MILLICOM INTL CELLULAR S.A. (TIGO) Fundamental Analysis & Valuation

NASDAQ:TIGO • LU0038705702

Current stock price

82.07 USD
-0.76 (-0.92%)
At close:
83.25 USD
+1.18 (+1.44%)
After Hours:

This TIGO fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. TIGO Profitability Analysis

1.1 Basic Checks

  • In the past year TIGO was profitable.
  • TIGO had a positive operating cash flow in the past year.
  • Of the past 5 years TIGO 4 years were profitable.
  • In the past 5 years TIGO always reported a positive cash flow from operatings.
TIGO Yearly Net Income VS EBIT VS OCF VS FCFTIGO Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B 1.5B

1.2 Ratios

  • TIGO's Return On Assets of 7.63% is amongst the best of the industry. TIGO outperforms 86.36% of its industry peers.
  • The Return On Equity of TIGO (36.14%) is better than 90.91% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 7.26%, TIGO is in line with its industry, outperforming 59.09% of the companies in the same industry.
  • TIGO had an Average Return On Invested Capital over the past 3 years of 6.34%. This is in line with the industry average of 7.51%.
  • The 3 year average ROIC (6.34%) for TIGO is below the current ROIC(7.26%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 7.63%
ROE 36.14%
ROIC 7.26%
ROA(3y)2.97%
ROA(5y)2.81%
ROE(3y)13.6%
ROE(5y)13.71%
ROIC(3y)6.34%
ROIC(5y)5.27%
TIGO Yearly ROA, ROE, ROICTIGO Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20 30

1.3 Margins

  • TIGO's Profit Margin of 22.62% is amongst the best of the industry. TIGO outperforms 95.45% of its industry peers.
  • TIGO's Profit Margin has improved in the last couple of years.
  • With an excellent Operating Margin value of 26.41%, TIGO belongs to the best of the industry, outperforming 95.45% of the companies in the same industry.
  • TIGO's Operating Margin has improved in the last couple of years.
  • With an excellent Gross Margin value of 77.47%, TIGO belongs to the best of the industry, outperforming 81.82% of the companies in the same industry.
  • TIGO's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 26.41%
PM (TTM) 22.62%
GM 77.47%
OM growth 3Y17.9%
OM growth 5Y33.95%
PM growth 3Y92.97%
PM growth 5YN/A
GM growth 3Y2.43%
GM growth 5Y1.75%
TIGO Yearly Profit, Operating, Gross MarginsTIGO Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60

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2

2. TIGO Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), TIGO is creating some value.
  • The number of shares outstanding for TIGO has been reduced compared to 1 year ago.
  • TIGO has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for TIGO is higher compared to a year ago.
TIGO Yearly Shares OutstandingTIGO Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M
TIGO Yearly Total Debt VS Total AssetsTIGO Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

2.2 Solvency

  • TIGO has an Altman-Z score of 1.40. This is a bad value and indicates that TIGO is not financially healthy and even has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 1.40, TIGO is in the better half of the industry, outperforming 63.64% of the companies in the same industry.
  • The Debt to FCF ratio of TIGO is 9.44, which is on the high side as it means it would take TIGO, 9.44 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 9.44, TIGO is doing worse than 63.64% of the companies in the same industry.
  • TIGO has a Debt/Equity ratio of 2.43. This is a high value indicating a heavy dependency on external financing.
  • TIGO has a worse Debt to Equity ratio (2.43) than 72.73% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.43
Debt/FCF 9.44
Altman-Z 1.4
ROIC/WACC1.11
WACC6.51%
TIGO Yearly LT Debt VS Equity VS FCFTIGO Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B 4B 6B 8B

2.3 Liquidity

  • TIGO has a Current Ratio of 0.88. This is a bad value and indicates that TIGO is not financially healthy enough and could expect problems in meeting its short term obligations.
  • TIGO's Current ratio of 0.88 is in line compared to the rest of the industry. TIGO outperforms 40.91% of its industry peers.
  • A Quick Ratio of 0.85 indicates that TIGO may have some problems paying its short term obligations.
  • The Quick ratio of TIGO (0.85) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 0.88
Quick Ratio 0.85
TIGO Yearly Current Assets VS Current LiabilitesTIGO Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. TIGO Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 148.98% over the past year.
  • TIGO shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 34.03% yearly.
  • TIGO shows a small growth in Revenue. In the last year, the Revenue has grown by 0.26%.
  • TIGO shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.89% yearly.
EPS 1Y (TTM)148.98%
EPS 3Y34.03%
EPS 5YN/A
EPS Q2Q%738.89%
Revenue 1Y (TTM)0.26%
Revenue growth 3Y1.14%
Revenue growth 5Y6.89%
Sales Q2Q%15.69%

