Tearsheet

Millicom International Cellular (TIGO)


Market Price (12/17/2025): $53.9 | Market Cap: $9.0 Bil
Sector: Communication Services | Industry: Integrated Telecommunication Services

Millicom International Cellular (TIGO)


Market Price (12/17/2025): $53.9
Market Cap: $9.0 Bil
Sector: Communication Services
Industry: Integrated Telecommunication Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.4%, FCF Yield is 11%
Trading close to highs
Dist 52W High is -4.9%, Dist 3Y High is -4.9%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
  Stock price has recently run up significantly
12M Rtn12 month market price return is 144%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
  Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.7%, Rev Chg QQuarterly Revenue Change % is -0.8%
3 Low stock price volatility
Vol 12M is 32%
  Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61%
4 Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, and Fintech & Digital Payments. Themes include Wireless Services, Telecom Infrastructure, Show more.
  Key risks
TIGO key risks include [1] significant exposure to political and currency instability in its core Latin American markets, Show more.
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.4%, FCF Yield is 11%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
3 Low stock price volatility
Vol 12M is 32%
4 Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, and Fintech & Digital Payments. Themes include Wireless Services, Telecom Infrastructure, Show more.
5 Trading close to highs
Dist 52W High is -4.9%, Dist 3Y High is -4.9%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%
7 Stock price has recently run up significantly
12M Rtn12 month market price return is 144%
8 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.7%, Rev Chg QQuarterly Revenue Change % is -0.8%
9 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61%
10 Key risks
TIGO key risks include [1] significant exposure to political and currency instability in its core Latin American markets, Show more.

Valuation, Metrics & Events

TIGO Stock


Why The Stock Moved


Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points explaining the stock movement of Millicom International Cellular (TIGO) between approximately August 31, 2025, and December 17, 2025: **1. Strategic Acquisitions in Latin America.** Millicom significantly strengthened its market presence in South America through key acquisitions during this period. Notably, the company completed the acquisition of Telefónica's operations in Uruguay on October 7, 2025, and subsequently acquired Telefónica Ecuador for USD 380 million on October 30, 2025. These strategic moves expanded Millicom's footprint and were highlighted by the CEO as strong execution of the company's strategy. **2. Significant Proceeds from Infrastructure Divestment.** Millicom completed the partial closing of its infrastructure transaction with SBA Communications, which unlocked over USD 500 million in proceeds. This move was part of a larger deal expected to reach approximately USD 975 million, demonstrating the company's ability to monetize assets and generate substantial capital. **3. Approval and Distribution of a Special Interim Dividend.** On August 6, 2025, Millicom's Board approved a special interim dividend of USD 2.50 per share, with the first installment of USD 1.25 per share distributed on October 15, 2025. This direct return of capital to shareholders signaled financial strength and commitment to shareholder value, positively influencing investor sentiment. **4. Positive Analyst Coverage and Increased Price Targets.** Several analyst firms issued favorable reports and raised their price targets for TIGO. For instance, JP Morgan maintained a "Buy" rating and increased its price target from USD 50 to USD 55 on August 14, 2025, and further to USD 63 on November 17, 2025. Scotiabank also raised its price target in August and November, indicating a growing confidence among analysts in Millicom's future performance. **5. Resolution of Bribery Investigation.** A significant overhang was removed when Comunicaciones Celulares S.A., a Millicom subsidiary, resolved a Department of Justice (DOJ) investigation related to historical conduct on November 10, 2025. While a settlement of USD 118 million was reported on December 14, 2025, the resolution of such legal uncertainties typically de-risks the stock and can lead to a positive market reaction.

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Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
TIGO Return-20%-27%-43%43%39%144%61%
Peers Return-39%5%-35%-3%-13%32%-54%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
TIGO Win Rate33%42%25%58%75%83% 
Peers Win Rate33%50%17%42%58%50% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
TIGO Max Drawdown-58%-32%-53%0%-13%-1% 
Peers Max Drawdown-58%-9%-49%-15%-18%-29% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: LILA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/16/2025 (YTD)

How Low Can It Go

Unique KeyEventTIGOS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-76.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven332.5%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven1029 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-58.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven142.2%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven1932 days148 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-78.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven370.6%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1480 days

Compare to T, ATNI, ELWT, VTEK, VZ


In The Past

Millicom International Cellular's stock fell -76.9% during the 2022 Inflation Shock from a high on 5/25/2021. A -76.9% loss requires a 332.5% gain to breakeven.

