New Street Research - MILLICOM (TIGO) New Street: TIGO (Buy, TP: $48, +76%) Millicom Investor Day: Unraveling the EFCF guide - Quick Take

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New Street Research

Soomit Datta

EUR 9329.00 For Business Accounts Only

New Street: TIGO (Buy, TP: $48, +76%) Millicom Investor Day: Unraveling the EFCF guide - Quick Take

We listened to the Millicom investor presentation today. Most questions from investors we have received have been trying to clarify the new EFCF guide ($0.8-1.0 billion) and what this means for leverage and buy-backs. We provisionally run through our numbers and thoughts in this note.

15/02/2022 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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New Street: TIGO (Buy, TP: $48, +76%) Millicom Investor Day: Unraveling the EFCF guide - Quick Take

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

Bible 1Q24 - Service Provider Infrastructure: Approaching the bottom of the cycle?

Alphabet (GOOGL, Buy, raising target to $210) Adding AI Overview Ads to our Search Model

Bharti Airtel, Airtel Africa & Singtel At $100bn, downgrade Bharti Airtel to Neutral; play via Singtel or AAF. Upgrade AAF pt to 200GBp

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