New Street: Millicom (Neutral, TP: $45, +0%; from $40)) Millicom - CFO feedback / Buy back into estimates / target lift to $45
We held an Investor Call with Millicom's CFO, Tim Pennington, last week. We provide highlights of the call, update our estimates following the strong Q1s and the more confident outlook for 2021 (albeit not formalised into guidance), and introduce a buy back into numbers for the first time since the pandemic broke last year.Millicom International Cellular is a global telecommunications group with mobile telephony operations in emerging markets. Co also operates various combinations of fixed telephony, cable and broadband businesses in five countries in Central America. Co. operates its mobile businesses in El Salvador, Guatemala, Honduras, Bolivia, Colombia, Paraguay, Chad, the Democratic Republic of Congo, Ghana, Mauritius, Rwanda, Senegal, Tanzania and Laos. Co. also provides broadband and cable television services in Costa Rica, Honduras and El Salvador; fixed telephony in El Salvador and Honduras, and corporate data services in the above countries and in Guatemala and Nicaragua.
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