Tearsheet

Millicom International Cellular (TIGO)

Market Price (12/24/2025): $53.81 | Market Cap: $9.0 Bil
Sector: Communication Services | Industry: Integrated Telecommunication Services

Millicom International Cellular (TIGO)

Market Price (12/24/2025): $53.81
Market Cap: $9.0 Bil
Sector: Communication Services
Industry: Integrated Telecommunication Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.0%, FCF Yield is 10.0%	Trading close to highs Dist 52W High is -4.1%, Dist 3Y High is -4.1%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 75%
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 153%
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%		Key risks TIGO key risks include [1] significant exposure to political and currency instability in its core Latin American markets, Show more.
4	Megatrend and thematic drivers Megatrends include 5G & Advanced Connectivity, and Fintech & Digital Payments. Themes include Wireless Services, Telecom Infrastructure, 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 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.0%, FCF Yield is 10.0%
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 -4.1%, Dist 3Y High is -4.1%
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 75%
7	Stock price has recently run up significantly 12M Rtn12 month market price return is 153%
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	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

	12/24/25	2024	2023	2022	2021
Share Price CYE	$53.81	$21.98	$15.82	$11.10	$19.63
Market Cap CYE ($ Bil)	9.0	3.8	2.7	1.9	2.5
Total Debt ($ Bil)	8.4	6.8	7.7	7.8	8.9
Total Cash ($ Bil)	1.7	0.7	0.8	1.0	0.9
Enterprise Value ($ Bil)	15.8	10.6	10.4	9.7	11.4
Valuation Ratios
P/S TTM	1.6	0.7	0.5	0.3	0.9
P/EBIT TTM	4.4	3.8	4.0	2.2	3.1
P/E TTM	8.2	16.9	-37.6	9.9	6.2
P/FCF TTM	10.0	5.1	77.1	8.3	45.2
Sector Ratios
P/S TTM (Sector)	1.0	1.1	1.1	1.2	2.0
P/EBIT TTM (Sector)	1.7	1.7	0.6	1.1	4.7
P/E TTM (Sector)	-0.9	-0.9	-0.6	-0.3	4.3
P/FCF TTM (Sector)	6.6	7.5	6.5	3.1	5.8

	12/24/25	2024	2023
Share Price CYE	$53.81	$21.98	$15.82
Market Cap CYE ($ Bil)	9.0	3.8	2.7
Total Debt ($ Bil)	8.4	6.8	7.7
Total Cash ($ Bil)	1.7	0.7	0.8
Enterprise Value ($ Bil)	15.8	10.6	10.4
Valuation Ratios
P/S TTM	1.6	0.7	0.5
P/EBIT TTM	4.4	3.8	4.0
P/E TTM	8.2	16.9	-37.6
P/FCF TTM	10.0	5.1	77.1
Sector Ratios
P/S TTM (Sector)	1.0	1.1	1.1
P/EBIT TTM (Sector)	1.7	1.7	0.6
P/E TTM (Sector)	-0.9	-0.9	-0.6
P/FCF TTM (Sector)	6.6	7.5	6.5

	TIGO	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	5.6
Rev Chg Q	-0.8%	7.3%
Rev Chg LTM	-4.4%	6.1%
Rev Chg 3Y Avg	0.7%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	1.5
CFO LTM ($ Bil)	1.7
Net Inc LTM ($ Bil)	1.1
Op Mgn LTM	26.3%	18.8%
CFO/Rev LTM	30.6%	20.4%
Net Inc Mgn	19.6%	13.1%
VALUATION	LOW
P/S	1.6	3.2
P/CFO	5.2	15.7
P/FCF	10.0	20.6
P/E	8.2	23.5
STABILITY	GOOD
Debt/Equity	0.94	0.21
Cash/Assets	0.11	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Total Customers (Mobile and Fiber-Cable)	More than 46 million	9302025	Link
Fiber-Cable Footprint (Homes Passed)	Over 14 million	9302025	Link
Net Postpaid Mobile Customer Additions	250000	6302025	Link
Home Customer Net Additions	41000	6302025	Link

Upcoming
1/08/2026	Dividend	Amount: $0.75 Payment On: 1/15/2026
2/26/2026	Earnings Release	Rev: - EPS: -
4/08/2026	Dividend	Amount: $0.75 Payment On: 4/15/2026

TIGO Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Millicom International Cellular (TIGO) experienced a stock movement of 16.1% from August 31, 2025, to December 24, 2025, driven by several key developments:

1. Strong Q2 2025 Financial Performance and Interim Dividend Announcement. Millicom reported robust financial results for the second quarter of 2025, showcasing a record adjusted EBITDA margin of 46.7%, strong equity free cash flow of $218 million, and reduced leverage of 2.18x. The company also announced an interim dividend of $2.50 per share, distributed in two equal installments, with the first payment made on October 15, 2025.

2. Strategic Acquisitions in Uruguay and Ecuador. During this period, Millicom finalized its strategic acquisitions of Telefónica's operations in Uruguay and Ecuador. The acquisition of Telefónica Ecuador was valued at USD 380 million, and the acquisition in Uruguay was completed by October 7, 2025. These moves were aimed at strengthening Millicom's footprint and market presence in Latin America.

Show more Millicom International Cellular (TIGO) experienced a stock movement of 16.1% from August 31, 2025, to December 24, 2025, driven by several key developments:

1. Strong Q2 2025 Financial Performance and Interim Dividend Announcement. Millicom reported robust financial results for the second quarter of 2025, showcasing a record adjusted EBITDA margin of 46.7%, strong equity free cash flow of $218 million, and reduced leverage of 2.18x. The company also announced an interim dividend of $2.50 per share, distributed in two equal installments, with the first payment made on October 15, 2025.

2. Strategic Acquisitions in Uruguay and Ecuador. During this period, Millicom finalized its strategic acquisitions of Telefónica's operations in Uruguay and Ecuador. The acquisition of Telefónica Ecuador was valued at USD 380 million, and the acquisition in Uruguay was completed by October 7, 2025. These moves were aimed at strengthening Millicom's footprint and market presence in Latin America.

