TI
Millicom International Cellular SA
TIGO—
Millicom International Cellular SA AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill/intangibles of 7.1B is 212% of equity (3.3B) - tangible book value is negative (-3.8B), creating material impairment risk[Goodwill and Other Intangible Assets]
- Operating margin 26.3% TTM vs industry median 8.9% - 3x advantage drives ROE of 30.7% despite 2.5x debt/equity leverage[Operating Margin TTM]
- FCF of 895M TTM (16% margin) covers 2.50 dividend (420M) 2x over while servicing 554M interest expense[Free Cash Flow TTM]
Watch Triggers
- Interest Expense TTM: Exceeds 600M or >40% of operating income — Currently 38% of operating income - breach signals debt service crowding out returns
- Free Cash Flow TTM: Falls below 700M — Would impair dividend coverage and deleveraging thesis
- Goodwill and Other Intangible Assets: Any impairment charge announced — Would wipe equity given negative tangible book value
Bull Case
EBITDA of 3.2B TTM at 58% margin generates massive cash - 1.7B operating cash flow funds dividends, debt paydown, and capex internally
EBITDA TTMCash Flow TTMOperating Margin TTM
P/E of 18x at industry median despite 3x operating margin advantage and 30.7% ROE suggests undervaluation vs quality
PE RatioROE TTMOperating Margin TTM
Bear Case
Debt/equity of 2.5x with 8.4B total debt and 554M annual interest consumes 62% of operating income - refinancing risk in rising rate environment
Debt to EquityTotal DebtInterest Expense TTM
Negative tangible book (-3.8B) means equity is entirely goodwill-dependent - any LatAm market deterioration triggers write-downs
Tangible Book ValueGoodwill and Other Intangible Assets
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Deleveraging from 2.5x to sub-2x debt/equity within 18 months as FCF accumulates
1-3ymed
- 895M annual FCF generation
- No major capex expansion needed
- Mature LatAm telecom markets
FCF 895M vs 8.4B total debtCapex 816M TTM is maintenance-levelEPS growth 20.8% 1Y shows execution
Valuation Context
Caveats
Public Strategies Rankings
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TIGO Fundamentals
Information → Wired and Wireless Telecommunications Carriers
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$9.84B | — | ||
$16.62B | — | ||
20 | — | ||
$5.59B | -4.4% | — | |
$2.89 | +190.0% | — | |
26.3% | +6.7% | — | |
19.6% | +16.9% | — | |
$895.0M | +42.7% | — | |
0.31 | +26.4% | — | |
Beta 5Y (Monthly) | unknown | — |
TIGO Dividend History
22 dividends
2026
$2.750004/08/26$2.0000
01/08/26$0.7500
2025
$4.500010/08/25$2.0000
07/08/25$0.7500
04/08/25$0.7500
01/03/25$1.0000
2019
$2.640011/05/19$1.3200
05/03/19$1.3200
2018
$2.640011/07/18$1.3200
05/07/18$1.3200
2017
$2.640005/04/17$2.6400
2016
$2.640005/18/16$2.6400
2015
$2.640005/18/15$2.6400
2014
$2.640005/28/14$2.6400
2013
$2.640005/29/13$2.6400
2012
$5.400012/07/12$3.0000
05/30/12$2.4000
2011
$4.800012/05/11$3.0000
06/01/11$1.8000
2010
$3.910005/26/10$3.9100
2009
$1.240012/23/09$1.2400
2008
$2.400005/29/08$2.4000
TIGO Stock Splits
No stock splits
TIGO SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/06/25 | 09/30/25 | Quarterly | -- |
08/08/25 | 06/30/25 | 6-K | |
05/08/25 | 03/31/25 | 6-K | |
04/08/25 | 12/31/24 | 20-F | |
