Millicom International Cellular SA (NASDAQ:TIGO)slipped amid word the company is holding its 2022 Virtual Investor Day today.
Millicom's CEO Mauricio Ramos and the executive team will discuss the company's three-year operational goals, financial targets, and strategic plans.
The company sees organic operating cash flow growth of ~10% annually on average over the next three years.
Millicom sees mid-single-digit annual organic service revenue growth and annual CapEx of ~$1.0 billion.
TIGO also sees cumulative equity-free cash flow of $800 million - $1.0 billion over the next three years.
Millicom's near-term target is to reduce leverage to 2.5x by 2025. It looks to initiate buybacks from 2023.
The company also aims to expand its fixed broadband network by a targeted three million additional home passings in the next three years.
Millicom aims to create a Tower Company to carve out its portfolio of owned towers. Millicom looks to carve out of TIGO Money.
TIGO shares traded lower by 62 cents, or 2.3% at $26.92 early Monday.
