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    Andres Guayo

    Research Analyst at Scotiabank

    Andres Guayo is an Equity Research Analyst at Scotiabank specializing in Latin American financial institutions, covering leading banks and financial service companies such as Grupo Aval, Bancolombia, Grupo Financiero Banorte, and Banco Bradesco. He is recognized for his in-depth sector insight and timely investment recommendations and has consistently maintained a high accuracy rate and above-market average returns, as reflected in positive reviews and rankings on analyst performance tracking sites. Andres began his finance career in 2012, working at industry names including BBVA and Credicorp Capital before joining Scotiabank in 2019, where he advanced to his current analyst role. He holds professional credentials including a CFA designation and is registered with regulatory authorities supporting securities analysis and equity research.

    Andres Guayo's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership

    Andres Guayo's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership • Q2 2025

    Question

    Andres Guayo inquired about Millicom's M&A pipeline and whether the company was considering acquisitions of other Telefonica subsidiaries in markets like Chile or Mexico.

    Answer

    CFO Bart Vanhaeren responded that the immediate priority is closing and integrating the already announced transactions in Colombia, Ecuador, and Uruguay. He stated that while the company always evaluates interesting opportunities, larger and more complex deals, such as in Mexico, are not a current focus. The goal is to successfully integrate the new assets to enhance portfolio diversity and de-risk the business.

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