New Street Research - MILLICOM (TIGO) LBTY (Buy, TP: $32, +45%) TIGO (Buy, TP: $22, +25%) Could Liberty Global counter bid for Millicom?

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New Street Research

Soomit Datta

EUR 9211.00 For Business Accounts Only

LBTY (Buy, TP: $32, +45%) TIGO (Buy, TP: $22, +25%) Could Liberty Global counter bid for Millicom?

Following yesterday's confirmed discussions between Apollo/Claure and Millicom (and a rumoured bid coming at high teens USD price), we look at whether Liberty Global could counterbid in an attempt by John Malone to recreate the aborted 2019 merger between Liberty Latin America and Millicom.

26/01/2023 1 EN

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MILLICOM

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New Street Research

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Analysts

Soomit Datta

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LBTY (Buy, TP: $32, +45%) TIGO (Buy, TP: $22, +25%) Could Liberty Global counter bid for Millicom?

TIGO (Buy, TP: $30, +30%) Millicom - Upgrades following Q1s support rapid deleverage. TP to $30 from $24.

Millicom (Buy, TP: $24) Q1 24 - Big (10%) EBITDA beat as Xavier Niel carves out more cost; revenue holding for now

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

US Cellular: is the market missing something?

VEON (Buy, TP: $40, +57%) YTD update implies better trends in April

PYPL US (Buy, TP: $80, +28%) PayPal Initiation - BUY: Life in the Fast Lane

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