New Street Research - Liberty Global plc LiLAC (LILAB) ... LatAm Telcos - EM wireless concentration: LatAm points to Millicom and LiLAC

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New Street Research

David Lopes ...

Soomit Datta

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LatAm Telcos - EM wireless concentration: LatAm points to Millicom and LiLAC

Drawing on the work of our colleague Chris Hoare (HERE for Africa), we broaden out our EM analysis of market concentration in wireless.
LatAm screens well, in the largest market of Brazil (5 to 3 consolidation) but crucially also for the smaller caps of Millicom and – best in class – Liberty Latin America which remain the two top picks in the sector.

19/09/2024 1 EN

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Liberty Global plc LiLAC

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Millicom

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David Lopes

Soomit Datta

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LatAm Telcos - EM wireless concentration: LatAm points to Millicom and LiLAC

TIGO (Buy, TP: $34, +29%) Millicom - Q3 24: Solid quarter; raised EFCF guidance

Liberty LA (BUY, TP: $13, +38%) Liberty LA / LCPR bonds - Outlook into Q3, focus on Puerto Rico; launch of Loop Telecom

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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