Millicom International Cellular S.A.
- Open
- 91.82
- Day high
- 93.75
- Day low
- 91.82
- Prev close
- 90.47
- Volume
- 724K
- Mkt cap
- $15.7B
- P/E (TTM)
- 23.5
- EPS (TTM)
- $3.98
- P/B
- 6.2
- P/S
- 2.2
- Yield
- 2.94%
- Per share
- $2.75
- ▼Insiders net selling -$3.9M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
Millicom International Cellular S.A. (TIGO) is a Communication Services company listed on NASDAQ. The stock is up 96% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
Millicom International Cellular S.A. (TIGO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TIGO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.71 | $0.64 | -9.9% | $2.2B | +2.1% |
| May 12, 2026 | $0.89 | $0.97 | +9.0% | $2.0B | -0.1% |
| Nov 6, 2025 | $0.63 | $0.34 | -46.2% | $1.4B | +1.3% |
| Aug 7, 2025 | $0.54 | $0.51 | -5.6% | $1.4B | -2.7% |
| May 8, 2025 | $0.91 | $1.14 | +25.3% | $1.4B | -5.3% |
| Feb 27, 2025 | $0.78 | $0.20 | -74.4% | $1.4B | -4.8% |
| Nov 7, 2024 | $0.68 | $0.30 | -55.9% | $1.4B | -3.9% |
| Aug 2, 2024 | $0.51 | $0.46 | -9.8% | $1.5B | -0.7% |
| Feb 27, 2024 | $0.29 | $-0.36 | -224.1% | $1.5B | +2.0% |
| Oct 26, 2023 | $0.29 | $-0.03 | -110.3% | $1.4B | -1.4% |
| Jul 27, 2023 | $0.25 | $-0.13 | -152.0% | $1.4B | -2.9% |
| Apr 27, 2023 | $0.37 | $0.02 | -94.6% | $1.4B | -0.4% |
TIGO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Arnal Maria Teresadirector | Sell | 284 | $73.92 |
| Jul 6, 2026 | Trevino de Vega Blancadirector | Grant | 1,420 | — |
| Jul 6, 2026 | Trevino de Vega Blancadirector | Sell | 284 | $73.92 |
| Jul 6, 2026 | Dimovic Justinedirector | Grant | 1,420 | — |
| Jul 6, 2026 | Dimovic Justinedirector | Sell | 284 | $73.92 |
| Jul 6, 2026 | CHURCHILL BRUCEdirector | Grant | 1,420 | — |
| Jul 6, 2026 | CHURCHILL BRUCEdirector | Sell | 284 | $73.92 |
| Jul 6, 2026 | Arnal Maria Teresadirector | Grant | 1,420 | — |
| Jun 15, 2026 | Lesina Karim Antonioofficer: EVP, CEA Officer | Sell | 42,497 | $90.00 |
Source: TIGO SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full TIGO insider & 13F page →Millicom International Cellular S.A. company profile
Overview
Millicom International Cellular S.A. (NASDAQ:TIGO) is a Luxembourg-based telecommunications company that has been providing mobile and cable services across Latin America and Africa since its founding in 1990. The company operates under the Tigo and Tigo Business brands, serving approximately 44.9 million mobile customers and 12.7 million cable homes as of late 2021. After going public on NASDAQ in 2019, Millicom has focused on consolidating its operations in key Latin American markets while implementing significant efficiency programs to improve profitability and cash flow generation.
