Milicom: Leaner, Stronger, But Still Uncertain

  • Millicom offers strong growth potential in Latin America via fibre broadband and mobile money, but faces structural and regulatory uncertainties. Recent restructuring boosted cash flow and reduced leverage, yet long-term cost discipline and FX risks remain unresolved concerns. Competitive advantages exist in last-mile fibre and bundling, but regulatory trends will likely erode margins over time.