3.2 Future

  • The Earnings Per Share is expected to grow by 19.62% on average over the next years. This is quite good.
  • TIGO is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.95% yearly.
EPS Next Y20.11%
EPS Next 2Y23.73%
EPS Next 3Y20.44%
EPS Next 5Y19.62%
Revenue Next Year41.79%
Revenue Next 2Y21.47%
Revenue Next 3Y14.62%
Revenue Next 5Y8.95%

3.3 Evolution

  • The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
TIGO Yearly Revenue VS EstimatesTIGO Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2B 4B 6B 8B
TIGO Yearly EPS VS EstimatesTIGO Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 2 -2 4 6 8

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3

4. TIGO Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 22.42, TIGO is valued on the expensive side.
  • Compared to the rest of the industry, the Price/Earnings ratio of TIGO is on the same level as its industry peers.
  • TIGO's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 26.91.
  • TIGO is valuated rather expensively with a Price/Forward Earnings ratio of 18.67.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of TIGO indicates a rather expensive valuation: TIGO more expensive than 81.82% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 21.99, TIGO is valued at the same level.
Industry RankSector Rank
PE 22.42
Fwd PE 18.67
TIGO Price Earnings VS Forward Price EarningsTIGO Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of TIGO is on the same level as its industry peers.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of TIGO indicates a slightly more expensive valuation: TIGO is more expensive than 63.64% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 13.71
EV/EBITDA 7.69
TIGO Per share dataTIGO EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 -10 20 -20 30

4.3 Compensation for Growth

  • The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
  • The excellent profitability rating of TIGO may justify a higher PE ratio.
  • A more expensive valuation may be justified as TIGO's earnings are expected to grow with 20.44% in the coming years.
PEG (NY)1.12
PEG (5Y)N/A
EPS Next 2Y23.73%
EPS Next 3Y20.44%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. TIGO Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 3.56%, TIGO has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 6.21, TIGO pays a bit more dividend than its industry peers.
  • TIGO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 3.56%

5.2 History

  • On average, the dividend of TIGO grows each year by 10.89%, which is quite nice.
  • TIGO has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)10.89%
Div Incr Years0
Div Non Decr Years0
TIGO Yearly Dividends per shareTIGO Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2025 2026 2 4 6

5.3 Sustainability

  • 57.29% of the earnings are spent on dividend by TIGO. This is a bit on the high side, but may be sustainable.
  • The dividend of TIGO is growing, but earnings are growing more, so the dividend growth is sustainable.
DP57.29%
EPS Next 2Y23.73%
EPS Next 3Y20.44%
TIGO Yearly Income VS Free CF VS DividendTIGO Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B
TIGO Dividend Payout.TIGO Dividend Payout, showing the Payout Ratio.TIGO Dividend Payout.PayoutRetained Earnings

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TIGO Fundamentals: All Metrics, Ratios and Statistics

MILLICOM INTL CELLULAR S.A.

NASDAQ:TIGO (4/28/2026, 8:02:18 PM)

After market: 83.25 +1.18 (+1.44%)

82.07

-0.76 (-0.92%)

