New Street Research - MILLICOM (TIGO) New Street: TIGO US (Buy, TP: $28, +130%) Mobile Money - Expert Speaker Series meeting notes: Millicom CEO, Mauricio Ramos

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New Street Research

Soomit Datta

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New Street: TIGO US (Buy, TP: $28, +130%) Mobile Money - Expert Speaker Series meeting notes: Millicom CEO, Mauricio Ramos

We held an Investor Call with Millicom’s CEO at the end of last week. Amongst global telcos, Millicom has perhaps the most ambitious plans to build a Fintech ecosystem offering services to both merchant (QR payments) and consumer (digital wallet). We discussed the roadmap for this venture (4 countries up and running, 3 on the way) and pilots underway today in Paraguay which include nano-lending ($20-$40 working capital-style loans).

21/09/2022 1 EN

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MILLICOM

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Soomit Datta

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New Street: TIGO US (Buy, TP: $28, +130%) Mobile Money - Expert Speaker Series meeting notes: Millicom CEO, Mauricio Ramos

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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