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    Stefan Gauffin

    Senior Analyst and Deputy Head of Research at DNB ASA

    Stefan Gauffin is a Senior Analyst and Deputy Head of Research at DNB Markets, specializing in Nordic telecommunications and media companies. He provides equity research coverage for Tele2 AB and other leading firms, frequently featured for actionable price targets and investment recommendations; his calls are listed on platforms such as TipRanks, demonstrating a consistent performance record with accurate forecasts and strategic insights. Gauffin began his analyst career before joining DNB Markets and progressed to his current senior role in the Greater Stockholm Metropolitan Area, reflecting long-standing expertise within the sector. He holds advanced professional credentials recognized within Nordic financial markets, and his market calls are highly regarded by institutional investors.

    Stefan Gauffin's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership

    Stefan Gauffin's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership • Q4 2024

    Question

    Stefan Gauffin asked for clarification on the 2025 outlook for cash CapEx versus booked CapEx, the details behind the provision for adverse legal rulings, and the spot rate Millicom anticipates using for its Bolivian operations.

    Answer

    CFO Bart Vanhaeren clarified that booked CapEx for 2025 will stabilize around the 2024 level of $677 million, and cash CapEx is expected to converge with this number over time. He noted the legal provision relates to a case in Costa Rica and general risks in Latin America. For Bolivia, Vanhaeren expects to adopt an accounting spot rate reflecting a devaluation in the 60% range, which will significantly impact reported revenue and EBITDA in U.S. dollars.

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    Stefan Gauffin's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership • Q3 2024

    Question

    Stefan Gauffin of DNB asked for more details on the increased competition in Guatemala mentioned in the call. He also requested a breakdown of the high one-off costs in the quarter, specifically how much was related to restructuring, and asked for an updated run-rate for the company's overall cost-saving program.

    Answer

    Executive Marcelo Benitez explained that competition in Guatemala has intensified as a competitor aggressively expanded into departments where Millicom was previously the sole operator. He outlined a defensive playbook focusing on network availability, distribution, and affordability. Executive Bart Vanhaeren clarified the one-off costs, noting over $20 million related to defense against the Atlas tender offer and the remainder being primarily severance. He indicated Q4 restructuring costs would be lower. Marcelo Benitez confirmed the savings run-rate triangulates well with previous targets.

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