New Street Research - Millicom (MIC) ... Millicom (Buy, TP: $36, +30%) - Q4 24: Slower trends but strong EFCF

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New Street Research

Chris Hoare

EUR 9627.00 For Business Accounts Only

Millicom (Buy, TP: $36, +30%) - Q4 24: Slower trends but strong EFCF

Millicom has reported a slower set of Q4 results and both service revenue and EBITDA came in a shade below consensus expectations. However, the EFCF performance was strong, well above expectations in Q4 and the guide for 2025 EFCF of ~$750m is also above consensus (in line with us).

28/02/2025 1 EN

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Millicom

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MILLICOM

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Chris Hoare

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Millicom (Buy, TP: $36, +30%) - Q4 24: Slower trends but strong EFCF

Millicom (Buy, TP: $34, +24%) Impressive new shareholder remuneration policy

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

SATS quick thoughts following the 4Q24 call

NSR Policy: One Month of Trump 2.0: What Have We Learned?

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