Millicom International Cellular SA (TIGO)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Whoever buys today is betting that the operating turnaround holds and that the underlying cash flow (equity free cash flow of $916 million, about $5.40 per share) keeps funding the dividend and the deleveraging — and must accept the Guatemala lump and a controlling major shareholder for it. Whoever waits can check the coming interim reports (6-K) for whether growth turns organic rather than bought, whether leverage falls back below 2.5x after the acquisitions, and whether cash flow holds without one-offs: those would be the evidence that the comeback becomes a permanent state. The decision is yours.
symbol.quality_note
Millicom runs across eleven Latin American countries as Tigo and has fought its way back from a debt-laden problem child: operating profit (EBITDA) up 11.4 percent to $2,749 million, a record cash inflow of $916 million, leverage pushed down to 2.31x, and the dividend it scrapped in 2023 back on the table. The company surfaced in our in-house Joshua growth scanner (data as of July 17, 2026). We read the annual report (20-F) for 2025 and the latest interim reports (6-K): the record net profit of $1.3 billion includes roughly $727 million of one-off gain from selling the cell towers, nearly a third of operating profit hangs on a single country, and one man holds the voting majority. Not investment advice — just the question of how much of a comeback is real and how much is bookkeeping.
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Stock Watch
This analysis is as of July 17, 2026. Stock Watch will tell you what's changed at TIGO since then.
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Appears in These Scanners
This stock currently matches 22 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 95.50 $ — 95% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralGeprüft am 17.07.2026 gegen den Jahresbericht (20-F) für das Geschäftsjahr 2025 (eingereicht 24.03.2026) sowie die jüngsten Zwischenmeldungen (6-K, Q1 2026 und Gesamtjahr 2025). Millicom (Tigo) ist ein lateinamerikanischer Telekomkonzern, der als ausländischer Emittent per 20-F/6-K statt per 10-K/10-Q meldet. In den ausgewerteten Filings findet sich kein wesentlicher KI-Bezug: KI ist weder Umsatzquelle noch dokumentierter operativer Kernprozess. „Artificial intelligence“ erscheint im 20-F 2025 nur zweimal — einmal als generisches Technologie-Anpassungsrisiko der Branche („increasingly dependent on the ability of operators to adapt to the changing technological landscape, including artificial intelligence and machine learning“) und einmal als Datensicherheits-/Cybersecurity-Erwägung beim internen Einsatz externer KI-Werkzeuge („While AI technologies can enhance efficiency, they also present potential risks of inadvertent disclosure of confidential information …“). Beides sind keine belastbaren Belege für „verkauft“, „nutzt“ (kein konkret beschriebener operativer KI-Einsatz mit Effizienz- oder Produktwirkung) oder „bedroht“ (die Adaptions-Formulierung ist branchen-generisch und nicht konkret aufs eigene Geschäftsmodell bezogen; Boilerplate zählt nach Kriterienkatalog nicht). Nach der Vorrang-Regel bleibt es damit bei „neutral“ — dokumentierter Negativ-Befund.
View the full file — quotes, sources, reviewed filings
„Success in the industry is increasingly dependent on the ability of operators to adapt to the changing technological landscape, including artificial intelligence and machine learning."
Der Erfolg in der Branche hängt zunehmend von der Fähigkeit der Betreiber ab, sich an die sich wandelnde technologische Landschaft anzupassen, einschließlich Künstlicher Intelligenz und maschinellen Lernens.
„While AI technologies can enhance efficiency, they also present potential risks of inadvertent disclosure of confidential information if sensitive data is input into external AI platforms."
Zwar können KI-Technologien die Effizienz steigern, doch bergen sie auch das Risiko einer unbeabsichtigten Offenlegung vertraulicher Informationen, wenn sensible Daten in externe KI-Plattformen eingegeben werden.
Filings Reviewed: 20-F 2026-03-24 · 20-F 2025-04-08 · 6-K 2026-05-14 · 6-K 2026-02-26
Rated on July 17, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 7.4% below the current price.
