reports
- Allan C. Nichols
Millicom’s Solid First-Quarter Results Demonstrate the Turnaround Is...
Millicom reported solid first-quarter results demonstrating the turnaround we’ve been predicting. Thus, we are maintaining our $86 per ADR fair value estimate and narrow moat rating. We continue to believe the shares are undervalued. The firm reported revenue growth of 3.9% versus our full-year projection of 2.4%. However, on an organic basis revenue only grew 2.9%. We were particularly happy to see revenue growth in every country in Latin America, even those that lost subscribers. Millicom ha...
- 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 Reports Encouraging Q1 Results; Shares Remain Significantly U...
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 Reports Q3 Results That Show Stabilising Revenue and Strong M...
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...
- Allan C. Nichols
Millicom's underlying business continues to perform well, but this is ...
Millicom reported mixed second-quarter results with weak revenue but strong margins; we believe the two basically offset each other. We are maintaining our fair value estimate for the ADRs and increasing it to SEK 715 for the local shares due to the recent strengthening of the Swedish krona. We are keeping our narrow moat rating. The firm reported revenue down 7.8% year over year versus our full-year projection of a 5.6% decline. While currencies were pretty stable during the quarter, several ...
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