Millicom (MIICF +10.5%) shares jump after the company reports Q3 revenue grew 7.6% Y/Y to $1.29B as the telco added 1M new data users.
Q3 EBITDA was $459M (margin of 38.6%), FCF $81M, and EPS $1.00.
CEO Hans-Holger Albrecht: "This quarter’s strong growth highlights the continuing opportunity in Africa and Latin America. Combined with the shift to data, progress in mobile financial services and the launch of new media services almost weekly, we are on track to deliver the transformation of the company into a digital lifestyle provider."
Emerging market telco Millicom (MIICF.PK -0.2%) completes the issuance of $800M in 6.625% dollar-denominated bonds. Appetite for the offering was healthy, reaching $2.4B.
The company intends to use the proceeds to finance the merger of its Colombian ops with Empresas Publicas de Medellin's fixed line business, part of a strategy to double annual revenues in the next 5 years.
Shares of Millicom International (MICC), which provides mobile-phone services to almost 31M subscribers in Central and South America, Africa and Southeast Asia, could climb 25% or more once investors rediscover emerging markets, Barron's says.