3. Completion of Infrastructure Transaction with SBA. Millicom completed a partial closing of an infrastructure transaction with SBA, generating over $500 million in proceeds. This significantly enhanced the company's financial liquidity and contributed to its strong equity free cash flow, supporting its capital return strategy.

4. Better-than-Expected Q3 2025 Revenue Performance. Although Millicom's Q3 2025 earnings per share (EPS) missed analyst estimates, the company reported revenues of $1.42 billion, surpassing consensus estimates. The operating performance in Q3 2025 also benefited from the recent acquisitions in Uruguay and Ecuador, leading to a reported 9.6% stock increase after the Q3 results were released on November 6, 2025.

5. Resolution of DOJ Investigation. On November 10, 2025, Comunicaciones Celulares S.A., a subsidiary of Millicom, resolved a Department of Justice (DOJ) investigation related to historical conduct. The resolution of this investigation likely removed a significant legal and financial uncertainty, positively influencing investor sentiment. Show less

Stock Movement Drivers

Fundamental Drivers

The 11.5% change in TIGO stock from 9/23/2025 to 12/23/2025 was primarily driven by a 15.4% change in the company's Net Income Margin (%).

	9232025	12232025	Change
Stock Price ($)	48.23	53.80	11.55%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5605.00	5594.00	-0.20%
Net Income Margin (%)	16.98%	19.59%	15.35%
P/E Multiple	8.45	8.19	-3.09%
Shares Outstanding (Mil)	166.88	166.91	-0.02%
Cumulative Contribution			11.55%

LTM = Last Twelve Months as of date shown

Market Drivers

9/23/2025 to 12/23/2025

	Return	Correlation
TIGO	11.5%
Market (SPY)	3.7%	1.4%
Sector (XLC)	-0.9%	16.7%

Fundamental Drivers

The 55.9% change in TIGO stock from 6/24/2025 to 12/23/2025 was primarily driven by a 215.0% change in the company's Net Income Margin (%).

	6242025	12232025	Change
Stock Price ($)	34.51	53.80	55.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5691.00	5594.00	-1.70%
Net Income Margin (%)	6.22%	19.59%	214.97%
P/E Multiple	16.50	8.19	-50.33%
Shares Outstanding (Mil)	169.24	166.91	1.37%
Cumulative Contribution			55.89%

LTM = Last Twelve Months as of date shown

Market Drivers

6/24/2025 to 12/23/2025

	Return	Correlation
TIGO	55.9%
Market (SPY)	13.7%	-1.8%
Sector (XLC)	11.9%	12.8%

Fundamental Drivers

The 152.7% change in TIGO stock from 12/23/2024 to 12/23/2025 was primarily driven by a 625.5% change in the company's Net Income Margin (%).

	12232024	12232025	Change
Stock Price ($)	21.29	53.80	152.66%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5851.00	5594.00	-4.39%
Net Income Margin (%)	2.70%	19.59%	625.54%
P/E Multiple	23.09	8.19	-64.52%
Shares Outstanding (Mil)	171.34	166.91	2.59%
Cumulative Contribution			152.49%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2024 to 12/23/2025

	Return	Correlation
TIGO	152.7%
Market (SPY)	16.7%	11.2%
Sector (XLC)	20.6%	15.7%

Fundamental Drivers

The 374.6% change in TIGO stock from 12/24/2022 to 12/23/2025 was primarily driven by a 222.7% change in the company's P/E Multiple.

	12242022	12232025	Change
Stock Price ($)	11.34	53.80	374.57%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5498.00	5594.00	1.75%
Net Income Margin (%)	13.88%	19.59%	41.18%
P/E Multiple	2.54	8.19	222.73%
Shares Outstanding (Mil)	170.87	166.91	2.32%
Cumulative Contribution			374.32%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2023 to 12/23/2025

	Return	Correlation
TIGO	240.3%
Market (SPY)	48.4%	11.3%
Sector (XLC)	64.9%	12.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TIGO Return	-20%	-27%	-43%	43%	39%	144%	61%
Peers Return	-39%	5%	-35%	-3%	-13%	20%	-58%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
TIGO Win Rate	33%	42%	25%	58%	75%	83%
Peers Win Rate	33%	50%	17%	42%	58%	50%
S&P 500 Win Rate	58%	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 12/23/2025 (YTD)

How Low Can It Go

Unique Key	Event	TIGO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-76.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	332.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	1,029 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-58.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	142.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	1,932 days	148 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-78.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	370.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Millicom International Cellular (TIGO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Millicom International Cellular S.A. provides cable and mobile services in Latin America and Africa. The company offers mobile services, including mobile data and voice; short message service; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance. It also provides cable and other fixed services, including broadband, content, fixed voice, and pay-TV to residential consumers; and fixed, managed services, cloud and security solutions, and value-added services to small, medium, and large businesses, as well as governmental entities. As of December 31, 2021, the company served 44.9 million mobile customers; and 12.7 million cable homes. It markets its products and services under Tigo and Tigo Business brands. The company was founded in 1990 and is headquartered in Luxembourg.

AI Analysis | Feedback

Here are 1-3 brief analogies for Millicom (TIGO):

Like the AT&T or Verizon of Latin America.
A T-Mobile combined with a Comcast, serving Latin America.
Similar to Vodafone, but specialized in telecommunications services across Latin American emerging markets.

AI Analysis | Feedback

Mobile Services: Provides prepaid and postpaid mobile voice, SMS, and data connectivity for consumers and businesses.
Fixed Services: Offers residential and business customers fixed broadband internet, cable television, and landline telephony.
Business Solutions (Tigo Business): Delivers enterprise-grade connectivity, cloud services, data center solutions, and cybersecurity to businesses.
Mobile Financial Services (Tigo Money): Facilitates digital payments, money transfers, and other financial transactions through mobile phones.

