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Livia Manzotta

Research Analyst at JPMorgan Chase & Co.

Livia Manzotta is a Research Analyst at JPMorgan Chase & Co., focusing on telecommunications research. She has covered specific companies including Millicom International Cellular, with documented activity in asking earnings call questions, though detailed performance metrics such as success rates or rankings on platforms like TipRanks are not publicly available. Her career timeline and previous experience remain undisclosed in available sources, and no professional credentials like FINRA registrations or securities licenses are specified.

Livia Manzotta's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership

Question · Q4 2025

Livia Manzotta inquired about the sustainability of Millicom's consistently rising margins, particularly for the Colombian operation and expectations for Ecuador and Uruguay. She also asked about Millicom's M&A appetite for new countries like Brazil, Mexico, Venezuela, and Argentina, and their capital allocation strategy.

Answer

CEO Marcelo Benitez attributed margin expansion to ongoing efficiency programs and accelerating top-line growth, leading to better operating leverage. For Colombia, he noted 10% year-over-year growth in mobile and home, driving scale and efficiency, and expressed confidence in Colombia joining the 'Club Fifty' (50%+ EBITDA margin). For Ecuador and Uruguay, he stated they are already operating as 'business as usual,' having moved from ~30% to >40% margins through 'phase one' efficiencies, with 'phase two' and top-line growth expected later. CFO Bart Vanhaeren emphasized focusing on turning around current acquisitions (Uruguay, Ecuador, Chile). He outlined M&A strategy: in-market consolidation (Panama, Nicaragua, Colombia done; others remaining), adjacent markets (Peru, Venezuela, explicitly excluding Mexico, Brazil, and Argentina), and minorities (Honduras, Chile JV for longer term).

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