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Eduardo Nieto Leal

Vice President and Equity Analyst at JPMorgan Chase & Co.

Eduardo Nieto Leal is a Vice President and Equity Analyst at JPMorgan Securities LLC, specializing in Latin American telecommunications and media sectors. He has provided research coverage on prominent companies such as Grupo Televisa and Millicom International Cellular, engaging in detailed analysis during their quarterly earnings calls and offering market recommendations. Since joining JPMorgan in February 2022 and advancing to Vice President in 2024, Nieto Leal has built expertise following an undergraduate degree from Universidad de Los Andes in 2016, with his analysis contributing to key financial and hedging strategies for the companies he covers. He holds industry-standard credentials and operates within both equity and fixed income research at JPMorgan.

Eduardo Nieto Leal's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership

Question · Q2 2025

Eduardo Nieto Leal sought confirmation that the sub-2.5x leverage target includes recent M&A and dividends, asked about the medium-term comfort with this level, and inquired about refinancing plans for the 2027 bond maturity.

Answer

CFO Bart Vanhaeren confirmed the sub-2.5x leverage target includes all dividends and, depending on closing times, the M&A transactions. He stated that 2.0x-2.5x remains the desired medium-term range. Regarding refinancing, Vanhaeren reiterated the strategy of prioritizing local currency debt to repay USD debt and noted that while the 2027 maturity is on the radar, there were no specific announcements at this time.

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Question · Q1 2025

Eduardo Nieto from JPMorgan Chase & Co. asked about the company's debt maturity profile, plans for refinancing with local currency debt, and the potential for new U.S. dollar bond issues. He also inquired about the long-term comfort level with the 2.5x leverage target.

Answer

CFO Bart Vanhaeren stated that while the goal is to increase the average debt maturity to over five years and prioritize local currency debt, major refinancing decisions are paused pending the timing of M&A cash flows. Regarding leverage, he noted that the current 2.47x is at the higher end of their 2.0x-2.5x target range but expressed comfort with cash flow generation, which he expects to improve throughout the year.

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Eduardo Nieto Leal's questions to GRUPO TELEVISA, S.A.B. (TV) leadership

Question · Q4 2024

Eduardo Nieto Leal questioned the company's plans for its large cash position, particularly concerning debt reduction for bonds maturing in 2025 and 2026. He also asked about discussions with rating agencies and the primary risks to maintaining an investment-grade rating.

Answer

CFO Carlos Phillips Margain affirmed the company's strong liquidity position and its intention to use cash to reduce gross leverage and address upcoming maturities, reinforcing its commitment to its investment-grade rating. He noted that the dollar-denominated bonds due in 2025-2026 were hedged into peso exposure at a favorable rate. He added that rating agencies are concerned with operating trends at Sky, and the company is focused on demonstrating strong cash flow generation and liquidity to address this.

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