NEW STREET RESEARCH # INVITE # # EM Telco Top Picks Series # MILLICOM Miami Day

We are pleased to invite investors to Miami to meet one of our NSR GEM Top Picks, Millicom at their Corporate Office in Miami. The date is 10th March.

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 likely to fall further through 2025 with the potential closing of the deal 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, rather than expansion, driving cash flow growth and then increasingly distributing it to shareholders. Millicom’s recently announced shareholder remuneration strategy implies a dividend yield of 12% this year (in US$) and rising. With better growth coming through from B2B and digital services, it is therefore in our view a great investment, and one of our key Top Picks for 2025.

We have a great schedule of meetings with Millicom to include the CEO, CFO, Head of IR and various other GMs including the Head of Guatemala and Colombia (tbc).  The trip will therefore likely give investors a good sense of the opportunity facing Millicom and the degree to which the stock is undervalued.

If you are interested in joining us in Miami, please reach out to Chris directly, or your NSR Sales representative.