Millicom: JP Morgan says low mobile growth offsets good cable outlook, assumes with "neutral"

Millicom International Cellular SA

08/07/2019 08:15

** JP Morgan assumes coverage of telecom and media company
Millicom  TIGOsdb.ST  with "neutral" rating and target price of
SEK 600 
    ** The brokerage says the company has a leading position in
many Latam emerging markets, with solid mobile share and a
fast-growing broadband (cable) business
    ** However, JP Morgan points out its ownership structure
limits cash flow
    ** JPM says that while the company's home broadband (40% of
revenues) has an attractive outlook, it is offset by low mobile
growth (60% of revenues)
    ** Expects the company's home revenue (cable) to grow at 8%
annually in 2019-23, compared with 2% growth for mobile


 ((marta.frackowiak@tr.com))