MILLICOM INTL CELLULAR S.A. (TIGO) Stock Fundamental Analysis

USA • Nasdaq • NASDAQ:TIGO • LU0038705702

64.5 USD
+1.39 (+2.2%)
Last: Feb 5, 2026, 12:34 PM
Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to TIGO. TIGO was compared to 22 industry peers in the Wireless Telecommunication Services industry. While TIGO has a great profitability rating, there are quite some concerns on its financial health. TIGO is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • In the past year TIGO was profitable.
  • In the past year TIGO had a positive cash flow from operations.
  • The reported net income has been mixed in the past 5 years: TIGO reported negative net income in multiple years.
  • TIGO had a positive operating cash flow in each of the past 5 years.
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 0 500M 1B 1.5B

1.2 Ratios

  • The Return On Assets of TIGO (7.03%) is better than 81.82% of its industry peers.
  • TIGO has a Return On Equity of 32.78%. This is amongst the best in the industry. TIGO outperforms 90.91% of its industry peers.
  • TIGO has a Return On Invested Capital of 9.61%. This is amongst the best in the industry. TIGO outperforms 81.82% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for TIGO is in line with the industry average of 6.60%.
  • The last Return On Invested Capital (9.61%) for TIGO is above the 3 year average (6.73%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 7.03%
ROE 32.78%
ROIC 9.61%
ROA(3y)0.84%
ROA(5y)0.73%
ROE(3y)3.19%
ROE(5y)3.14%
ROIC(3y)6.73%
ROIC(5y)5.05%
TIGO Yearly ROA, ROE, ROICTIGO Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20

1.3 Margins

  • TIGO has a better Profit Margin (19.59%) than 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 26.62%, TIGO belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
  • In the last couple of years the Operating Margin of TIGO has grown nicely.
  • The Gross Margin of TIGO (76.96%) is better than 86.36% of its industry peers.
  • TIGO's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 26.62%
PM (TTM) 19.59%
GM 76.96%
OM growth 3Y33.38%
OM growth 5Y18.32%
PM growth 3Y-31.97%
PM growth 5Y4.87%
GM growth 3Y1.43%
GM growth 5Y0.99%
TIGO Yearly Profit, Operating, Gross MarginsTIGO Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40 60

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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), TIGO is creating some value.
  • Compared to 1 year ago, TIGO has about the same amount of shares outstanding.
  • The number of shares outstanding for TIGO has been increased compared to 5 years ago.
  • Compared to 1 year ago, TIGO has an improved debt to assets ratio.
TIGO Yearly Shares OutstandingTIGO Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 5B 10B 15B

2.2 Solvency

  • TIGO has an Altman-Z score of 1.36. This is a bad value and indicates that TIGO is not financially healthy and even has some risk of bankruptcy.
  • With a Altman-Z score value of 1.36, TIGO perfoms like the industry average, outperforming 59.09% of the companies in the same industry.
  • TIGO has a debt to FCF ratio of 8.59. This is a slightly negative value and a sign of low solvency as TIGO would need 8.59 years to pay back of all of its debts.
  • TIGO's Debt to FCF ratio of 8.59 is in line compared to the rest of the industry. TIGO outperforms 45.45% of its industry peers.
  • TIGO has a Debt/Equity ratio of 2.33. This is a high value indicating a heavy dependency on external financing.
  • TIGO has a worse Debt to Equity ratio (2.33) than 68.18% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.33
Debt/FCF 8.59
Altman-Z 1.36
ROIC/WACC1.31
WACC7.33%
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 0 2B 4B 6B

2.3 Liquidity

  • TIGO has a Current Ratio of 0.92. 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 has a Current ratio (0.92) which is in line with its industry peers.
  • A Quick Ratio of 0.89 indicates that TIGO may have some problems paying its short term obligations.
  • TIGO's Quick ratio of 0.89 is in line compared to the rest of the industry. TIGO outperforms 54.55% of its industry peers.
Industry RankSector Rank
Current Ratio 0.92
Quick Ratio 0.89
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 1B 2B 3B 4B