Business
Millicom operates as a telecommunications service provider in the Latin American market, offering three primary business segments that generate revenue through different service offerings. The Mobile Business represents the largest revenue segment, providing traditional voice and data services, short message services, and mobile financial services including payments, money transfers, international remittances, savings, real-time loans, and micro-insurance. This segment has shown consistent growth, with mobile service revenue growing 4.6% in 2024, driven particularly by postpaid customer migration and increased data consumption. The mobile financial services, branded as Tigo Money, operate as digital wallets that allow customers to conduct financial transactions through their mobile devices, particularly important in markets with limited traditional banking infrastructure. The Home Business focuses on fixed-line services including broadband internet, cable television (pay-TV), and fixed voice services to residential consumers. This segment serves 12.7 million cable homes and has been transitioning from traditional cable infrastructure to fiber-optic networks (FTTH) and hybrid fiber-coaxial (HFC) systems to improve service quality and compete with newer entrants. The company has been promoting convergent services that bundle mobile and fixed services together, with approximately one-third of home customers now using these combined packages. The Business-to-Business (B2B) segment provides managed services, cloud solutions, security services, and value-added digital services to small, medium, and large businesses, as well as governmental entities. This segment has shown strong growth with B2B revenue growing 3.1% organically in 2024, with digital solutions within this segment growing nearly 15%. The B2B services include traditional connectivity solutions as well as newer cloud-based and cybersecurity offerings that command higher margins. Geographically, Millicom operates primarily in six Latin American countries: Guatemala (generating approximately $350 million in quarterly service revenue), Colombia ($331 million), Panama ($170 million), Paraguay ($133 million), Bolivia, and has operations in Costa Rica. The company has been strategically consolidating its presence in these markets while exiting others to focus resources on areas with the strongest competitive positions.
Revenue model
Millicom generates revenue through multiple streams across its telecommunications services, operating primarily on subscription-based and usage-based models with some transaction-based components. The Mobile Business generates revenue through monthly subscription fees for postpaid customers and prepaid credit purchases for prepaid users. Revenue comes from voice minutes, data packages, SMS services, and value-added services. The mobile financial services (Tigo Money) generate revenue through transaction fees on money transfers, remittances, and other financial services. This segment benefits from increasing data consumption and the ongoing migration from prepaid to higher-value postpaid plans, which typically generate 2-3 times higher average revenue per user (ARPU). The Home Business operates on monthly subscription models for broadband internet, cable television packages, and fixed voice services. Revenue is generated through tiered service packages with different speeds and content offerings. The company has been focusing on convergent packages that bundle mobile and fixed services, which typically command premium pricing and reduce customer churn. This segment faces pressure from competition and cord-cutting trends but benefits from increasing demand for high-speed internet. The B2B segment generates revenue through recurring monthly contracts for managed services, cloud solutions, and security services, with over 95% of B2B revenues being recurring in nature. This segment also earns project-based revenue from large infrastructure deployments and digital transformation initiatives. The B2B segment typically commands higher margins due to the specialized nature of enterprise services and longer contract terms. Several factors influence Millicom's profitability margins. Positive margin drivers include the ongoing efficiency programs that have reduced operational costs by over $250 million annually, economies of scale from network sharing agreements (particularly in Colombia with Telefonica), increasing data consumption driving higher-margin services, and the migration to higher-value postpaid and convergent services. The company's focus on digital solutions in the B2B segment also supports margin expansion. Margin pressures come from intense competition in most markets leading to pricing pressure, currency devaluation risks particularly in Bolivia and other local currencies against the US dollar, increasing content costs for pay-TV services, and the need for continuous network infrastructure investments to maintain competitive positioning. Regulatory changes and spectrum auction costs also periodically impact margins, though the company has reduced spectrum spending in recent years.
Competitive moat
Millicom operates in a telecommunications industry characterized by high barriers to entry but intense competition, resulting in a moderate economic moat that varies significantly by market and service segment. The company's strongest moat elements include network infrastructure assets that require substantial capital investment and regulatory approvals to replicate. Millicom has invested heavily in fiber-optic networks and 5G capabilities, with network sharing agreements in key markets like Colombia that provide cost advantages. The company's extensive tower infrastructure through its LAT International subsidiary (being sold to SBA Communications) represents valuable physical assets that competitors cannot easily duplicate. Regulatory barriers provide some protection, as telecommunications licenses are limited and spectrum is a finite resource allocated through government auctions. Millicom holds valuable spectrum positions in its operating markets, though these require periodic renewal and additional investment during spectrum auctions. The switching costs for customers provide moderate protection, particularly for postpaid and B2B customers with contract commitments. The convergent service strategy (bundling mobile and fixed services) increases switching costs as customers must replace multiple services simultaneously. However, number portability regulations in most markets reduce switching friction for mobile services. Competitive threats are significant and vary by market. In Colombia, the entry of WOM has intensified competition, while markets like Guatemala face pressure from multiple operators. Over-the-top (OTT) services like WhatsApp and streaming platforms threaten traditional voice and content revenues. Cable and fiber competitors challenge the home business, while new fintech entrants compete with Tigo Money services. The company's moat is weakest in commoditized mobile voice and basic data services, where competition is primarily price-based. The moat is strongest in B2B services and specialized solutions where relationships, expertise, and integrated service offerings provide differentiation. The mobile financial services (Tigo Money) benefit from network effects and early market positioning, but face increasing fintech competition. Overall, Millicom's moat is sufficient to maintain market position but not strong enough to prevent margin pressure from competition. The company's strategic focus on operational efficiency, convergent services, and higher-value B2B solutions represents an attempt to strengthen its competitive position in an inherently challenging industry structure.
