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New Street: Millicom Q1s: Covid profit warning; Canary in the Coal Mine?
Millicom reported Q1s this morning. The quarter itself was a touch weak but what has completely spooked the market is, 1/ The guide on April service revenue: down 6-7% and 2/ The resultant dramatic efforts to preserve cash which include suspending the dividend ($100m), suspending the buy-back ($150m), cutting capex by 20-30% ($2-300m) and targeted opex savings ($100m).
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Soomit Datta
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