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

4

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an impressive 153.26% over the past year.
  • Measured over the past years, TIGO shows a decrease in Earnings Per Share. The EPS has been decreasing by -0.40% on average per year.
  • TIGO shows a decrease in Revenue. In the last year, the revenue decreased by -4.39%.
  • The Revenue has been growing slightly by 6.01% on average over the past years.
EPS 1Y (TTM)153.26%
EPS 3Y-37.04%
EPS 5Y-0.4%
EPS Q2Q%93.33%
Revenue 1Y (TTM)-4.39%
Revenue growth 3Y10.85%
Revenue growth 5Y6.01%
Sales Q2Q%-0.77%

3.2 Future

  • The Earnings Per Share is expected to grow by 29.70% on average over the next years. This is a very strong growth
  • Based on estimates for the next years, TIGO will show a small growth in Revenue. The Revenue will grow by 2.24% on average per year.
EPS Next Y253.03%
EPS Next 2Y79.19%
EPS Next 3Y47.42%
EPS Next 5Y29.7%
Revenue Next Year-2.45%
Revenue Next 2Y7.21%
Revenue Next 3Y4.43%
Revenue Next 5Y2.24%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less 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 2B 4B 6B
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 0 2 -2 4

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6

4. Valuation

4.1 Price/Earnings Ratio

  • TIGO is valuated quite expensively with a Price/Earnings ratio of 27.68.
  • TIGO's Price/Earnings ratio is in line with the industry average.
  • TIGO is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 28.25, which is the current average of the S&P500 Index.
  • TIGO is valuated correctly with a Price/Forward Earnings ratio of 13.67.
  • TIGO's Price/Forward Earnings is on the same level as the industry average.
  • TIGO's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.50.
Industry RankSector Rank
PE 27.68
Fwd PE 13.67
TIGO Price Earnings VS Forward Price EarningsTIGO Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of TIGO indicates a somewhat cheap valuation: TIGO is cheaper than 68.18% of the companies listed in the same industry.
  • Based on the Price/Free Cash Flow ratio, TIGO is valued a bit cheaper than the industry average as 63.64% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 10.96
EV/EBITDA 6.43
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 low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The excellent profitability rating of TIGO may justify a higher PE ratio.
  • TIGO's earnings are expected to grow with 47.42% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.11
PEG (5Y)N/A
EPS Next 2Y79.19%
EPS Next 3Y47.42%

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

5

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 4.82%, TIGO is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 6.47, TIGO pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, TIGO pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.82%

5.2 History

  • TIGO has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)N/A
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

DPN/A
EPS Next 2Y79.19%
EPS Next 3Y47.42%
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 0 200M -200M 400M 600M 800M

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MILLICOM INTL CELLULAR S.A.

NASDAQ:TIGO (2/5/2026, 12:34:37 PM)

64.5

+1.39 (+2.2%)

