# Millicom International Cellular (TIGO.US)

Canonical: https://gigainvestors.com/s/TIGO

Analysis as of: 2026-10-16T07:32:23.615Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $82.07 per share; close as of 2026-10-15.

Estimated value: low $81.16 per share, central $91.76 per share, high $105.87 per share. Buy at or below the central value $91.76 per share. Valuation as of 2026-10-16T07:32:23.615Z; scenarios are not confidence intervals.

Expected annual return: 10.9% at the stated quote. About 10.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 0.48×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.11×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.06×

- FY2021: 0.09×

- FY2022: 0.16×

- FY2023: 0.14×

- FY2024: 0.23×

- FY2025: 0.28×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.9%

- ROIC, second-lowest year: 4.3%

- Typical minus recent gross margin: -36.7 pp

- Typical gross margin (annual median): 38.8%

- Recent gross margin (lower of latest and 3-year median): 75.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.8%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.3%

- FY2017: 4.8%

- FY2018: 4.8%

- FY2019: 4.5%

- FY2020: 3.1%

- FY2021: 4.9%

- FY2022: 9.4%

- FY2023: 7.9%

- FY2024: 15.6%

- FY2025: 18.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.1B

- Net income, five-year total: $2.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.9 pp

- Working capital / revenue, final three-year average: 5.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.35×

- FY2022: 6.12×

- FY2023: -0.89×

- FY2024: 3.75×

- FY2025: 1.48×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.8% vs 15.6%

- Per-share earnings: -0.45 to 1.47 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.3%

- Ordinary dilution, 5-year annual growth: 5.4%

- Diluted shares, 10-year annual growth: 5.3%

- Diluted shares, 5-year annual growth: 5.4%

- Per-share value change: $1.91

- Per-share value, starting three-year median: -$0.45

- Per-share value, ending three-year median: $1.47

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 0.9%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $6.4B

- Cumulative net income, 10 years: $1.9B

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 15.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.45

- FY2017: $0.47

- FY2018: $0.19

- FY2019: $0.74

- FY2020: -$2.67

- FY2021: $4.57

- FY2022: $0.41

- FY2023: -$0.48

- FY2024: $1.47

- FY2025: $7.83

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 2.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.39×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 3.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.6%

- FY2017: -8.2%

- FY2018: -7.5%

- FY2019: -5.6%

- FY2020: -9.4%

- FY2021: -2.4%

- FY2022: -8.6%

- FY2023: -9.0%

- FY2024: -10.3%

- FY2025: -3.0%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to shrink 0.6% a year for ten years · sales +0.3%

Story as of 2026-10-16T09:59:41.799Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.6% a year for ten years

### Sales · FY2024–2025

sales +0.3%; source https://www.sec.gov/Archives/edgar/data/912958/000162828026020831/tigo-20251231.htm; observed 2026-03-24.

- FY2016: $4.1B 

- FY2017: $4.1B 

- FY2018: $3.9B 

- FY2019: $4.3B 

- FY2020: $4.2B 

- FY2021: $4.3B 

- FY2022: $5.6B 

- FY2023: $5.7B 

- FY2024: $5.8B 

- FY2025: $5.8B 

### Gross margin · FY2025

gross margin 77.5%; source https://www.sec.gov/Archives/edgar/data/912958/000162828026020831/tigo-20251231.htm; observed 2026-03-24.

- FY2016: 49.7% 

- FY2017: 38.7% 

- FY2018: 38.7% 

- FY2019: 35.5% 

- FY2020: 31.5% 

- FY2021: 34.6% 

- FY2022: 73.2% 

- FY2023: 38.9% 

- FY2024: 75.5% 

- FY2025: 77.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are USD 5.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/912958/000162828026020831/tigo-20251231.htm (filed 2026-03-24); FY2025: revenue 5819000000; grossProfit 4508000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TIGO.US: Millicom International Cellular S.A. engages in the provision cable and mobile services in Latin America. The company offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance. In addition, the company provides fixed services, including broadband, fixed voice, and pay-TV; and fixed-voice and data telecommunications services, managed services, cloud and security solutions, and value-added services; and tower infrastructure and services. The company serves small, medium, and large businesses, as well as residential consumers and governmental entities. It markets its products and services under the Tigo and Tigo Business brands. The company was founded in 1990 and is headquartered in Luxembourg, Luxembourg.

