New Street: TIGO (Neutral, TP: $44, +22%) Millicom Q3s Quick Take: Good momentum, Capex coming down in FY22
Millicom reported Q3s before the market opened today. Momentum was good, with Colombia in particular performing well, with a little margin weakness here slightly ahead of market expectations. Paraguay and Panama, previous problem markets, are also performing better (and with consolidation coming in the latter). Having signalled capex up in 2021, we're comforted that this is something of a blip with FY22 capex set to fall. The buy-back is modest in the meantime, but has room to pick up from H2 22 we suspect.
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