Chartmill FA Rating
GICS IndustryGroupTelecommunication Services
GICS IndustryWireless Telecommunication Services
Industry StrengthN/A
Industry GrowthN/A
Earnings (Last)02-26
Earnings (Next)05-07
Inst Owners45.66%
Inst Owner Change-0.72%
Ins Owners0.18%
Ins Owner Change0%
Market Cap13.75B
Revenue(TTM)5.82B
Net Income(TTM)1.32B
Analysts72.86
Price Target71.53 (-12.84%)
Short Float %3.82%
Short Ratio2.47
Dividend
Industry RankSector Rank
Dividend Yield 3.56%
Yearly Dividend4.42
Dividend Growth(5Y)10.89%
DP57.29%
Div Incr Years0
Div Non Decr Years0
Ex-Date07-08
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)24.52%
Min EPS beat(2)-6.78%
Max EPS beat(2)55.83%
EPS beat(4)2
Avg EPS beat(4)9.74%
Min EPS beat(4)-37.08%
Max EPS beat(4)55.83%
EPS beat(8)3
Avg EPS beat(8)62%
EPS beat(12)3
Avg EPS beat(12)-6.23%
EPS beat(16)6
Avg EPS beat(16)19.02%
Revenue beat(2)1
Avg Revenue beat(2)1.41%
Min Revenue beat(2)-0.56%
Max Revenue beat(2)3.38%
Revenue beat(4)1
Avg Revenue beat(4)-2.34%
Min Revenue beat(4)-8.89%
Max Revenue beat(4)3.38%
Revenue beat(8)2
Avg Revenue beat(8)-2.62%
Revenue beat(12)2
Avg Revenue beat(12)-2.69%
Revenue beat(16)2
Avg Revenue beat(16)-4.36%
PT rev (1m)20.24%
PT rev (3m)38.04%
EPS NQ rev (1m)25.29%
EPS NQ rev (3m)-30.84%
EPS NY rev (1m)-8.93%
EPS NY rev (3m)-6.87%
Revenue NQ rev (1m)0.99%
Revenue NQ rev (3m)0.64%
Revenue NY rev (1m)0.79%
Revenue NY rev (3m)20.7%
Valuation
Industry RankSector Rank
PE 22.42
Fwd PE 18.67
P/S 2.36
P/FCF 13.71
P/OCF 7.97
P/B 3.78
P/tB N/A
EV/EBITDA 7.69
EPS(TTM)3.66
EY4.46%
EPS(NY)4.4
Fwd EY5.36%
FCF(TTM)5.99
FCFY7.29%
OCF(TTM)10.3
OCFY12.55%
SpS34.73
BVpS21.73
TBVpS-24.81
PEG (NY)1.12
PEG (5Y)N/A
Graham Number42.3041 (-48.45%)
Profitability
Industry RankSector Rank
ROA 7.63%
ROE 36.14%
ROCE 11.09%
ROIC 7.26%
ROICexc 8.17%
ROICexgc 22.3%
OM 26.41%
PM (TTM) 22.62%
GM 77.47%
FCFM 17.24%
ROA(3y)2.97%
ROA(5y)2.81%
ROE(3y)13.6%
ROE(5y)13.71%
ROIC(3y)6.34%
ROIC(5y)5.27%
ROICexc(3y)6.9%
ROICexc(5y)5.75%
ROICexgc(3y)19.81%
ROICexgc(5y)17.5%
ROCE(3y)9.69%
ROCE(5y)8.06%
ROICexgc growth 3Y11.41%
ROICexgc growth 5Y48.29%
ROICexc growth 3Y15%
ROICexc growth 5Y33.82%
OM growth 3Y17.9%
OM growth 5Y33.95%
PM growth 3Y92.97%
PM growth 5YN/A
GM growth 3Y2.43%
GM growth 5Y1.75%
F-Score7
Asset Turnover0.34
Health
Industry RankSector Rank
Debt/Equity 2.43
Debt/FCF 9.44
Debt/EBITDA 3.14
Cap/Depr 56.48%
Cap/Sales 12.42%
Interest Coverage 2.63
Cash Conversion 61.27%
Profit Quality 76.22%
Current Ratio 0.88
Quick Ratio 0.85
Altman-Z 1.4
F-Score7
WACC6.51%
ROIC/WACC1.11
Cap/Depr(3y)63.22%
Cap/Depr(5y)65.66%
Cap/Sales(3y)14.2%
Cap/Sales(5y)15.8%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)148.98%
EPS 3Y34.03%
EPS 5YN/A
EPS Q2Q%738.89%
EPS Next Y20.11%
EPS Next 2Y23.73%
EPS Next 3Y20.44%
EPS Next 5Y19.62%
Revenue 1Y (TTM)0.26%
Revenue growth 3Y1.14%
Revenue growth 5Y6.89%
Sales Q2Q%15.69%
Revenue Next Year41.79%
Revenue Next 2Y21.47%
Revenue Next 3Y14.62%
Revenue Next 5Y8.95%
EBIT growth 1Y19.24%
EBIT growth 3Y19.25%
EBIT growth 5Y43.17%
EBIT Next Year130.47%
EBIT Next 3Y37.89%
EBIT Next 5Y21%
FCF growth 1Y8.08%
FCF growth 3Y39.81%
FCF growth 5YN/A
OCF growth 1Y7.67%
OCF growth 3Y11.06%
OCF growth 5Y16.02%

MILLICOM INTL CELLULAR S.A. / TIGO Fundamental Analysis FAQ

What is the ChartMill fundamental rating of MILLICOM INTL CELLULAR S.A. (TIGO) stock?

ChartMill assigns a fundamental rating of 5 / 10 to TIGO.


What is the valuation status of MILLICOM INTL CELLULAR S.A. (TIGO) stock?

ChartMill assigns a valuation rating of 3 / 10 to MILLICOM INTL CELLULAR S.A. (TIGO). This can be considered as Overvalued.


What is the profitability of TIGO stock?

MILLICOM INTL CELLULAR S.A. (TIGO) has a profitability rating of 8 / 10.


Can you provide the financial health for TIGO stock?

The financial health rating of MILLICOM INTL CELLULAR S.A. (TIGO) is 2 / 10.


Can you provide the dividend sustainability for TIGO stock?

The dividend rating of MILLICOM INTL CELLULAR S.A. (TIGO) is 6 / 10 and the dividend payout ratio is 57.29%.