Millicom sinks to bottom of STOXX after Q1 miss
27/04/2023 15:09
** Telecommunications provider Millicom TIGO.O
TIGOsdb.ST , trading as Tigo, is among the worst performers on
pan-European stock index .STOXX after posting Q1 earnings
** Stock down as much as 10%
** J.P.Morgan says especially co's EBITDA at $507 million
disappoints, down 6.2% Y/Y and 6.5% below consensus
** Brokerage notes performance below expectations, except
for in Colombia and Nicaragua, and among other severance costs
related to cost cutting initiatives
** However, JPM says the share price will continue to be
driven by developments in the Apollo/Claure acquisition bid
** Stock is on track for its worst day since June 2020,
nonetheless, including today's fall, the stock has gained almost
40% YTD
(Reporting by Jacob Rasmussen)
((jacob.rasmussen@thomsonreuters.com))