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

Following strong Q1s last week we have pushed our target to $30, from $24. Underlying upgrades are 5-6% at EBITDA and we have trimmed capex further. Partly mitigating factors are 1/ We have cut our expectation for a dividend from Honduras, and 2/ Built in a 50% likelihood of a devaluation in Bolivia, though this doesn’t appear very imminent (we include in our valuation, not in estimates)

Millicom (Buy, TP: $24) Q1 24 - Big (10%) EBITDA beat as Xavier Niel carves out more cost; revenue holding for now

On the back of a 1% revenue beat, it was mainly cost which drove a 10% underlying beat at EBITDA.

TIGO (Buy, TP: $24, +35%) Millicom - UPGRADE TO BUY: Xavier Niel helping drive rapidly improving FCF profile

We have lifted estimates following better than expected Q4s and given the even stronger EFCF guide driven by Xavier Niel and management’s ambitious cost cutting program.

Thai Telcos - Q1 24 review: Market repair, synergies and Covid tailwinds make a heady mix; upgrade price targets

A strong quarter for both AIS and TRUE as both benefit from market repair, synergies and Covid tailwinds.

DT vs. BT: 160% total return over 10 years. Which one? DT (Buy, €32, +45%), BT (Buy, £1.95, +47%)

It’s been a busy day and we have now wrapped on the BT full-year results meeting and the DT earnings call and share our key takeaways from the day on the similarities and differences between the two.

Grab 1Q24: Good momentum in mobility. Unit economics improve further. Buy, $5.3