AI Analysis | Feedback

```html

Millicom International Cellular (symbol: TIGO) primarily sells its services directly to individuals and households across its markets in Latin America. As such, it does not have major corporate customers in the traditional B2B sense that would be listed with company names and symbols.

The company serves the following categories of individual customers:

Mobile Connectivity Users: This category includes individual subscribers who utilize Tigo's mobile voice, SMS, and data services for their personal communication needs, internet access on-the-go, and general smartphone usage. These customers range across various demographics within Tigo's operational countries.
Home Connectivity & Entertainment Users: This segment comprises households and individuals who subscribe to Tigo's fixed broadband internet, cable television, and often fixed-line telephony services. These customers seek reliable in-home connectivity for work, education, and entertainment, as well as television content.
Digital & Financial Inclusion Users: Tigo also caters to individuals who leverage its value-added services, particularly Tigo Money (mobile financial services for remittances, payments, and savings) and other digital services (e.g., cloud solutions, digital content). These customers are often seeking convenience, financial accessibility, and digital solutions that enhance their daily lives, particularly in populations with limited access to traditional banking services.

```

AI Analysis | Feedback

Ericsson (ERIC)
Nokia (NOK)
Huawei

AI Analysis | Feedback

Marcelo Benitez, Chief Executive Officer

Mr. Benitez has been the Chief Executive Officer of Millicom International Cellular since 2024. Previously, he served as the Vice President for the Central America Region, overseeing operations across multiple countries, and held the position of General Manager of Tigo El Salvador.

Bart Vanhaeren, Chief Financial Officer

Mr. Vanhaeren has been the Chief Financial Officer of Millicom since 2023 or 2024. He is a fourteen-year veteran of Millicom, having held several senior financial and management leadership roles within the company. Prior to joining Millicom, he held leadership roles across global organizations such as Strategy and Corporate Development Manager for EMEA at 3M, Senior Consultant at Deloitte, and Senior Auditor at PriceWaterhouseCoopers.

Karim Lesina, Chief External Affairs Officer; Executive Vice President

Mr. Lesina has served as the Executive Vice President and Chief External Affairs Officer of Millicom since 2020. Before this role, he was the Senior Vice President of International External and Regulatory Affairs at AT&T. Earlier in his career, he served as the Government Affairs Manager for Europe, Africa, and the Middle East at Intel from 2005 to 2007.

Guillaume Duhaze, Chief Technology and Information Officer

Mr. Duhaze has been the Chief Technology and Information Officer of Millicom since 2024. He previously served as the Chief Technology Officer for eir, where he led a transformation of the mobile and fixed network. Prior to eir, he held several senior management positions at SFR, including Vice President of Network Engineering and Senior Vice President of Network and IT Operations. His career in telecommunications began with various roles focused on network operations and engineering.

Salvador Escalon, Chief Legal and Compliance Officer; Executive Vice President

Mr. Escalon has been the Chief Legal and Compliance Officer of Millicom since 2020 and an Executive Vice President since 2015. He has held various positions within the company, including General Counsel in 2013 and Associate General Counsel Latin America in 2010. Earlier in his career, Mr. Escalon served as Senior Counsel of Chevron Corporation from January 2006 to 2010.

AI Analysis | Feedback

Here are the key risks to Millicom International Cellular's (TIGO) business:

1. Operating in Emerging Markets and Macroeconomic Risks

Millicom operates predominantly in emerging markets, primarily in Latin America, which exposes the company to a heightened degree of political, legal, and economic risks compared to more developed markets. These risks include economic slowdowns, political instability, and significant fluctuations in local currency exchange rates against the US dollar (Millicom's reporting currency). Currency volatility and higher inflation in these regions can directly impact the company's financial performance and cash generation.

2. High Debt Levels and Financial Health

Millicom carries a significant amount of debt, which poses a substantial risk to its financial stability. In 2024, the company's long-term debt stood at $5.8 billion, with an interest coverage ratio of 2, indicating potential challenges in managing its debt obligations during economic downturns. Earlier reports noted net debt of approximately $6.14 billion in June 2022, with a debt-to-EBITDA ratio of 3.1 and a weak interest cover of 1.5. Furthermore, analyses indicate a high debt-to-equity ratio and an Altman Z-Score suggesting potential financial distress.

3. Regulatory and Competitive Challenges

The telecommunications industry in which Millicom operates is subject to a dynamic regulatory environment, including risks related to tariffs, tax policies, interconnection terms, and potential legal or regulatory disputes. The company also faces intense competition, including from new market entrants deploying advanced technologies like 5G networks, which can exert downward pressure on average revenue per user (ARPU) and profit margins. An insufficient investment strategy to keep pace with technological changes could further complicate Millicom's competitive positioning. The company has also experienced significant regulatory challenges, as evidenced by a 2025 bribery case settlement in Guatemala totaling $118 million.

AI Analysis | Feedback

Starlink's expanding satellite broadband service in Millicom's core Latin American markets presents a clear emerging threat. Starlink directly competes with Millicom's fixed broadband offerings, particularly in rural and underserved areas where Millicom may have previously faced limited competition or where traditional infrastructure rollout is challenging. Its ability to provide high-speed internet without extensive ground infrastructure can disrupt Millicom's market share and growth opportunities in a key revenue segment across its operating regions, including Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Colombia, Paraguay, Bolivia, and Panama.

AI Analysis | Feedback

For Millicom International Cellular (TIGO), the addressable markets for their main products and services in Latin America are as follows:

Mobile Services: The overall telecommunication market in Latin America, which encompasses mobile, fixed, and broadband services, was valued at approximately USD 149.84 billion in 2024 and is projected to grow to USD 259.89 billion by 2033. Mobile technologies and services made a significant economic contribution of $550 billion to the Latin American economy in 2024, with a forecast to reach $680 billion by 2030.
Fixed Services (Broadband, Fixed Voice, Pay-TV): The Internet Services Market in Latin America and Spain was valued at USD 26.895 billion in 2023 and is projected to reach USD 33.402 billion by 2031. This figure includes both fixed broadband and other internet services across Latin America and Spain.
Mobile Financial Services (Fintech): The Latin America fintech market reached an estimated size of USD 13.14 billion in 2024 and is projected to grow to USD 49.58 billion by 2033.
Business-to-Business (B2B) Solutions: null