### Why customers stay

Margins ranged from 38.9% to 77.5% during 2023–25; it earns 4.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 38.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 75.5%.

- Source: https://www.sec.gov/Archives/edgar/data/912958/000162828026020831/tigo-20251231.htm (filed 2026-03-24); FY2025: grossProfit / revenue = 77.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.04264680557947305],[2017,0.0484610123119015],[2018,0.04830523835417799],[2019,0.045080645161290324],[2020,0.03120473996050033],[2021,0.04865692682951566],[2022,0.09400189663347558],[2023,0.07866760607483952],[2024,0.1556566738044254],[2025,0.1850816581352197]]; median 0.048558969570708585. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back USD 119 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 0; upkeep 783000000; owner earnings 143000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2018: growth capex 0; upkeep 780000000; owner earnings 69000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2019: growth capex 0; upkeep 907000000; owner earnings 268000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2020: growth capex 0; upkeep 824000000; owner earnings 40000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 0; upkeep 908000000; owner earnings 796000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 0; upkeep 1072000000; cash acquisitions 131000000; owner earnings 349000000. Growth capex plus acquisitions / owner earnings = 0.3753581661891118.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: growth capex 0; upkeep 1183000000; cash acquisitions 0; owner earnings 73000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 0; upkeep 540000000; cash acquisitions 0; owner earnings 948000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/912958/000162828026020831/tigo-20251231.htm (filed 2026-03-24); FY2025: growth capex 0; upkeep 650000000; cash acquisitions 0; owner earnings 1946000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,265000000],[2017,265000000],[2018,266000000],[2019,268000000],[2020,135000000],[2021,0],[2022,0],[2023,251000000],[2024,0],[2025,754000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/912958/000162828026020831/tigo-20251231.htm (filed 2026-03-24); FY2025: cash repurchases 119000000 USD.

### Are managers owners

Insiders own 46.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TIGO.US SharesStats.PercentInsiders = 46.066 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate -0.0208512908514345. Price 82.07; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -4.42371831998562 → FY2025 11.583333333333334. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-01: $80.28 per share