11/07/24 | 09/30/24 | 6-K | |
08/05/24 | 06/30/24 | 6-K | |
05/08/24 | 03/31/24 | 6-K | |
03/12/24 | 12/31/23 | 20-F | |
10/26/23 | 09/30/23 | 6-K | |
07/27/23 | 06/30/23 | 6-K | |
04/27/23 | 03/31/23 | 6-K | |
02/28/23 | 12/31/22 | 20-F | |
10/27/22 | 09/30/22 | 6-K | |
07/28/22 | 06/30/22 | 6-K | |
04/28/22 | 03/31/22 | 6-K | |
03/01/22 | 12/31/21 | 20-F | |
10/28/21 | 09/30/21 | 6-K | |
07/29/21 | 06/30/21 | 6-K | |
04/29/21 | 03/31/21 | 6-K | |
03/10/21 | 12/31/20 | 20-F | |
10/30/20 | 09/30/20 | 6-K | |
07/30/20 | 06/30/20 | 6-K | |
05/01/20 | 03/31/20 | 6-K | |
02/28/20 | 12/31/19 | 20-F | |
10/24/19 | 09/30/19 | 6-K | |
07/19/19 | 06/30/19 | 6-K | |
04/24/19 | 03/31/19 | 6-K | |
03/01/19 | 12/31/18 | 20-F | |
10/23/18 | 09/30/18 | Quarterly | -- |
07/19/18 | 06/30/18 | Quarterly | -- |
04/24/18 | 03/31/18 | Quarterly | -- |
02/13/18 | 12/31/17 | Annual | -- |
10/25/17 | 09/30/17 | Quarterly | -- |
07/19/17 | 06/30/17 | Quarterly | -- |
04/26/17 | 03/31/17 | Quarterly | -- |
02/14/17 | 12/31/16 | Annual | -- |
10/25/16 | 09/30/16 | Quarterly | -- |
07/21/16 | 06/30/16 | Quarterly | -- |
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04/12/16 | 12/31/15 | Annual | -- |
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03/09/15 | 12/31/14 | Annual | -- |
10/22/14 | 09/30/14 | Quarterly | -- |
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04/24/14 | 03/31/14 | Quarterly | -- |
03/24/14 | 12/31/13 | Annual | -- |
10/21/13 | 09/30/13 | Quarterly | -- |
07/17/13 | 06/30/13 | Quarterly | -- |
04/17/13 | 03/31/13 | Quarterly | -- |
03/26/13 | 12/31/12 | Annual | -- |
10/16/12 | 09/30/12 | Quarterly | -- |
08/16/12 | 06/30/12 | 6-K | |
05/16/12 | 03/31/12 | 6-K | |
03/02/12 | 12/31/11 | 20-F | |
11/18/11 | 09/30/11 | 6-K | |
08/17/11 | 06/30/11 | 6-K | |
05/18/11 | 03/31/11 | 6-K | |
03/07/11 | 12/31/10 | 20-F | |
11/24/10 | 09/30/10 | 6-K | |
08/18/10 | 06/30/10 | 6-K | |
04/20/10 | 03/31/10 | 6-K | |
03/05/10 | 12/31/09 | 20-F | |
11/17/09 | 09/30/09 | 6-K | |
07/21/09 | 06/30/09 | 6-K | |
04/21/09 | 03/30/09 | 6-K | |
12/31/08 | 12/31/08 | 20-F | |
09/30/08 | 09/30/08 | Unknown | -- |
06/30/08 | 06/30/08 | Unknown | -- |
03/31/08 | 03/30/08 | Unknown | -- |
12/31/07 | 12/31/07 | 20-F | |
09/30/07 | 09/30/07 | Unknown | -- |
06/30/07 | 06/30/07 | Unknown | -- |
03/31/07 | 03/30/07 | Unknown | -- |
12/31/06 | 12/31/06 | 20-F | |
09/30/06 | 09/30/06 | Unknown | -- |
06/30/06 | 06/30/06 | Unknown | -- |
03/31/06 | 03/30/06 | Unknown | -- |
12/31/05 | 12/31/05 | 20-F | |
09/30/05 | 09/30/05 | Unknown | -- |
06/30/05 | 06/30/05 | Unknown | -- |
03/31/05 | 03/30/05 | Unknown | -- |
12/31/04 | 12/31/04 | 20-F | |
09/30/04 | 09/30/04 | Unknown | -- |
06/30/04 | 06/30/04 | Unknown | -- |
03/31/04 | 03/30/04 | Unknown | -- |
12/31/03 | 12/31/03 | 20-F | |
09/30/03 | 09/30/03 | Unknown | -- |
06/30/03 | 06/30/03 | Unknown | -- |
03/31/03 | 03/30/03 | Unknown | -- |
12/31/02 | 12/31/02 | 20-F | |
09/30/02 | 09/30/02 | Unknown | -- |
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12/31/01 | 12/31/01 | 20-F | |
09/30/01 | 09/30/01 | Unknown | -- |
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09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/30/00 | Unknown | -- |