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Millicom International Cellular (TIGO) over the next 2-3 years:

Subscriber Growth in Postpaid Mobile and Home Broadband
Millicom is focused on expanding its customer base, particularly in postpaid mobile and home broadband (FTTH/HFC) services. The company has consistently reported strong net additions in these segments, with significant growth observed in Q3 2024, Q4 2024, and Q1 2025. This sustained commercial activity and increasing customer penetration are expected to fuel future revenue growth. For example, Millicom added 299,000 postpaid mobile and 68,000 home FTTH/HFC net additions in Q3 2024, and 262,000 new postpaid mobile subscribers and 62,000 new home broadband customers in Q1 2025.
Expansion of Business-to-Business (B2B) and Digital Solutions
The B2B segment, especially digital solutions, is a key growth area for Millicom. This part of the business has demonstrated robust organic growth, with digital solutions growing by 18% in the past two years and nearly 15% in 2024. The company views B2B as a compelling growth platform, supported by investments in infrastructure, smart connectivity products, data centers, and cloud solutions.
ARPU Expansion through Price Increases and Postpaid Migration
Millicom aims to drive revenue growth by increasing Average Revenue Per User (ARPU). This is being achieved through strategic price adjustments, particularly for prepaid services, and by encouraging the migration of customers from prepaid to higher-value postpaid plans, which naturally leads to an ARPU uplift.
Leveraging Convergence Strategy
The company's convergence strategy, which involves bundling multiple services such as mobile, home internet, and TV under single plans, is designed to enhance customer value and reduce churn. This approach is expected to contribute to a positive return of service revenue growth in the home business. This strategy has led to improved net additions in the Home business.
Strategic Mergers, Acquisitions, and Market Initiatives
Millicom is pursuing strategic initiatives, including advancing milestones in key markets like Costa Rica and Colombia, and the potential closure of strategic mergers and acquisitions. Recent activities include the acquisition of Telefónica's businesses in Uruguay and Ecuador, which are expected to strengthen market position and operational capabilities, and ongoing tower divestment plans to boost equity-free cash flow for reinvestment.

AI Analysis | Feedback

Share Repurchases

Millicom announced a USD 150 million share repurchase program on November 29, 2024, valid until May 2025, for up to 17.2 million Swedish Depository Receipts (SDRs), representing 10% of its share capital.
Between December 16-20, 2024, Millicom repurchased 455,000 SDRs for approximately SEK 122.95 million (around USD 11.8 million).
The company initiated a share repurchase program on December 14, 2023, to fund employee share plans, with a maximum aggregate purchase price of SEK 420 million (approximately USD 40 million) or up to 2,000,000 SDRs, to be executed between December 18, 2023, and May 22, 2024.

Share Issuance

In June 2022, Millicom completed a rights offering, resulting in the issuance of approximately 70.4 million new shares.
This rights offering increased the company's share capital by an aggregate of approximately USD 105.5 million.
In 2022, Millicom issued 377,781 shares to management and employees under share-based plans and 41,167 shares to Directors as part of their annual remuneration.

Outbound Investments

Millicom completed the acquisition of 100% of Telefónica Móviles del Uruguay S.A. (Movistar) on October 7, 2025, for an enterprise value of USD 440 million.
Millicom acquired Telefónica's telecommunications operations in Ecuador on October 30, 2025, for USD 380 million.
In November 2021, Millicom acquired the remaining 45% equity interest in its joint venture businesses in Guatemala (Tigo Guatemala) for USD 2.2 billion in cash, achieving 100% ownership.

Capital Expenditures

Millicom's annual capital expenditures were $675 million in 2024, $1.05 billion in 2023, and $893 million in 2022.
The company's CapEx guidance for 2025 is approximately $700 million annually, representing 11% to 12% of revenues.
Capital expenditures are primarily focused on expanding and maintaining fixed and mobile broadband networks across Latin America, including investments in 4G network coverage and fiber-optic networks.

Better Bets than Millicom International Cellular (TIGO)

INDUSTRY: Integrated Telecommunication Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for TIGO: 0.7% | 1.6x)

T (1.1% | 1.4x)

AT&T

BCE (0.8% | 0.9x)

BCE

RCI (11.8% | 1.0x)

Rogers Communications

TU (5.0% | 1.0x)

TELUS

TDS (11.7% | 0.7x)

Telephone and Data Systems

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TIGO: 0.7% | 6.1x)

BCE (0.8% | 3.9x)

BCE

RCI (11.8% | 4.1x)

Rogers Communications

Higher Rev Chg LTM (Value for TIGO: -4.4%)

RCI (2.8%)

Rogers Communications

VZ (2.4%)

Verizon Communications

TU (2.4%)

TELUS

T (2.0%)

AT&T

BCE (0.1%)

BCE

Higher Rev Chg 3Y Avg (Value for TIGO: 0.7%)

GSAT (24.1%)

Globalstar

RCI (11.8%)

Rogers Communications

TU (5.0%)

TELUS

T (1.1%)

AT&T

BCE (0.8%)

BCE

Higher CFO/Rev LTM (Value for TIGO: 30.6%)

GSAT (299.9%)

Globalstar

LBTYA (51.3%)

Liberty Global

GLIBA (37.3%)

GCI Liberty

GLIBK (37.3%)

GCI Liberty

T (32.8%)

AT&T

Higher FCF/Rev LTM (Value for TIGO: 16.0%)

GSAT (108.0%)

Globalstar

BCE (16.2%)

BCE

T (16.0%)

AT&T

Higher Total Yield (Value for TIGO: 12.2%)

BCE (41.8%)

BCE

RCI (37.9%)

Rogers Communications

VZ (18.5%)

Verizon Communications

TU (14.2%)

TELUS

T (12.7%)

AT&T

SECTOR: Communication Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for TIGO: 0.7% | 1.6x)

T (1.1% | 1.4x)

AT&T

CMCSA (0.7% | 0.9x)

Comcast

LYV (18.6% | 1.4x)

Live Nation Entertainment

CHTR (1.3% | 0.5x)

