New Street Research - Millicom (MIC) ... Millicom (Neutral, TP: $18 ($19), +15%) Millicom - Deal in Colombia fast becoming Essential: Cut to Neutral

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New Street Research

Soomit Datta

EUR 9284.00 For Business Accounts Only

Millicom (Neutral, TP: $18 ($19), +15%) Millicom - Deal in Colombia fast becoming Essential: Cut to Neutral

Millicom Q2s trends reported yesterday were weak, though within the parameters pre-guided to at the end of June. Perhaps most striking is the leverage of 3.34x as of Q2 which, including existing and potential Colombian spectrum liabilities (1.9 GHz and AWS), rises to nearer 3.75x. The solve for this could come from a deal in Colombia, though we will need 6-12 months to see whether this is approved ...

28/07/2023 1 EN

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Millicom

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MILLICOM

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Soomit Datta

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Millicom (Neutral, TP: $18 ($19), +15%) Millicom - Deal in Colombia fast becoming Essential: Cut to Neutral

TIGO (Buy, TP: $24, +35%) Millicom - UPGRADE TO BUY: Xavier Niel helping drive rapidly improving FCF profile

TIGO (Neutral, TP: $20, +16%) Millicom Q4s: FCF lift again - does Xavier Niel have the Midas touch?

LatAm Telcos – 2024 Outlook: Top picks Brazil (TIM and Vivo) and Megacable

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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