Millicom - Upgrade to Buy following CMD; FCF moving up, improved cash return prospects
We attended Millicom’s investor afternoon in New York on Wednesday. In our preview note from Monday (LINK) we looked at four potential areas which could drive upside to the shares and, as it transpires, two played out: 1/ The guide on 2019 EBITDA was ahead of our expectations, whilst the guide on capex was below, and 2/ Millicom is prepared to run a (somewhat more) levered equity model.
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