Millicom's underlying business continues to perform well, but this is hidden by weak currencies.
Millicom reported solid third-quarter results and we are maintaining our $83 per ADR fair value estimate while we expect to increase our fair value estimate on the local shares to SEK 680 per share from SEK 670 due to the recent rebound of the Swedish krona versus the dollar. Our narrow-moat rating remains unchanged. Despite the significant run the stock has had this year we continue to believe the shares are undervalued. The firm reported revenue growth of 1.6% year over year, which brought its...
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