Millicom International Cellular S.A.
Millicom International Cellular S.A. is a Luxembourg-based telecommunications and digital services company operating primarily in Latin America under the Tigo brand. It provides mobile and fixed-line connectivity, broadband internet, pay TV, voice, and enterprise communications services to consumers, businesses, and public institutions. The company also offers digital financial services through Tigo Money, alongside local entertainment and content offerings such as Tigo Sports and Tigo ONEtv. Its business portfolio includes cloud, security, and managed connectivity solutions that support corporate customers across its markets. Millicom International Cellular S.A. plays a significant role in expanding digital access and integrated communications services across its core regions.
$82.90
+$0.83 (+1.01%)
EOD Oct 16, 2026
25.83% operating margin is above average. ROIC at 10.49%.
Revenue growth slowed to 0.3%, essentially flat. This is a business that needs a catalyst.
Net debt of $7.92B represents 8.6x FCF, leverage limits flexibility.
20.9x earnings, 11.4x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$7.24B
▲ +0.3% YoY
Net Income (TTM)
$646M
▲ +408.2% YoY
Op. Margin
22.94%
▲ +3.9pp YoY
ROIC
10.49%
▲ +4.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.22B
▲ +10.3% YoY
Op. Cash Flow (TTM)
$2.24B
▼ -33.8% YoY
Net Debt
$7.92B
Cash & Equiv.
$1.55B
3Y CAGR: +1.1%
3Y CAGR: +63.1%
Continue Research
Is Millicom International Cellular (TIGO) overvalued?
At a P/E of 20.9 and a price-to-free-cash-flow of 11.4, Millicom International Cellular (TIGO) trades below a two-stage DCF intrinsic value of about $318.53 per share, so at $82.90 the stock looks undervalued (284.2% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Millicom International Cellular scores 68/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 5.1%; see dividend safety for coverage and history. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is Millicom International Cellular's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $318.53 per share for TIGO, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $238.90. At today's $82.90, that puts the stock about 284.2% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is Millicom International Cellular a high-quality business?+
Millicom International Cellular scores 68 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 22.9% operating margin and a 10.5% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Does Millicom International Cellular (TIGO) pay a dividend, and how much?+
Yes, Millicom International Cellular pays a regular dividend of about $4.24 per share per year (typically in quarterly installments), a yield of roughly 5.1% at the current price. That is a payout ratio of about 110.4% of earnings, so the dividend is stretched at this level. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For TIGO's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is Millicom International Cellular a good stock to buy right now?+
That depends on valuation and quality together, not either alone. TIGO currently trades below its estimated intrinsic value and scores 68/100 on quality (solid). It also yields about 5.1%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.