millicom announced an agreement to acquire 80% of Cable Onda, the largest cable television operator in Panama, at a price that values the entire enterprise at $1.46 billion, or 7.9 times the firm’s estimated 2019 EBITDA. We believe this is a fair price, and we are maintaining our $86 per ADR fair value estimate and narrow moat rating. We continue to believe the shares are significantly undervalued.Cable Onda has increased its revenue in the low-double-digit range for the past two yea...
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