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

NASDAQ:TIGO • LU0038705702

Current stock price

73.87 USD
-1.46 (-1.94%)
Last:

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.
  • In the past year TIGO had a positive cash flow from operations.
  • TIGO had positive earnings in 4 of the past 5 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 2025 0 500M 1B 1.5B

1.2 Ratios

  • With an excellent Return On Assets value of 7.63%, TIGO belongs to the best of the industry, outperforming 86.36% of the companies in the same industry.
  • TIGO has a Return On Equity of 36.14%. This is amongst the best in the industry. TIGO outperforms 90.91% of its industry peers.
  • TIGO has a Return On Invested Capital (7.25%) which is in line with 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 7.40%.
  • The last Return On Invested Capital (7.25%) for TIGO is above the 3 year average (6.39%), which is a sign of increasing profitability.
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

  • Looking at the Profit Margin, with a value of 22.62%, TIGO belongs to the top of the industry, outperforming 95.45% of the companies in the same industry.
  • 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 has a Gross Margin of 77.45%. This is amongst the best in the industry. TIGO outperforms 81.82% of its industry peers.
  • In the last couple of years the Gross Margin of TIGO has grown nicely.
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.
  • Compared to 1 year ago, TIGO has less shares outstanding
  • The number of shares outstanding for TIGO has been increased compared to 5 years ago.
  • Compared to 1 year ago, TIGO has a worse debt to assets ratio.
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.
  • TIGO has a worse Debt to FCF ratio (9.44) than 63.64% of its industry peers.
  • 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
WACC6.45%
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.
  • TIGO has a Current ratio (0.88) which is in line with its industry peers.
  • 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 has a Quick ratio (0.85) which 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.
  • 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.
  • The Revenue has been growing slightly by 0.24% in the past year.
  • 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)0.24%
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.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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

  • The Price/Earnings ratio is 20.18, which indicates a rather expensive current valuation of TIGO.
  • Compared to the rest of the industry, the Price/Earnings ratio of TIGO is on the same level as its industry peers.
  • The average S&P500 Price/Earnings ratio is at 24.89. TIGO is around the same levels.
  • Based on the Price/Forward Earnings ratio of 15.30, the valuation of TIGO can be described as correct.
  • TIGO's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. TIGO is more expensive than 63.64% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of TIGO to the average of the S&P500 Index (22.19), we can say TIGO is valued slightly cheaper.
Industry RankSector Rank
PE 20.18
Fwd PE 15.3
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

  • Based on the Enterprise Value to EBITDA ratio, TIGO is valued a bit cheaper than the industry average as 63.64% of the companies are valued more expensively.
  • TIGO's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 12.3
EV/EBITDA 7.28
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.
  • The excellent profitability rating of TIGO may justify a higher PE ratio.
  • TIGO's earnings are expected to grow with 26.51% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.63
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 4.09%, which is a nice return.
  • TIGO's Dividend Yield is a higher than the industry average which is at 6.58.
  • Compared to an average S&P500 Dividend Yield of 1.89, TIGO pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.09%

5.2 History

  • The dividend of TIGO is nicely growing with an annual growth rate of 10.89%!
  • 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.
  • TIGO's earnings are growing more than its dividend. This makes the dividend growth 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 (3/30/2026, 10:58:57 AM)

73.87

-1.46 (-1.94%)

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 Cap12.34B
Revenue(TTM)5.82B
Net Income(TTM)1.32B
Analysts71.43
Price Target68.55 (-7.2%)
Short Float %2.03%
Short Ratio1.49
Dividend
Industry RankSector Rank
Dividend Yield 4.09%
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)15.24%
PT rev (3m)32.3%
EPS NQ rev (1m)-44.81%
EPS NQ rev (3m)-8.6%
EPS NY rev (1m)7.12%
EPS NY rev (3m)1.23%
Revenue NQ rev (1m)0.1%
Revenue NQ rev (3m)42.87%
Revenue NY rev (1m)19.62%
Revenue NY rev (3m)21.54%
Valuation
Industry RankSector Rank
PE 20.18
Fwd PE 15.3
P/S 2.12
P/FCF 12.3
P/OCF 7.15
P/B 3.39
P/tB N/A
EV/EBITDA 7.28
EPS(TTM)3.66
EY4.95%
EPS(NY)4.83
Fwd EY6.53%
FCF(TTM)6
FCFY8.13%
OCF(TTM)10.33
OCFY13.99%
SpS34.83
BVpS21.8
TBVpS-25.12
PEG (NY)0.63
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
WACC6.45%
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 20.18 and the Price/Book (PB) ratio is 3.39.


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%.