Millicom Reported Solid 4Q Results with Better Revenue Growth and Margins; Increasing Our FVE to $86
Millicom reported solid fourth-quarter results and we are increasing our fair value estimate to $86 per ADR from $83, but are maintaining the local shares fair value estimate at SEK 690 due to the recent weakening of the Swedish krona versus the U.S. dollar. Our narrow moat rating remains unchanged and we believe the shares remain undervalued despite the strong run up in the stock since the end of 2016. The firm reported revenue increased 2.1% in the quarter year over year excluding asset divest...
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