Charter Communications

BCE (0.8% | 0.9x)

BCE

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TIGO: 0.7% | 6.1x)

CMCSA (0.7% | 4.9x)

Comcast

CHTR (1.3% | 2.1x)

Charter Communications

BCE (0.8% | 3.9x)

BCE

RCI (11.8% | 4.1x)

Rogers Communications

NXST (1.2% | 5.9x)

Nexstar Media

Higher Rev Chg LTM (Value for TIGO: -4.4%)

META (21.3%)

Meta Platforms

NFLX (15.4%)

Netflix

GOOGL (13.4%)

Alphabet

TMUS (7.3%)

T-Mobile US

DIS (3.4%)

Walt Disney

Higher Rev Chg 3Y Avg (Value for TIGO: 0.7%)

META (17.3%)

Meta Platforms

NFLX (11.4%)

Netflix

GOOGL (11.0%)

Alphabet

DIS (4.5%)

Walt Disney

TMUS (2.4%)

T-Mobile US

Higher Op Mgn LTM (Value for TIGO: 26.3%)

META (43.2%)

Meta Platforms

TKO (42.6%)

TKO

GOOGL (32.2%)

Alphabet

NFLX (29.1%)

Netflix

IRDM (26.7%)

Iridium Communications

Higher CFO/Rev LTM (Value for TIGO: 30.6%)

META (56.8%)

Meta Platforms

GOOGL (39.3%)

Alphabet

T (32.8%)

AT&T

TMUS (31.3%)

T-Mobile US

RBLX (30.8%)

Roblox

Higher FCF/Rev LTM (Value for TIGO: 16.0%)

META (23.7%)

Meta Platforms

NFLX (20.7%)

Netflix

GOOGL (19.1%)

Alphabet

TMUS (16.1%)

T-Mobile US

T (16.0%)

AT&T

Higher Total Yield (Value for TIGO: 12.2%)

BCE (41.8%)

BCE

CMCSA (25.4%)

Comcast

CHTR (18.6%)

Charter Communications

VZ (18.5%)

Verizon Communications

T (12.7%)

AT&T

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TIGO: 0.7% | 1.6x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

PGR (20.6% | 1.6x)

Progressive

HCA (6.6% | 1.6x)

HCA Healthcare

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TIGO: 0.7% | 6.1x)

FISV (6.8% | 6.0x)

Fiserv

FI (7.5% | 5.5x)

Fiserv

IBKR (48.1% | 3.5x)

Interactive Brokers

EIX (3.1% | 4.4x)

Edison International

THC (3.1% | 5.2x)

Tenet Healthcare

Higher Rev Chg LTM (Value for TIGO: -4.4%)

NVDA (65.2%)

NVIDIA

AVGO (23.9%)

Broadcom

MSFT (15.6%)

Microsoft

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for TIGO: 0.7%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for TIGO: 26.3%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

LLY (43.0%)

Eli Lilly

AVGO (40.8%)

Broadcom

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for TIGO: 30.6%)

MA (56.1%)

Mastercard

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

ORCL (36.5%)

Oracle

Higher FCF/Rev LTM (Value for TIGO: 16.0%)

MA (52.5%)

Mastercard

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

Higher Total Yield (Value for TIGO: 12.2%)

MO (15.8%)

Altria

PFE (13.8%)

Pfizer

ENB (13.7%)

Enbridge

TD (12.9%)

Toronto-Dominion Bank

UPS (12.8%)

United Parcel Service

		Best Bets In Communication Services Sector
	TIGO	META	TTD	MTCH	PINS	CARG	NXST	TGNA	T	UPWK	FWONA
What You Pay
P/E	8.2	28.6	41.6	14.0	8.9	25.2	11.9	9.1	7.9	11.1	10.6
P/EBIT	4.4	19.7	34.6	9.5	62.9	18.4	5.6	5.1	5.0	24.0	63.1
What You Get
Rev Chg Q	-0.8%	26.2%	17.7%	2.1%	16.8%	3.2%	-12.3%	-19.3%	1.6%	4.1%	19.1%
Rev Chg LTM	-4.4%	21.3%	20.8%	-0.5%	16.8%	4.2%	-1.4%	-2.7%	2.0%	2.5%	8.7%
Rev Chg 3Y Avg	0.7%	17.3%	23.5%	2.7%	13.6%	-15.9%	1.2%	-2.8%	1.1%	9.7%	16.5%
FCF/Rev 3Y Avg	10.0%	29.0%	26.6%	25.8%	22.9%	18.6%	17.6%	17.4%	16.3%	15.4%	14.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 12%, alpha of 0.5%, and sharpe of 0.56

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can Millicom International Cellular Stock Really Go?	Return
2	TIGO Dip Buy Analysis
3	Millicom International Cellular Total Shareholder Return (TSR): 38.9% in 2024 and 3.8% 3-yr compounded annual returns (above peer average)
4	Should You Buy Millicom International Cellular Stock?	Buy or Fear
5	Millicom International Cellular (TIGO) Operating Cash Flow Comparison	Financials
6	Millicom International Cellular (TIGO) Net Income Comparison	Financials
7	Millicom International Cellular (TIGO) Operating Income Comparison	Financials
8	Millicom International Cellular (TIGO) Revenue Comparison	Financials
9	Fundamental Metrics: ...