Risks & safety
Millicom presents a moderate margin of safety with manageable debt levels but working capital challenges and cyclical cash flow patterns. Liquidity and Solvency: - Cash and short-term investments of $534 million as of Q1 2025 - Current ratio of 0.76, indicating working capital deficit of $699 million - Total debt-to-equity ratio of 2.10, which is elevated but manageable for a capital-intensive telecom - Leverage ratio reduced to below 2.5x EBITDA, meeting management's target - Strong operational cash flow of $348 million in Q1 2025 supports debt service Valuation Metrics: - Price-to-earnings ratio of 6.64 based on Q1 2025 results, indicating potential undervaluation - EV/EBITDA of 4.05, reasonable for a telecom operator - Price-to-book ratio of 1.51, suggesting modest premium to book value - Graham number of 22.66 compared to current price around $34, indicating potential overvaluation by Graham standards Other Considerations: - Free cash flow of $132 million in Q1 2025, though this varies significantly by quarter due to working capital timing - Target equity free cash flow of ~$750 million for 2025 suggests improving cash generation - Currency exposure in Bolivia and other markets creates additional risk - Ongoing strategic transactions (tower sales, potential acquisitions) could improve capital structure
Recent development
Millicom has undergone significant strategic transformation over the past few years, focusing on operational efficiency, market consolidation, and portfolio optimization. The most significant initiative has been Project Everest, a comprehensive efficiency program launched in 2022 that targeted over $250 million in annual run-rate savings. This program included reducing headcount by approximately 5,000 employees (over 20% reduction), cutting centralized function costs by 24%, reducing programming spending by almost 20%, and optimizing IT spending by more than 10%. The program has been successfully implemented across all operating markets and has driven the company's operating cash flow margin to 31% by 2024. Strategic transactions have been a major focus, with several significant deals in progress. The company signed an agreement to sell its tower infrastructure (LAT International) to SBA Communications for approximately $975 million, expected to close in mid-2025. This transaction will unlock capital while maintaining operational control through long-term lease agreements. Additionally, Millicom signed agreements to acquire Telefonica's 67.5% stake in Colombian operations (Coltel) and to merge its Costa Rica operations with Liberty Latin America, both aimed at achieving better market positioning and operational synergies. The company has also been divesting non-core assets, including the announced sale of its Paraguay operations to Atis Group, allowing management to focus resources on markets with stronger competitive positions and growth potential. Network infrastructure investments have emphasized fiber-optic deployment and 5G capabilities. The company has upgraded its broadband network extensively, with HFC and FTTH customers growing 5% year-over-year to over 4 million customers. Network sharing agreements, particularly the arrangement with Telefonica in Colombia, have provided cost efficiencies while maintaining service quality. The convergent services strategy has gained traction, with approximately one-third of home customers now using bundled mobile and fixed services. This approach has helped reduce churn and increase average revenue per customer while providing competitive differentiation. In the B2B segment, the company has focused on digital solutions and cloud services, achieving nearly 15% growth in digital solutions revenue in 2024. This strategic shift toward higher-margin, recurring revenue services has helped offset pressure in traditional voice and basic connectivity services.
TIGO company profile · for informational purposes only — not investment advice.
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