reports
- Stefan Gauffin
Millicom (Buy, TP: SEK655.00) - Mobile set to be back to growth
In Q3 2017 Millicom was back to growth in the LatAm division. For Q4 (reporting 6 February at 22:00 CET) we expect mobile service revenue to turn positive too, leading to a further acceleration of growth for the group and a good momentum into 2018. We reiterate BUY and have raised our target price to SEK655 (SEK620).
- Allan C. Nichols
Millicom's underlying business continues to perform well, but this is ...
Millicom reported solid third-quarter results and we are maintaining our $83 per ADR fair value estimate while we expect to increase our fair value estimate on the local shares to SEK 680 per share from SEK 670 due to the recent rebound of the Swedish krona versus the dollar. Our narrow-moat rating remains unchanged. Despite the significant run the stock has had this year we continue to believe the shares are undervalued. The firm reported revenue growth of 1.6% year over year, which brought its...
- Stefan Gauffin
Millicom (Buy, TP: SEK620.00) - The tide is turning
After a period with weak operating performance, we see a trend shift in which Millicom is set to return to mid-single digit top-line growth. We also believe an exit from Africa will pave the way for a large extraordinary distribution. In our view this is not reflected in the valuation and we initiate coverage with a BUY recommendation and SEK620 target price.
- Allan C. Nichols
Millicom's underlying business continues to perform well, but this is ...
Millicom reported solid third-quarter results and we are maintaining our $83 per ADR fair value estimate while we expect to increase our fair value estimate on the local shares to SEK 680 per share from SEK 670 due to the recent rebound of the Swedish krona versus the dollar. Our narrow-moat rating remains unchanged. Despite the significant run the stock has had this year we continue to believe the shares are undervalued. The firm reported revenue growth of 1.6% year over year, which brought its...
- Allan C. Nichols
Millicom Reported Solid 3Q Results With Turnaround in Progress; Shares...
Millicom reported solid third-quarter results and we are maintaining our $83 per ADR fair value estimate while we expect to increase our fair value estimate on the local shares to SEK 680 per share from SEK 670 due to the recent rebound of the Swedish krona versus the dollar. Our narrow-moat rating remains unchanged. Despite the significant run the stock has had this year we continue to believe the shares are undervalued. The firm reported revenue growth of 1.6% year over year, which brought its...
- Allan C. Nichols
Millicom's underlying business continues to perform well, but this is ...
Millicom reported second-quarter results that were roughly in line with our expectations. Historically, the firm’s results in the second and fourth quarters are weaker, particularly on the margin side, than the first and third quarters. Hence we aren’t worried that results for the quarter are below our full-year projections and we are maintaining our $83 fair value estimate for the ADRs. The local shares' fair value estimate will decline in line with the weakness in the Swedish krona. Our na...
- Allan C. Nichols
Millicom’s 2Q Results Demonstrate Continued Execution of What We Vie...
Millicom reported second-quarter results that were roughly in line with our expectations. Historically, the firm’s results in the second and fourth quarters are weaker, particularly on the margin side, than the first and third quarters. Hence we aren’t worried that results for the quarter are below our full-year projections and we are maintaining our $83 fair value estimate for the ADRs. The local shares' fair value estimate will decline in line with the weakness in the Swedish krona. Our na...
- Allan C. Nichols
Millicom's underlying business continues to perform well, but this is ...
We are encouraged by Millicom’s first-quarter results and continue to believe the shares are significantly undervalued. However, just as we’ve previously stated that the firm’s quarterly results were being hit badly by negative currency movements, this quarter benefited from positive currency movements, making the initial results look better than reality. Reported revenue grew 0.4% year over year, but adjusting for currency and acquisitions, it declined 2.2%, versus our full-year projectio...
- Allan C. Nichols
Millicom Agrees to Merge Ghanaian Operation; Shares Remain Undervalued
Millicom announced it has agreed to merge its Ghanaian operation with Bharti Airtel's into a 50/50 joint venture. The combined company will be the second-largest wireless operator in the country, moving ahead of Vodafone but still trailing MTN. While we are pleased to see this merger, we are maintaining our fair value estimate and narrow moat rating. We believe Millicom remains undervalued, and it is one of our favourite telecom names. Millicom significantly improved its margins and returns on ...
- Allan C. Nichols
Millicom's underlying business continues to perform well, but this is ...
Millicom reported mixed 2016 results with slightly weaker revenue but better margins. We don’t anticipate any significant changes to our fair value estimate, and our narrow moat rating remains intact. We still believe the shares are significantly undervalued, and it remains one of our favourite international telecom stocks. The firm reported revenue of $6.25 billion--down 4.9% year over year, adjusted for the divestiture of its operations in the Democratic Republic of Congo--versus our estimat...
- Allan C. Nichols
Millicom Reported Mixed 2016 Results With Weak Revenue but Good Margin...
Millicom reported mixed 2016 results with slightly weaker revenue but better margins. We don’t anticipate any significant changes to our fair value estimate, and our narrow moat rating remains intact. We still believe the shares are significantly undervalued, and it remains one of our favourite international telecom stocks. The firm reported revenue of $6.25 billion--down 4.9% year over year, adjusted for the divestiture of its operations in the Democratic Republic of Congo--versus our estimat...
- Allan C. Nichols
Millicom's underlying business continues to perform well, but this is ...
Millicom reported third-quarter results that were ahead of our expectations. We are maintaining our fair value estimate for its ADRs, but we expect to increase our fair value estimate for the local shares, as the Swedish krone has strengthened versus the dollar. Our narrow moat rating remains unchanged. While currencies were much more stable in the quarter versus the year-ago period, the lower currency rates are affecting the real economy by pushing up the costs of exports and increasing inflati...
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