	Title
0	ARTICLES

Trade Ideas

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

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PINS_11302025_Monopoly_xInd_xCD_Getting_Cheaper	11302025	PINS	Pinterest	Monopoly	MY \| 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	-0.4%	-0.4%	-1.4%
TMUS_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	TMUS	T-Mobile US	Monopoly	MY \| 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	-5.2%	-5.2%	-6.4%
Z_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	Z	Zillow	Monopoly	MY \| 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	-3.4%	-3.4%	-5.1%
IRDM_11072025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11072025	IRDM	Iridium Communications	Dip Buy	DB \| 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	5.7%	5.7%	-5.6%
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10032025	TTD	Trade Desk	Dip Buy	DB \| 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	-27.4%	-27.4%	-29.8%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.3	18.0%	-50.6%
WW	WW International	2.4	14.2%
NRGV	Energy Vault	0.8	10.4%	122.8%
METC	Ramaco Resources	1.0	8.5%	67.0%
UAMY	United States Antimony	0.7	7.9%	240.7%
LION	Lionsgate Studios	2.6	7.4%	-71.0%
GHM	Graham	0.8	7.3%	56.3%
VG	Venture Global	17.0	6.4%
CRK	Comstock Resources	6.7	5.7%	26.6%
SSII	SS Innovations International	1.1	5.5%	-25.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.3%	-18.9%
GOSS	Gossamer Bio	0.7	-12.9%	263.1%
CSIQ	Canadian Solar	1.6	-11.8%	115.2%
TDUP	ThredUp	0.8	-11.7%	363.3%
LAB	Standard BioTools	0.6	-11.0%	-14.6%
INBX	Inhibrx Biosciences	1.2	-10.8%	407.0%
QBTS	D-Wave Quantum	10.0	-9.5%	246.7%
FDMT	4D Molecular Therapeutics	0.4	-9.3%	41.8%
FBYD	Falcons Beyond Global	0.6	-8.5%	109.8%
PVLA	Palvella Therapeutics	1.1	-8.1%	735.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	1.9	53.2%	-9.1%
HUT	Hut 8	5.5	42.4%	156.1%
AAOI	Applied Optoelectronics	2.6	40.3%	10.3%
FBYD	Falcons Beyond Global	0.6	39.8%	109.8%
RKLB	Rocket Lab	39.8	39.1%	203.0%
DJT	Trump Media & Technology	3.9	31.9%	-58.5%
SGML	Sigma Lithium	1.5	31.9%	20.2%
ADEA	Adeia	1.9	31.0%	23.9%
TE	T1 Energy	1.1	30.7%
FOLD	Amicus Therapeutics	4.4	30.5%	50.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.0	-80.2%	-27.2%
TPL	Texas Pacific Land	6.8	-63.8%	-18.9%
FDMT	4D Molecular Therapeutics	0.4	-31.4%	41.8%
LW	Lamb Weston	5.9	-30.1%	-35.8%
TLRY	Tilray Brands	11.2	-24.5%	-20.8%
OLMA	Olema Pharmaceuticals	2.4	-19.3%	374.6%
INSP	Inspire Medical Systems	2.8	-17.8%	-48.8%
GETY	Getty Images	0.5	-17.6%	-41.7%
TDUP	ThredUp	0.8	-16.4%	363.3%
FRMI	Fermi	5.8	-15.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	161.4%
WVE	WAVE Life Sciences	2.9	147.9%	41.3%
AAOI	Applied Optoelectronics	2.6	97.5%	10.3%
LUNR	Intuitive Machines	1.9	91.5%	-9.1%
RKLB	Rocket Lab	39.8	91.5%	203.0%
VERA	Vera Therapeutics	3.4	89.4%	27.5%
PL	Planet Labs PBC	6.3	85.8%	413.1%
ANF	Abercrombie & Fitch	5.9	77.2%	-17.2%
ARWR	Arrowhead Pharmaceuticals	9.7	72.6%	271.4%
NRGV	Energy Vault	0.8	68.8%	122.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-75.4%	-50.6%
JANX	Janux Therapeutics	0.9	-51.0%	-73.6%
LENZ	LENZ Therapeutics	0.5	-42.9%	-41.5%
FRMI	Fermi	5.8	-42.5%
GOGO	Gogo	0.6	-35.0%	-43.3%
HPK	HighPeak Energy	0.5	-29.7%	-70.1%
UP	Wheels Up Experience	0.4	-29.2%	-61.8%
ORIC	ORIC Pharmaceuticals	0.6	-28.8%	2.5%
LW	Lamb Weston	5.9	-27.5%	-35.8%
ACLX	Arcellx	3.7	-27.4%	-14.6%

Peer Comparisons for Millicom International Cellular

Peers to compare with:

Financials

	TIGO	LILA	Median
Name	Millicom.	Liberty .
Mkt Price	53.80	7.62	30.71
Mkt Cap	9.0	1.5	5.3
Rev LTM	5,594	4,433	5,014
Op Inc LTM	1,471	685	1,078
FCF LTM	895	221	558
FCF 3Y Avg	571	242	406
CFO LTM	1,711	743	1,227
CFO 3Y Avg	1,500	791	1,146

Growth & Margins

	TIGO	LILA	Median
Name	Millicom.	Liberty .
Rev Chg LTM	-4.4%	-0.8%	-2.6%
Rev Chg 3Y Avg	0.7%	-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 LTM	26.3%	15.5%	20.9%
Op Mgn 3Y Avg	20.1%	13.7%	16.9%
QoQ Delta Op Mgn LTM	1.7%	1.3%	1.5%
CFO/Rev LTM	30.6%	16.8%	23.7%
CFO/Rev 3Y Avg	26.4%	17.7%	22.1%
FCF/Rev LTM	16.0%	5.0%	10.5%
FCF/Rev 3Y Avg	10.0%	5.4%	7.7%

Valuation

	TIGO	LILA	Median
Name	Millicom.	Liberty .
Mkt Cap	9.0	1.5	5.3
P/S	1.6	0.3	1.0
P/EBIT	4.4	-74.1	-34.8
P/E	8.2	-2.1	3.1
P/CFO	5.2	2.1	3.7
Total Yield	12.2%	-48.1%	-18.0%
Dividend Yield	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	10.6%	14.0%	12.3%
D/E	0.9	5.5	3.2
Net D/E	0.8	5.1	2.9