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About Millicom International Cellular (TIGO)

Better Bets than Millicom International Cellular (TIGO)

Trade Ideas

Select past ideas related to TIGO. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PINS_11302025_Monopoly_xInd_xCD_Getting_Cheaper11302025PINSPinterestMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-1.3%-1.3%-1.4%
TMUS_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025TMUST-Mobile USMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-5.0%-5.0%-6.4%
Z_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025ZZillowMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-1.5%-1.5%-3.9%
IRDM_11072025_Dip_Buyer_High_CFO_Margins_ExInd_DE11072025IRDMIridium CommunicationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
1.3%1.3%-5.6%
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE10032025TTDTrade DeskDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-28.9%-28.9%-29.8%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PINS_11302025_Monopoly_xInd_xCD_Getting_Cheaper11302025PINSPinterestMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-1.3%-1.3%-1.4%
TMUS_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025TMUST-Mobile USMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-5.0%-5.0%-6.4%
Z_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025ZZillowMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-1.5%-1.5%-3.9%
IRDM_11072025_Dip_Buyer_High_CFO_Margins_ExInd_DE11072025IRDMIridium CommunicationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
1.3%1.3%-5.6%
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE10032025TTDTrade DeskDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-28.9%-28.9%-29.8%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Millicom International Cellular

Peers to compare with:

Financials

TIGOLILAMedian
NameMillicom.Liberty . 
Mkt Price53.348.2830.81
Mkt Cap8.91.75.3
Rev LTM5,5944,4335,014
Op Inc LTM1,4716851,078
FCF LTM895221558
FCF 3Y Avg571242406
CFO LTM1,7117431,227
CFO 3Y Avg1,5007911,146

Growth & Margins

TIGOLILAMedian
NameMillicom.Liberty . 
Rev Chg LTM-4.4%-0.8%-2.6%
Rev Chg 3Y Avg0.7%-3.4%-1.4%
Rev Chg Q-0.8%2.1%0.7%
QoQ Delta Rev Chg LTM-0.2%0.5%0.2%
Op Mgn LTM26.3%15.5%20.9%
Op Mgn 3Y Avg20.1%13.7%16.9%
QoQ Delta Op Mgn LTM1.7%1.3%1.5%
CFO/Rev LTM30.6%16.8%23.7%
CFO/Rev 3Y Avg26.4%17.7%22.1%
FCF/Rev LTM16.0%5.0%10.5%
FCF/Rev 3Y Avg10.0%5.4%7.7%

Valuation

TIGOLILAMedian
NameMillicom.Liberty . 
Mkt Cap8.91.75.3
P/S1.40.40.9
P/EBIT4.0-80.6-38.3
P/E7.4-2.32.6
P/CFO4.72.23.5
Total Yield13.5%-44.3%-15.4%
Dividend Yield0.0%0.0%0.0%
FCF Yield 3Y Avg10.6%14.0%12.3%
D/E1.05.03.0
Net D/E0.84.72.8

Returns

TIGOLILAMedian
NameMillicom.Liberty . 
1M Rtn6.0%1.3%3.7%
3M Rtn16.5%6.6%11.5%
6M Rtn53.7%52.5%53.1%
12M Rtn143.8%24.9%84.3%
3Y Rtn360.2%21.9%191.1%
1M Excs Rtn5.0%0.4%2.7%
3M Excs Rtn12.1%1.6%6.9%
6M Excs Rtn40.1%38.8%39.5%
12M Excs Rtn135.7%9.9%72.8%
3Y Excs Rtn288.4%-52.8%117.8%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment5,661    
Fixed and other services 2,1451,9381,8031,928
Mobile 2,9161,9632,1162,150
Mobile Financial Services 4037  
Other 69605251
Telephone and equipment revenue 454263201206
Total5,6615,6244,2614,1724,335


Price Behavior

Short Interest

Short Interest: As Of Date11282025
Short Interest: Shares Quantity2,008,230
Short Interest: % Change Since 11152025-6.1%
Average Daily Volume924,070
Days-to-Cover Short Interest2.17
Basic Shares Quantity166,915,000
Short % of Basic Shares1.2%

SEC Filings

Expand for More

Report DateFiling DateFiling
630202580820256-K 6/30/2025
331202550820256-K 3/31/2025
12312024408202520-F 12/31/2024
9302024110720246-K 9/30/2024
630202480520246-K 6/30/2024
331202450820246-K 3/31/2024
12312023312202420-F 12/31/2023
9302023102620236-K 9/30/2023
630202372720236-K 6/30/2023
331202342720236-K 3/31/2023
12312022228202320-F 12/31/2022
9302022102720226-K 9/30/2022
630202272820226-K 6/30/2022
331202242820226-K 3/31/2022
12312021301202220-F 12/31/2021
9302021102820216-K 9/30/2021