Chartmill FA Rating
GICS IndustryGroupTelecommunication Services
GICS IndustryWireless Telecommunication Services
Earnings (Last)11-06
Earnings (Next)02-26
Inst Owners44.69%
Inst Owner Change-2.03%
Ins Owners0.17%
Ins Owner ChangeN/A
Market Cap10.77B
Revenue(TTM)5.59B
Net Income(TTM)1.10B
Analysts74.55
Price Target51.82 (-19.66%)
Short Float %2.44%
Short Ratio2.34
Dividend
Industry RankSector Rank
Dividend Yield 4.82%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-Date04-08
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-21.93%
Min EPS beat(2)-37.08%
Max EPS beat(2)-6.78%
EPS beat(4)1
Avg EPS beat(4)-22.88%
Min EPS beat(4)-74.67%
Max EPS beat(4)27.01%
EPS beat(8)2
Avg EPS beat(8)26.88%
EPS beat(12)3
Avg EPS beat(12)-9.23%
EPS beat(16)6
Avg EPS beat(16)130.13%
Revenue beat(2)0
Avg Revenue beat(2)-1.94%
Min Revenue beat(2)-3.31%
Max Revenue beat(2)-0.56%
Revenue beat(4)0
Avg Revenue beat(4)-4.31%
Min Revenue beat(4)-8.89%
Max Revenue beat(4)-0.56%
Revenue beat(8)1
Avg Revenue beat(8)-3.05%
Revenue beat(12)1
Avg Revenue beat(12)-3.28%
Revenue beat(16)1
Avg Revenue beat(16)-6.3%
PT rev (1m)0%
PT rev (3m)16.46%
EPS NQ rev (1m)-9.52%
EPS NQ rev (3m)41.79%
EPS NY rev (1m)0.05%
EPS NY rev (3m)13.09%
Revenue NQ rev (1m)-5.45%
Revenue NQ rev (3m)7.88%
Revenue NY rev (1m)-0.58%
Revenue NY rev (3m)1.65%
Valuation
Industry RankSector Rank
PE 27.68
Fwd PE 13.67
P/S 1.93
P/FCF 10.96
P/OCF 6.33
P/B 3.22
P/tB N/A
EV/EBITDA 6.43
EPS(TTM)2.33
EY3.61%
EPS(NY)4.72
Fwd EY7.32%
FCF(TTM)5.88
FCFY9.12%
OCF(TTM)10.2
OCFY15.81%
SpS33.49
BVpS20.01
TBVpS-22.46
PEG (NY)0.11
PEG (5Y)N/A
Graham Number32.39
Profitability
Industry RankSector Rank
ROA 7.03%
ROE 32.78%
ROCE 12.16%
ROIC 9.61%
ROICexc 11.12%
ROICexgc 33.75%
OM 26.62%
PM (TTM) 19.59%
GM 76.96%
FCFM 17.57%
ROA(3y)0.84%
ROA(5y)0.73%
ROE(3y)3.19%
ROE(5y)3.14%
ROIC(3y)6.73%
ROIC(5y)5.05%
ROICexc(3y)7.23%
ROICexc(5y)5.46%
ROICexgc(3y)21.48%
ROICexgc(5y)16.59%
ROCE(3y)8.52%
ROCE(5y)6.4%
ROICexgc growth 3Y24.05%
ROICexgc growth 5Y36.67%
ROICexc growth 3Y43.68%
ROICexc growth 5Y21.14%
OM growth 3Y33.38%
OM growth 5Y18.32%
PM growth 3Y-31.97%
PM growth 5Y4.87%
GM growth 3Y1.43%
GM growth 5Y0.99%
F-Score6
Asset Turnover0.36
Health
Industry RankSector Rank
Debt/Equity 2.33
Debt/FCF 8.59
Debt/EBITDA 2.89
Cap/Depr 59.7%
Cap/Sales 12.87%
Interest Coverage 2.62
Cash Conversion 63.19%
Profit Quality 89.69%
Current Ratio 0.92
Quick Ratio 0.89
Altman-Z 1.36
F-Score6
WACC7.33%
ROIC/WACC1.31
Cap/Depr(3y)66.21%
Cap/Depr(5y)68%
Cap/Sales(3y)15.35%
Cap/Sales(5y)17.27%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)153.26%
EPS 3Y-37.04%
EPS 5Y-0.4%
EPS Q2Q%93.33%
EPS Next Y253.03%
EPS Next 2Y79.19%
EPS Next 3Y47.42%
EPS Next 5Y29.7%
Revenue 1Y (TTM)-4.39%
Revenue growth 3Y10.85%
Revenue growth 5Y6.01%
Sales Q2Q%-0.77%
Revenue Next Year-2.45%
Revenue Next 2Y7.21%
Revenue Next 3Y4.43%
Revenue Next 5Y2.24%
EBIT growth 1Y29.59%
EBIT growth 3Y47.85%
EBIT growth 5Y25.43%
EBIT Next Year117.05%
EBIT Next 3Y35.33%
EBIT Next 5Y18.89%
FCF growth 1Y191.69%
FCF growth 3Y125.44%
FCF growth 5YN/A
OCF growth 1Y37.12%
OCF growth 3Y18.8%
OCF growth 5Y15.14%

MILLICOM INTL CELLULAR S.A. / TIGO 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.


Can you provide the valuation status for MILLICOM INTL CELLULAR S.A.?

ChartMill assigns a valuation rating of 6 / 10 to MILLICOM INTL CELLULAR S.A. (TIGO). This can be considered as Fairly Valued.


Can you provide the profitability details for MILLICOM INTL CELLULAR S.A.?

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


What is the valuation of MILLICOM INTL CELLULAR S.A. based on its PE and PB ratios?

The Price/Earnings (PE) ratio for MILLICOM INTL CELLULAR S.A. (TIGO) is 27.68 and the Price/Book (PB) ratio is 3.22.