Returns

	TIGO	LILA	Median
Name	Millicom.	Liberty .
1M Rtn	2.3%	-7.5%	-2.6%
3M Rtn	11.5%	-7.1%	2.2%
6M Rtn	55.9%	30.0%	43.0%
12M Rtn	152.7%	23.7%	88.2%
3Y Rtn	374.6%	-0.5%	187.0%
1M Excs Rtn	-2.4%	-12.2%	-7.3%
3M Excs Rtn	14.7%	-9.7%	2.5%
6M Excs Rtn	43.4%	20.0%	31.7%
12M Excs Rtn	132.3%	4.0%	68.1%
3Y Excs Rtn	284.8%	-67.1%	108.8%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	4/8/2025	3/12/2024	2/28/2023	3/1/2022	3/10/2021	2/28/2020
Key Financials
Total Revenue	5,594	5,804	5,661	5,624	4,261	3,805	4,335
EBITDA	3,234	2,358	2,107	2,160	2,366	1,437	1,834
Operating Income	1,471	1,272	781	885	415	252	436
Net Income	1,096	253	-82	177	590	-344	149
EPS	6.54	1.47	-0.48	1.27	4.59	-2.68	1.16
Growth Rates
Total Revenue Growth	-4.4%	2.5%	0.7%	32.0%	12.0%	-12.2%	9.9%
EBITDA Growth	36.6%	11.9%	-2.5%	-8.7%	64.6%	-21.6%	44.0%
Operating Income Growth	28.6%	62.9%	-11.8%	113.3%	64.7%	-42.2%	3.1%
Net Income Growth	593.7%	408.5%	-146.3%	-70.0%	271.5%	-330.9%	1590.0%
Margins
EBITDA Margin	57.8%	40.6%	37.2%	38.4%	55.5%	37.8%	42.3%
Operating Income Margin	26.3%	21.9%	13.8%	15.7%	9.7%	6.6%	10.1%
Net Income Margin	19.6%	4.4%	-1.4%	3.1%	13.8%	-9.0%	3.4%
Cash & Debt
Total Cash	1,663	699	775	1,039	895	1,035	1,535
Total Debt	8,442	6,769	7,740	7,820	8,911	6,711	7,067
Net Debt / (Cash)	6,779	6,070	6,965	6,781	8,016	5,676	5,532
Cash Flows
Net Cash from Operations	1,711	1,603	1,223	1,284	956	821	801
Free Cash from Operations	895	834	40	212	81	-3	-106
Returns to Shareholders
Dividends	420	-0	-0	-0	-0	-0	268
Share Repurchases	153	99	5	-0	50	10	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/8/2025	5/8/2025	4/8/2025	11/7/2024	8/5/2024	5/8/2024	3/12/2024	10/26/2023	7/27/2023	4/27/2023	2/28/2023
Key Financials Quarterly
Total Revenue	1,420	1,372	1,374	1,428	1,431	1,458	1,487	1,475	1,424	1,393	1,369	1,381
Ebitda	753	1,206	723	552	564	609	636	558	524	510	515	530
Operating Income	376	343	410	342	286	333	311	214	199	188	178	232
Net Income	195	676	193	32	51	78	92	-63	0	-22	3	57
EPS	1.17	4.05	1.14	0.18	0.30	0.46	0.54	-0.37	0.00	-0.13	0.02	0.33
Key Financials TTM
Total Revenue TTM	5,594	5,605	5,691	5,804	5,851	5,844	5,779	5,661	5,567	5,531	5,585	5,624
Ebitda TTM	3,234	3,045	2,448	2,361	2,367	2,327	2,228	2,107	2,079	2,039	2,086	2,162
Operating Income TTM	1,471	1,381	1,371	1,272	1,144	1,057	912	779	797	790	837	886
Net Income TTM	1,096	952	354	253	158	107	7	-82	38	6	157	177
Growth Rates Quarterly
Total Revenue Growth	-0.8%	-5.9%	-7.6%	-3.2%	0.5%	4.7%	8.6%	6.8%	2.6%	-3.7%	-2.8%	10.0%
EBITDA Growth	33.5%	98.0%	13.7%	-1.1%	7.6%	19.4%	23.5%	5.3%	8.3%	-8.4%	-12.9%	-54.7%
Operating Income Growth	31.5%	3.0%	31.8%	59.8%	43.7%	77.1%	74.7%	-7.8%	3.6%	-20.0%	-21.6%	26.1%
Net Income Growth	282.4%	766.7%	109.8%	150.8%	-	454.5%	2966.7%	-210.5%	100.0%	-117.1%	-87.0%	-91.1%
Margins Quarterly
EBITDA Margin	53.0%	87.9%	52.6%	38.7%	39.4%	41.8%	42.8%	37.8%	36.8%	36.6%	37.6%	38.4%
Operating Income Margin	26.5%	25.0%	29.8%	23.9%	20.0%	22.8%	20.9%	14.5%	14.0%	13.5%	13.0%	16.8%
Net Income Margin	13.7%	49.3%	14.0%	2.2%	3.6%	5.3%	6.2%	-4.3%	0.0%	-1.6%	0.2%	4.1%
Cash & Debt
Total Cash	1,663	1,283	534	699	803	792	622	775	759	697	903	1,039
Total Debt	8,442	7,927	7,118	6,769	7,252	7,474	7,683	7,740	7,741	7,762	7,872	7,820
Net Debt / (Cash)	6,779	6,644	6,584	6,070	6,449	6,682	7,061	6,965	6,982	7,065	6,969	6,781
Cash Flows Quarterly
FCF from Operations	463	446	348	454	433	476	240	397	347	278	201	416
Cash Flows TTM
FCF from Operations TTM	1,711	1,681	1,711	1,603	1,546	1,460	1,262	1,223	1,242	1,204	1,217	1,284
Returns to Shareholders Quarterly
Dividends	125	125	170	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	119	34	33	5	27	5	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	14.7%	16.9%	18.0%	8.9%	7.3%	8.9%	8.5%	11.0%	10.3%	9.6%	9.3%	8.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	15.8%	15.0%	11.8%	9.2%	1.9%	14.2%	11.6%	10.0%	10.3%	10.1%	10.9%	0.8%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	5,661
Fixed and other services		2,145	1,938	1,803	1,928
Mobile		2,916	1,963	2,116	2,150
Mobile Financial Services		40	37
Other		69	60	52	51
Telephone and equipment revenue		454	263	201	206
Total	5,661	5,624	4,261	4,172	4,335

