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

NASDAQ:TIGO • LU0038705702

Current stock price

76.95 USD
+1.88 (+2.5%)
At close:
76.95 USD
0 (0%)
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

  • TIGO had positive earnings in the past year.
  • In the past year TIGO had a positive cash flow from operations.
  • Of the past 5 years TIGO 4 years were profitable.
  • 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 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.
  • TIGO has a better Return On Equity (36.14%) than 90.91% of its industry peers.
  • TIGO has a Return On Invested Capital (7.25%) which is in line with its industry peers.
  • TIGO had an Average Return On Invested Capital over the past 3 years of 6.39%. This is in line with the industry average of 6.97%.
  • The 3 year average ROIC (6.39%) for TIGO is below the current ROIC(7.25%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 7.63%
ROE 36.14%
ROIC 7.25%
ROA(3y)2.97%
ROA(5y)2.81%
ROE(3y)13.6%
ROE(5y)13.71%
ROIC(3y)6.39%
ROIC(5y)5.31%
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.
  • TIGO's Operating Margin of 26.40% is amongst the best of the industry. TIGO outperforms 95.45% of its industry peers.
  • TIGO's Operating Margin has improved in the last couple of years.
  • TIGO's Gross Margin of 77.45% is amongst the best of the industry. TIGO outperforms 81.82% of its industry peers.
  • TIGO's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 26.4%
PM (TTM) 22.62%
GM 77.45%
OM growth 3Y18.75%
OM growth 5Y34.53%
PM growth 3Y92.97%
PM growth 5YN/A
GM growth 3Y4.06%
GM growth 5Y2.72%
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.
  • TIGO has less shares outstanding than it did 1 year ago.
  • The number of shares outstanding for TIGO has been increased compared to 5 years ago.
  • TIGO has a worse debt/assets ratio than last year.
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 1.35. This is a bad value and indicates that TIGO is not financially healthy and even has some risk of bankruptcy.
  • TIGO's Altman-Z score of 1.35 is fine compared to the rest of the industry. TIGO outperforms 63.64% of its industry peers.
  • 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 in line with its industry, outperforming 40.91% 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.
  • Looking at the Debt to Equity ratio, with a value of 2.43, TIGO is doing worse than 72.73% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 2.43
Debt/FCF 9.44
Altman-Z 1.35
ROIC/WACC1.12
WACC6.46%
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

  • A Current Ratio of 0.88 indicates that TIGO may have some problems paying its short term obligations.
  • With a Current ratio value of 0.88, TIGO perfoms like the industry average, outperforming 40.91% of the companies in the same industry.
  • TIGO has a Quick 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 Quick ratio of 0.85 is in line compared to the rest of the industry. TIGO outperforms 40.91% of its industry peers.
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

  • TIGO shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 148.98%, which is quite impressive.
  • Measured over the past years, TIGO shows a very strong growth in Earnings Per Share. The EPS has been growing by 34.03% on average per year.
  • Looking at the last year, TIGO shows a small growth in Revenue. The Revenue has grown by 0.24% in the last year.
  • Measured over the past years, TIGO shows a small growth in Revenue. The Revenue has been growing by 6.89% on average per year.
EPS 1Y (TTM)148.98%
EPS 3Y34.03%
EPS 5YN/A
EPS Q2Q%738.89%
Revenue 1Y (TTM)0.24%
Revenue growth 3Y1.14%
Revenue growth 5Y6.89%
Sales Q2Q%15.69%

3.2 Future

  • Based on estimates for the next years, TIGO will show a quite strong growth in Earnings Per Share. The EPS will grow by 19.62% on average per year.
  • 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 Y31.88%
EPS Next 2Y17.35%
EPS Next 3Y26.51%
EPS Next 5Y19.62%
Revenue Next Year40.68%
Revenue Next 2Y21.14%
Revenue Next 3Y14.36%
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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5

4. TIGO Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 21.02, the valuation of TIGO can be described as rather expensive.
  • Compared to the rest of the industry, the Price/Earnings ratio of TIGO indicates a somewhat cheap valuation: TIGO is cheaper than 63.64% of the companies listed in the same industry.
  • The average S&P500 Price/Earnings ratio is at 25.50. TIGO is around the same levels.
  • TIGO is valuated correctly with a Price/Forward Earnings ratio of 15.94.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of TIGO is on the same level as its industry peers.
  • When comparing the Price/Forward Earnings ratio of TIGO to the average of the S&P500 Index (22.67), we can say TIGO is valued slightly cheaper.
Industry RankSector Rank
PE 21.02
Fwd PE 15.94
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.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as TIGO.
Industry RankSector Rank
P/FCF 12.82
EV/EBITDA 7.27
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

  • TIGO's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • TIGO has an outstanding profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as TIGO's earnings are expected to grow with 26.51% in the coming years.
PEG (NY)0.66
PEG (5Y)N/A
EPS Next 2Y17.35%
EPS Next 3Y26.51%

