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

NASDAQ:TIGO • LU0038705702

72.89 USD
+2.21 (+3.13%)
At close: Feb 27, 2026
72.89 USD
0 (0%)
After Hours: 2/27/2026, 8:00:02 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

5

Overall TIGO gets a fundamental rating of 5 out of 10. We evaluated TIGO against 22 industry peers in the Wireless Telecommunication Services industry. While TIGO belongs to the best of the industry regarding profitability, there are 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

  • 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's Return On Equity of 36.14% is amongst the best of the industry. TIGO outperforms 90.91% of its industry peers.
  • TIGO has a Return On Invested Capital (7.25%) which is comparable to the rest of the industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for TIGO is in line with the industry average of 6.99%.
  • 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

  • The Profit Margin of TIGO (22.62%) is better than 95.45% of its industry peers.
  • TIGO's Profit Margin has improved in the last couple of years.
  • TIGO has a better Operating Margin (26.40%) than 95.45% of its industry peers.
  • In the last couple of years the Operating Margin of TIGO has grown nicely.
  • 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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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), TIGO is destroying value.
  • Compared to 1 year ago, TIGO has less shares outstanding
  • Compared to 5 years ago, TIGO has more shares outstanding
  • 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 1.33. 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 1.33, 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.
  • TIGO's Debt to FCF ratio of 9.44 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 2.43. This is a high value indicating a heavy dependency on external financing.
  • TIGO has a Debt to Equity ratio of 2.43. This is in the lower half of the industry: TIGO underperforms 72.73% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.43
Debt/FCF 9.44
Altman-Z 1.33
ROIC/WACC0.99
WACC7.34%
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 of 0.88. This is comparable 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.
  • 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

5

3. Growth

3.1 Past

  • TIGO shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 148.30%, 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 33.91% on average per year.
  • The Revenue has been growing slightly by 0.24% in the past year.
  • The Revenue has been growing slightly by 6.89% on average over the past years.
EPS 1Y (TTM)148.3%
EPS 3Y33.91%
EPS 5YN/A
EPS Q2Q%733.33%
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 10.27% on average per year.
  • Based on estimates for the next years, TIGO will show a small growth in Revenue. The Revenue will grow by 3.42% on average per year.
EPS Next Y23.44%
EPS Next 2Y11.21%
EPS Next 3Y8.65%
EPS Next 5Y10.27%
Revenue Next Year17.84%
Revenue Next 2Y8.16%
Revenue Next 3Y2.04%
Revenue Next 5Y3.42%

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 decreasing.
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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Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 19.97, TIGO is valued on the expensive side.
  • TIGO's Price/Earnings is on the same level as the industry average.
  • The average S&P500 Price/Earnings ratio is at 27.07. TIGO is valued slightly cheaper when compared to this.
  • TIGO is valuated correctly with a Price/Forward Earnings ratio of 16.18.
  • 63.64% of the companies in the same industry are cheaper than TIGO, based on the Price/Forward Earnings ratio.
  • TIGO's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 28.05.
Industry RankSector Rank
PE 19.97
Fwd PE 16.18
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 indicates a somewhat cheap valuation: TIGO is cheaper than 63.64% of the companies listed in the same industry.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as TIGO.
Industry RankSector Rank
P/FCF 12.14
EV/EBITDA 7.14
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.
PEG (NY)0.85
PEG (5Y)N/A
EPS Next 2Y11.21%
EPS Next 3Y8.65%

More info and screens

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

6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 4.24%, TIGO is a good candidate for dividend investing.
  • TIGO's Dividend Yield is comparable with the industry average which is at 6.63.
  • Compared to an average S&P500 Dividend Yield of 1.82, TIGO pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.24%

5.2 History

  • The dividend of TIGO is nicely growing with an annual growth rate of 10.89%!
  • 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.
  • TIGO's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP57.29%
EPS Next 2Y11.21%
EPS Next 3Y8.65%
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

More info and screens

Find the best dividend stocksShow peers with best dividend

MILLICOM INTL CELLULAR S.A.

NASDAQ:TIGO (2/27/2026, 8:00:02 PM)

After market: 72.89 0 (0%)

72.89

+2.21 (+3.13%)

Chartmill FA Rating
GICS IndustryGroupTelecommunication Services
GICS IndustryWireless Telecommunication Services
Earnings (Last)02-26
Earnings (Next)05-06
Inst Owners44.69%
Inst Owner Change4.82%
Ins Owners0.17%
Ins Owner ChangeN/A
Market Cap12.18B
Revenue(TTM)5.82B
Net Income(TTM)1.32B
Analysts70.77
Price Target59.49 (-18.38%)
Short Float %2.29%
Short Ratio2.02
Dividend
Industry RankSector Rank
Dividend Yield 4.24%
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)24.01%
Min EPS beat(2)-6.78%
Max EPS beat(2)54.8%
EPS beat(4)2
Avg EPS beat(4)9.49%
Min EPS beat(4)-37.08%
Max EPS beat(4)54.8%
EPS beat(8)3
Avg EPS beat(8)61.87%
EPS beat(12)3
Avg EPS beat(12)-6.31%
EPS beat(16)6
Avg EPS beat(16)18.95%
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)14.81%
PT rev (3m)21.6%
EPS NQ rev (1m)0%
EPS NQ rev (3m)65.59%
EPS NY rev (1m)-4.54%
EPS NY rev (3m)14.11%
Revenue NQ rev (1m)-0.45%
Revenue NQ rev (3m)42.73%
Revenue NY rev (1m)0.1%
Revenue NY rev (3m)11.2%
Valuation
Industry RankSector Rank
PE 19.97
Fwd PE 16.18
P/S 2.09
P/FCF 12.14
P/OCF 7.05
P/B 3.34
P/tB N/A
EV/EBITDA 7.14
EPS(TTM)3.65
EY5.01%
EPS(NY)4.51
Fwd EY6.18%
FCF(TTM)6
FCFY8.24%
OCF(TTM)10.33
OCFY14.18%
SpS34.83
BVpS21.8
TBVpS-25.12
PEG (NY)0.85
PEG (5Y)N/A
Graham Number42.31
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 1.33
F-Score7
WACC7.34%
ROIC/WACC0.99
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)148.3%
EPS 3Y33.91%
EPS 5YN/A
EPS Q2Q%733.33%
EPS Next Y23.44%
EPS Next 2Y11.21%
EPS Next 3Y8.65%
EPS Next 5Y10.27%
Revenue 1Y (TTM)0.24%
Revenue growth 3Y1.14%
Revenue growth 5Y6.89%
Sales Q2Q%15.69%
Revenue Next Year17.84%
Revenue Next 2Y8.16%
Revenue Next 3Y2.04%
Revenue Next 5Y3.42%
EBIT growth 1Y19.16%
EBIT growth 3Y20.11%
EBIT growth 5Y43.8%
EBIT Next Year104.03%
EBIT Next 3Y20.94%
EBIT Next 5Y17.81%
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 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 4 / 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 19.97 and the Price/Book (PB) ratio is 3.34.


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

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