Price Behavior

Price Behavior

Market Price	$53.80
Market Cap ($ Bil)	9.0
First Trading Date	12/29/2006
Distance from 52W High	-4.1%
	50 Days	200 Days
DMA Price	$50.35	$40.24
DMA Trend	up	up
Distance from DMA	6.9%	33.7%
	3M	1YR
Volatility	34.6%	32.0%
Downside Capture	-46.83	-46.10
Upside Capture	13.51	52.03
Correlation (SPY)	-0.1%	11.4%

TIGO Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.03	0.06	-0.12	0.05	0.21	0.36
Up Beta	1.57	1.71	1.04	0.92	0.25	0.22
Down Beta	1.93	-0.27	-0.48	-0.20	0.34	0.34
Up Capture	40%	29%	16%	44%	45%	41%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	22	35	74	146	403
Down Capture	-141%	-70%	-70%	-99%	-61%	44%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	20	28	52	101	344

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of TIGO With Other Asset Classes (Last 1Y)
	TIGO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	152.2%	21.5%	18.8%	72.9%	9.0%	3.7%	-11.4%
Annualized Volatility	31.8%	18.5%	19.5%	19.2%	15.3%	17.2%	35.0%
Sharpe Ratio	2.93	0.91	0.76	2.72	0.36	0.05	-0.14
Correlation With Other Assets		15.5%	11.0%	17.1%	8.9%	21.4%	16.8%

ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of TIGO With Other Asset Classes (Last 5Y)
	TIGO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	14.1%	12.8%	14.8%	18.9%	11.8%	4.7%	35.5%
Annualized Volatility	37.1%	20.9%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.45	0.52	0.70	0.98	0.51	0.16	0.62
Correlation With Other Assets		28.7%	31.6%	16.9%	13.8%	33.0%	17.9%

Based On 10-Year Data

		Comparison of TIGO With Other Asset Classes (Last 10Y)
	TIGO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.2%	13.1%	14.8%	15.1%	6.8%	5.4%	69.1%
Annualized Volatility	41.6%	22.6%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.20	0.53	0.71	0.85	0.31	0.23	0.90
Correlation With Other Assets		30.7%	35.3%	14.1%	22.1%	37.7%	18.1%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	2,008,230
Short Interest: % Change Since 11152025	-6.1%
Average Daily Volume	924,070
Days-to-Cover Short Interest	2.17
Basic Shares Quantity	166,915,000
Short % of Basic Shares	1.2%

Returns Analyses

	Title
0	How Low Can Millicom International Cellular Stock Really Go?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8082025	6-K 6/30/2025
3312025	5082025	6-K 3/31/2025
12312024	4082025	20-F 12/31/2024
9302024	11072024	6-K 9/30/2024
6302024	8052024	6-K 6/30/2024
3312024	5082024	6-K 3/31/2024
12312023	3122024	20-F 12/31/2023
9302023	10262023	6-K 9/30/2023
6302023	7272023	6-K 6/30/2023
3312023	4272023	6-K 3/31/2023
12312022	2282023	20-F 12/31/2022
9302022	10272022	6-K 9/30/2022
6302022	7282022	6-K 6/30/2022
3312022	4282022	6-K 3/31/2022
12312021	3012022	20-F 12/31/2021
9302021	10282021	6-K 9/30/2021

Insider Activity

Expand for Morenull

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Millicom International Cellular (TIGO)

Market Price (12/24/2025): $53.81 | Market Cap: $9.0 BilSector: Communication Services | Industry: Integrated Telecommunication Services

Millicom International Cellular (TIGO)

Market Price (12/24/2025): $53.81Market Cap: $9.0 BilSector: Communication ServicesIndustry: Integrated Telecommunication Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

TIGO Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Millicom International Cellular (TIGO)

1. Operating in Emerging Markets and Macroeconomic Risks

2. High Debt Levels and Financial Health

3. Regulatory and Competitive Challenges

Subscriber Growth in Postpaid Mobile and Home Broadband

Expansion of Business-to-Business (B2B) and Digital Solutions

ARPU Expansion through Price Increases and Postpaid Migration

Leveraging Convergence Strategy

Strategic Mergers, Acquisitions, and Market Initiatives

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Millicom International Cellular (TIGO)

INDUSTRY: Integrated Telecommunication Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for TIGO: 0.7% | 1.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TIGO: 0.7% | 6.1x)

Higher Rev Chg LTM (Value for TIGO: -4.4%)

Higher Rev Chg 3Y Avg (Value for TIGO: 0.7%)

Higher CFO/Rev LTM (Value for TIGO: 30.6%)

Higher FCF/Rev LTM (Value for TIGO: 16.0%)

Higher Total Yield (Value for TIGO: 12.2%)

SECTOR: Communication Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for TIGO: 0.7% | 1.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TIGO: 0.7% | 6.1x)

Higher Rev Chg LTM (Value for TIGO: -4.4%)

Higher Rev Chg 3Y Avg (Value for TIGO: 0.7%)

Higher Op Mgn LTM (Value for TIGO: 26.3%)

Higher CFO/Rev LTM (Value for TIGO: 30.6%)

Higher FCF/Rev LTM (Value for TIGO: 16.0%)

Higher Total Yield (Value for TIGO: 12.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TIGO: 0.7% | 1.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TIGO: 0.7% | 6.1x)

Higher Rev Chg LTM (Value for TIGO: -4.4%)

Higher Rev Chg 3Y Avg (Value for TIGO: 0.7%)

Higher Op Mgn LTM (Value for TIGO: 26.3%)

Higher CFO/Rev LTM (Value for TIGO: 30.6%)

Higher FCF/Rev LTM (Value for TIGO: 16.0%)

Higher Total Yield (Value for TIGO: 12.2%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Millicom International Cellular

Financials

Market Price (12/24/2025): $53.81 | Market Cap: $9.0 Bil
Sector: Communication Services | Industry: Integrated Telecommunication Services

Market Price (12/24/2025): $53.81
Market Cap: $9.0 Bil
Sector: Communication Services
Industry: Integrated Telecommunication Services