New Street Research - MILLICOM (TIGO) New Street: TIGO US (Buy, TP: $32, +115%) Millicom Q2 Quick Take: Numbers ahead, guide reaffirmed, monetisation efforts for 2023

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New Street Research

Soomit Datta

EUR 9599.00 For Business Accounts Only

New Street: TIGO US (Buy, TP: $32, +115%) Millicom Q2 Quick Take: Numbers ahead, guide reaffirmed, monetisation efforts for 2023

Millicom reported strong Q2s this morning, with service revenues beating us by 0.4%, and 2% ahead of consensus on EBITDA. Growth trends were stable at revenue and improved quite materially at EBITDA.

28/07/2022 1 EN

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MILLICOM

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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New Street: TIGO US (Buy, TP: $32, +115%) Millicom Q2 Quick Take: Numbers ahead, guide reaffirmed, monetisation efforts for 2023

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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