Millicom: Strong Cash Flow At A Lower Price

Millicom remains a Buy as strong cash flow and organic revenue growth offset high debt and premium valuation. Colombia integration is progressing faster than expected, with Q3 EBITDA margin improving to 44.2% and management targeting near 50% next year. TIGO's mobile segment drives growth, but Home customer losses and B2B deceleration pose risks; Q4 cash flow and Home performance warrant close monitoring.