Report
Michael Hodel
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Millicom's Acquisition Activity Should Open Up Growth Opportunities

Millicom reported mixed first-quarter results with revenue light and EBITDA margin strong. The firm reported revenue growth of 5.1% year over year primarily driven by the acquisition of Cable Onda in Panama. Revenue growth elsewhere was mostly offset by currency depreciation that occurred last year. Importantly, organic revenue growth was 3.7%, in line with our estimate of 3.5%. Our revenue projection of 15.2% assumes the proposed acquisitions of Telefonica’s wireless operations in Panama, Nicar...
Underlying
Millicom International Cellular S.A.

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Michael Hodel

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