New Street Research - MILLICOM (TIGO) New Street: TIGO (Buy, TP: USD44, +100%) Millicom - Panama put exercised / Subpoena from DOJ: new 6K disclosure

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New Street Research

Soomit Datta

EUR 9599.00 For Business Accounts Only

New Street: TIGO (Buy, TP: USD44, +100%) Millicom - Panama put exercised / Subpoena from DOJ: new 6K disclosure

As part of the 6K filing ahead of the USD750m rights offering, there are two new disclosures worth highlighting: 1/ The announcement that the Panama put has been exercised, which will cost Millicom USD$290m for the 20% it doesn't own, and 2/ The DOJ issuing a subpoena for information on Guatemala (including Millicom's minority purchase) as well as on other countries.

12/05/2022 1 EN

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MILLICOM

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Soomit Datta

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New Street: TIGO (Buy, TP: USD44, +100%) Millicom - Panama put exercised / Subpoena from DOJ: new 6K disclosure

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

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

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

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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