We will be hosting a virtual meeting for NSR clients with Millicom's CFO, Bart Vanhaeren, and Head of IR, Luca Pfeifer, on the 3rd of July. Format will be conducted in a small group setting, with the focus on Q&A.
Why? Mobile dynamics in EM have shifted decisively we think with consolidation driving better growth and returns. Millicom is a classic example of a beneficiary of this theme, with the number of competitors in each market falling significantly over the last 2-3 years in their key markets, and more recently in Colombia. Horizontal mergers are perhaps the easiest way to create value in Mobile, but Millicom is also a key example of the shift of EM Telco management focus towards cost cutting, driving cash flow growth and then increasingly distributing it to shareholders. Millicom remains one of our key Top Picks.