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

7

5. TIGO Dividend Analysis

5.1 Amount

  • TIGO has a Yearly Dividend Yield of 4.08%, which is a nice return.
  • Compared to an average industry Dividend Yield of 7.07, TIGO has a dividend in line with its industry peers.
  • TIGO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.89.
Industry RankSector Rank
Dividend Yield 4.08%

5.2 History

  • On average, the dividend of TIGO grows each year by 10.89%, which is quite nice.
  • TIGO has paid a dividend for at least 10 years, which is 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 2Y17.35%
EPS Next 3Y26.51%
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 (3/25/2026, 5:20:00 PM)

After market: 76.95 0 (0%)

76.95

+1.88 (+2.5%)

Chartmill FA Rating
GICS IndustryGroupTelecommunication Services
GICS IndustryWireless Telecommunication Services
Earnings (Last)02-26
Earnings (Next)05-12
Inst Owners45.57%
Inst Owner Change4.89%
Ins Owners0.17%
Ins Owner Change0%
Market Cap12.85B
Revenue(TTM)5.82B
Net Income(TTM)1.32B
Analysts71.43
Price Target59.49 (-22.69%)
Short Float %2.03%
Short Ratio1.49
Dividend
Industry RankSector Rank
Dividend Yield 4.08%
Yearly Dividend4.42
Dividend Growth(5Y)10.89%
DP57.29%
Div Incr Years0
Div Non Decr Years0
Ex-Date04-08
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)7.7%
PT rev (3m)14.81%
EPS NQ rev (1m)-22.4%
EPS NQ rev (3m)28.49%
EPS NY rev (1m)7.12%
EPS NY rev (3m)1.23%
Revenue NQ rev (1m)-0.25%
Revenue NQ rev (3m)43.01%
Revenue NY rev (1m)19.62%
Revenue NY rev (3m)21.54%
Valuation
Industry RankSector Rank
PE 21.02
Fwd PE 15.94
P/S 2.21
P/FCF 12.82
P/OCF 7.45
P/B 3.53
P/tB N/A
EV/EBITDA 7.27
EPS(TTM)3.66
EY4.76%
EPS(NY)4.83
Fwd EY6.27%
FCF(TTM)6
FCFY7.8%
OCF(TTM)10.33
OCFY13.43%
SpS34.83
BVpS21.8
TBVpS-25.12
PEG (NY)0.66
PEG (5Y)N/A
Graham Number42.37
Profitability
Industry RankSector Rank
ROA 7.63%
ROE 36.14%
ROCE 11.08%
ROIC 7.25%
ROICexc 8.17%
ROICexgc 22.48%
OM 26.4%
PM (TTM) 22.62%
GM 77.45%
FCFM 17.24%
ROA(3y)2.97%
ROA(5y)2.81%
ROE(3y)13.6%
ROE(5y)13.71%
ROIC(3y)6.39%
ROIC(5y)5.31%
ROICexc(3y)6.96%
ROICexc(5y)5.78%
ROICexgc(3y)20.03%
ROICexgc(5y)17.64%
ROCE(3y)9.77%
ROCE(5y)8.11%
ROICexgc growth 3Y12.55%
ROICexgc growth 5Y49.19%
ROICexc growth 3Y15.83%
ROICexc growth 5Y34.4%
OM growth 3Y18.75%
OM growth 5Y34.53%
PM growth 3Y92.97%
PM growth 5YN/A
GM growth 3Y4.06%
GM growth 5Y2.72%
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 12.43%
Interest Coverage 2.63
Cash Conversion 61.29%
Profit Quality 76.22%
Current Ratio 0.88
Quick Ratio 0.85
Altman-Z 1.35
F-Score7
WACC6.46%
ROIC/WACC1.12
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 Y31.88%
EPS Next 2Y17.35%
EPS Next 3Y26.51%
EPS Next 5Y19.62%
Revenue 1Y (TTM)0.24%
Revenue growth 3Y1.14%
Revenue growth 5Y6.89%
Sales Q2Q%15.69%
Revenue Next Year40.68%
Revenue Next 2Y21.14%
Revenue Next 3Y14.36%
Revenue Next 5Y8.95%
EBIT growth 1Y19.16%
EBIT growth 3Y20.11%
EBIT growth 5Y43.8%
EBIT Next Year106.91%
EBIT Next 3Y32.94%
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.


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

ChartMill assigns a valuation rating of 5 / 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 21.02 and the Price/Book (PB) ratio is 3.53.


Is the dividend of MILLICOM INTL CELLULAR S.A. sustainable?

The dividend rating of MILLICOM INTL CELLULAR S.A. (TIGO) is 7 / 10 and the dividend payout ratio is 57.29%.