- 2019-02: $77.02 per share

- 2019-03: $77.44 per share

- 2019-04: $75.26 per share

- 2019-05: $71.54 per share

- 2019-06: $70.91 per share

- 2019-07: $65.25 per share

- 2019-08: $65.08 per share

- 2019-09: $61.96 per share

- 2019-10: $57.50 per share

- 2019-11: $57.04 per share

- 2019-12: $61.40 per share

- 2020-01: $59.55 per share

- 2020-02: $57.93 per share

- 2020-03: $36.15 per share

- 2020-04: $33.75 per share

- 2020-05: $30.95 per share

- 2020-06: $33.29 per share

- 2020-07: $37.87 per share

- 2020-08: $37.62 per share

- 2020-09: $38.55 per share

- 2020-10: $37.99 per share

- 2020-11: $50.18 per share

- 2020-12: $49.37 per share

- 2021-01: $47.14 per share

- 2021-02: $47.66 per share

- 2021-03: $48.64 per share

- 2021-04: $49.93 per share

- 2021-05: $56.90 per share

- 2021-06: $50.37 per share

- 2021-07: $50.77 per share

- 2021-08: $47.98 per share

- 2021-09: $46.02 per share

- 2021-10: $44.50 per share

- 2021-11: $39.73 per share

- 2021-12: $36.22 per share

- 2022-01: $34.21 per share

- 2022-02: $29.57 per share

- 2022-03: $32.09 per share

- 2022-04: $27.78 per share

- 2022-05: $16.97 per share

- 2022-06: $14.37 per share

- 2022-07: $15.83 per share

- 2022-08: $14.17 per share

- 2022-09: $11.41 per share

- 2022-10: $10.96 per share

- 2022-11: $13.58 per share

- 2022-12: $12.63 per share

- 2023-01: $16.99 per share

- 2023-02: $19.79 per share

- 2023-03: $18.92 per share

- 2023-04: $17.91 per share

- 2023-05: $16.74 per share

- 2023-06: $15.24 per share

- 2023-07: $15.62 per share

- 2023-08: $15.87 per share

- 2023-09: $15.45 per share

- 2023-10: $15.71 per share

- 2023-11: $16.86 per share

- 2023-12: $18.00 per share

- 2024-01: $17.04 per share

- 2024-02: $18.65 per share

- 2024-03: $20.23 per share

- 2024-04: $20.47 per share

- 2024-05: $24.90 per share

- 2024-06: $24.55 per share

- 2024-07: $24.77 per share

- 2024-08: $25.82 per share

- 2024-09: $27.12 per share

- 2024-10: $27.56 per share

- 2024-11: $24.82 per share

- 2024-12: $25.01 per share

- 2025-01: $26.70 per share

- 2025-02: $26.28 per share

- 2025-03: $30.27 per share

- 2025-04: $34.54 per share

- 2025-05: $37.51 per share

- 2025-06: $37.47 per share

- 2025-07: $40.15 per share

- 2025-08: $48.31 per share

- 2025-09: $48.54 per share

- 2025-10: $47.11 per share

- 2025-11: $53.07 per share

- 2025-12: $55.44 per share

- 2026-01: $61.03 per share

- 2026-02: $72.89 per share

- 2026-03: $74.94 per share

- 2026-04: $84.88 per share

- 2026-05: $85.36 per share

- 2026-06: $90.76 per share

- 2026-07: $95.48 per share

- 2026-08: $93.76 per share

- 2026-09: $87.14 per share

- 2026-10: $82.07 per share

## Annual estimated value (USD per share)

- FY2018: low $11.94 per share, central $12.97 per share, high $14.34 per share

- FY2019: low $22.51 per share, central $23.64 per share, high $25.15 per share

- FY2020: low $13.56 per share, central $14.41 per share, high $15.55 per share

- FY2021: low $18.93 per share, central $20.67 per share, high $22.99 per share

- FY2022: low $33.83 per share, central $37.58 per share, high $42.57 per share

- FY2023: low $26.17 per share, central $29.25 per share, high $33.35 per share

- FY2024: low $26.19 per share, central $29.34 per share, high $33.52 per share

- FY2025: low $70.68 per share, central $79.21 per share, high $90.56 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/912958/000162828026020831/tigo-20251231.htm); period 2025-12-31, filed 2026-03-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 65,932 TIGO shares; USD 5,984,000 reported position value; 0.07% of portfolio; reduce; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 8,218,532 TIGO shares; USD 745,914,000 reported position value; 0.39% of portfolio; add; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 33,602 TIGO shares; USD 3,050,000 reported position value; 0.03% of portfolio; reduce; quarter 2026 Q2.

# TIGO — Millicom Intl Cellular S.a.

Held by 3 investors · USD 754,948,000 total · 2026 Q2 · reported price USD 90.76 (split-adjusted).
Page: https://gigainvestors.com/s/TIGO

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Hoeft (https://gigainvestors.com/DAC) | USD 745,914,000 | 0.4% | add +0.69% |
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 5,984,000 | 0.1% | reduce -68.41% |
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 3,050,000 | <0.1% | reduce -6.91% |

## Total held by quarter

- 2024 Q4: USD 60,305,538 · 1 holder · USD 25.01
- 2025 Q1: USD 324,485,471 · 2 holders · USD 30.27
- 2025 Q2: USD 370,673,062 · 3 holders · USD 37.47
- 2025 Q3: USD 412,798,457 · 3 holders · USD 48.54
- 2025 Q4: USD 463,853,032 · 3 holders · USD 55.44
- 2026 Q1: USD 630,039,015 · 3 holders · USD 74.94
- 2026 Q2: USD 754,948,000 · 3 holders · USD 90.76