- Consensus
- Sell
- Analyst Ratings
- 10
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 4.72 | 3.68 – 6.15 | 8,495 | 21.2% | 4 |
| 12/31/2027 | 7.35 | 5.70 – 8.94 | 8,802 | 55.7% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.54 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.18 | – | 1,428 | -3.20 | 2.20 | 454 | 286 |
| 2025: Q1 | 1.14 | 112.60 | 1,374 | -7.60 | 14.00 | 364 | 232 |
| 2025: Q2 | 4.03 | 793.90 | 1,372 | -5.90 | 49.30 | 495 | 310 |
| 2025: Q3 | 1.16 | 292.70 | 1,420 | -0.80 | 13.70 | 507 | 339 |
| 2025: Q4 | 1.50 | 735.70 | 1,652 | 15.70 | 15.30 | 477 | 291 |
| 2026: Q1 | 0.65 | -42.70 | 1,985 | 44.50 | 5.50 | 618 | 449 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 4,105 | 381 | -45 | -0.35 | 878 | 3,167 | 9,627 |
| 2017 | 4,076 | 436 | 47 | 0.37 | 820 | 3,281 | 9,465 |
| 2018 | 3,946 | 410 | 19 | 0.15 | 792 | 2,542 | 10,313 |
| 2019 | 4,336 | 430 | 75 | 0.58 | 801 | 2,410 | 12,895 |
| 2020 | 4,171 | 240 | -344 | -2.67 | 821 | 2,059 | 12,422 |
| 2021 | 4,261 | 404 | 590 | 3.59 | 956 | 2,583 | 15,141 |
| 2022 | 5,624 | 915 | 57 | 0.41 | 1,284 | 3,605 | 14,198 |
| 2023 | 5,661 | 773 | -82 | -0.48 | 1,223 | 3,529 | 14,516 |
| 2024 | 5,804 | 1,342 | 253 | 1.47 | 1,669 | 3,628 | 13,737 |
| 2025 | 5,819 | 1,639 | 1,316 | 7.83 | 1,833 | 3,640 | 17,253 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Operating profit (EBITDA) 2025 up 11.4 percent to $2,749 million at about a 47 percent margin, a record equity free cash flow of $916 million, leverage cut to 2.31x, and the dividend restored after the 2023 blank (2025: $5.50 per share in total). Operationally the turn is real and documented (annual report 20-F 2025).
The record net profit of $1,316 million (EPS $7.86) includes, per the full-year release, roughly $727 million of one-off gain from the tower sale ("Sale of Lati Operations" at $741 million in the income statement); underlying, roughly $589 million remains and earnings per share of about $3.50. Anyone valuing the stock on the $7.86 basis is treating a sale price as a permanent profit.
Guatemala alone carries about 26 percent of revenue and, at $928 million, about 29 percent of segment EBITDA, and with Colombia roughly 48 percent — the annual report names the Guatemala dependence as a risk factor itself ("highly dependent on our operations in Guatemala"). Unlike a customer lump, a country lump cannot be replaced.
Atlas Investissement (Xavier Niel / Iliad orbit) holds 42.2 percent of the voting shares and four of eight directors (12/31/2025); the report lists Niel's influence as a risk factor. It cuts both ways: disciplined capital allocation and expansion opportunities via the Niel universe (NJJ, Chile) stand against a potential conflict of interest to the detriment of the free float.
The revenue jump is bought: Q1 2026 up 45 percent reported but only 4.2 percent organic (acquisitions in Colombia/Uruguay/Ecuador); quarterly profit fell 43.4 percent to $109 million, and leverage rose again to 2.76x. Add structural currency risk: the boliviano lost its convertibility in 2025 (Bolivia revenue down 41.9 percent), costs in U.S. dollars, revenue in local currencies; political risks in Colombia and Nicaragua.
Millicom has delivered a genuine operating turnaround: operating profit and cash flow at records, leverage cut to 2.31x, dividend back. But the reported record net profit of $1,316 million is half a one-off from the tower sale — underlying closer to $589 million — nearly a third of operating profit hangs on Guatemala alone, the latest revenue growth is bought rather than grown, and with 42.2 percent of the voting shares a single anchor shareholder effectively decides the company. Whoever invests here buys a decently restructured Latin American network operator with concentration and control risk — not the record profit machine of the headline. Not investment advice.
- TIGO reached our research list via the in-house Joshua growth scanner (data as of July 17, 2026, 75 hits in total); growth scanners capture the acceleration of the numbers, not their origin — at Millicom the 2025 profit jump came half from a one-off sale and the Q1 2026 revenue gain mostly from acquisitions.
- As a foreign private issuer, Millicom files on annual report 20-F and interim report 6-K (not 10-K/10-Q); the fiscal year ends December 31, with IFRS accounting in U.S. dollars. The 2021 figures are not directly comparable with later years because Guatemala was only fully consolidated at the end of 2021.
- Metrics and valuation anchors are dated to the 2025/Q1 2026 reports or the July 17, 2026 screener cut-off; a daily price is deliberately omitted (analyses are evergreen). The $25.75 reference price comes from the 2024 Atlas takeover offer and is not a current price.
About the Company
Millicom International Cellular S.A.
| Employees | 14,250 |
|---|---|
| Headquarters | Luxembourg, Luxembourg |
| Address | 148-150, Boulevard de la PEtrusse, 2330 Luxembourg, Luxembourg |
| Phone | 352 27 759 021 |
| Website | millicom.com |
| IPO Date | 28. Feb 1994 |
| ISIN | LU0038705702 |
| Stock Split | 1273:1000 on 05/20/2022 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Marcelo Benitez | Chief Executive Officer | – |
| Bart Vanhaeren | Chief Financial Officer | – |
| Guillaume Duhaze | Chief Technology & Information Officer | – |
| Luca Pfeifer | Vice President of Investor Relations | – |
| Salvador Escalon J.D. | Executive VP and Chief Legal & Compliance Officer | 1975 |
| Sofia Corral | Director of Corporate Communications | – |
| Karim Lesina | Executive VP & Chief External Affairs Officer | 1975 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.