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

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

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

Millicom (Buy, TP: $30, +17%) Multiple M&A’s: Millicom (BUY) in Colombia/Costa Rica – synergies >$1 billion / Q2 24 highlights

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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