Millicom International Cellular Future Growth
Future criteria checks 1/6
Millicom International Cellular is forecast to grow earnings and revenue by 0.1% and 8.4% per annum respectively. EPS is expected to decline by 0.3% per annum. Return on equity is forecast to be 28.4% in 3 years.
Key information
0.1%
Earnings growth rate
-0.34%
EPS growth rate
| Wireless Telecom earnings growth | 12.3% |
| Revenue growth rate | 8.4% |
| Future return on equity | 28.44% |
| Analyst coverage | Good |
| Last updated | 06 May 2026 |
Recent future growth updates
Recent updates
TIGO: Colombia Integration And Leverage Balance Will Shape Forward Risk Reward Profile
Analysts have lifted Millicom International Cellular's consensus price target to $89, citing updated models that factor in Colombia, slightly adjusted revenue growth and profit margin assumptions, and refined P/E expectations. Analyst Commentary Recent research has leaned more positive on Millicom International Cellular, with several bullish analysts revisiting their models and aligning around a higher US$89 price target.Millicom's Next Growth Is Built On Colombian Simplicity And Chilean Optionality
Apr 20TIGO: Colombia Integration And Leverage Concerns Will Shape Future Risk Reward Profile
Analysts have raised their consolidated price target on Millicom International Cellular by $8.20 to $89, citing updated models that now incorporate Colombia, along with mixed views on leverage but generally more constructive long term assumptions regarding revenue, profit margins and the future P/E multiple. Analyst Commentary Recent research updates on Millicom International Cellular show a cluster of optimistic views around valuation, execution and growth potential, even as some analysts remain cautious on leverage.TIGO: Chile Bid Interest And Leverage Profile May Shape Upside Potential
Analysts have raised the fair value estimate for Millicom International Cellular to $89 from $75. This change reflects updated models that incorporate higher revenue growth assumptions, a revised future P/E of 15.39x, and recent price target increases from several research firms.
TIGO: Telefonica Chile Bid And Rich P E Multiple Will Constrain Returns
Millicom International Cellular's updated analyst price target moves slightly to $46.65 from $46.80, as analysts factor in higher modeled revenue growth, a lower profit margin outlook, a higher P/E multiple, and a modestly higher discount rate amid mixed recent rating changes. Analyst Commentary Recent Street research on Millicom International Cellular reflects a split view, with some firms outlining upside scenarios at higher price targets and others flagging balance sheet and execution risks.TIGO: Leverage Concerns And Chile Bid Interest May Guide Future Balance
Analysts have nudged their fair value estimate for Millicom International Cellular up from $70.00 to $75.00, reflecting updated assumptions around profit margins and future P/E multiples, despite mixed recent rating changes on the stock. Analyst Commentary Recent Street research has sent mixed signals, with some downgrades focused on what has been described as sub optimal leverage and a more cautious stance on the shares.TIGO: Leverage Concerns And Chile Bid May Shape Balanced Future Upside
Analysts have lifted their price target on Millicom International Cellular to $70.00 from $62.60, reflecting updated views on growth, leverage and future P/E assumptions following recent mixed research that includes a downgrade on balance sheet concerns and an earlier upgrade supported by expectations for further share upside. Analyst Commentary Recent Street research on Millicom International Cellular shows a split tape, but there are some clear positives that bullish analysts keep coming back to, especially around valuation, execution and potential growth optionality.TIGO: Telefonica Chile Bid And Rich P E Assumptions Will Pressure Returns
Narrative update on Millicom International Cellular Analysts have lifted their Millicom International Cellular price target to US$63 from US$55, reflecting updated views on revenue growth, profit margins and P/E assumptions that underpin a steady fair value estimate of US$46.80. Analyst Commentary The recent move in the Millicom International Cellular price target to US$63 from US$55, with a fair value estimate cited at US$46.80, highlights how divided opinion is around the shares.TIGO: Elevated Expectations Around Telefonica Chile Bid Will Likely Pressure Future Returns
Analysts have raised their fair value estimate for Millicom International Cellular to US$46.80 from US$36.00, citing updated assumptions on revenue growth, profit margins and a lower forward P/E in light of recent positive research and higher Street price targets. Analyst Commentary Recent research coverage on Millicom International Cellular has leaned supportive, with some high profile firms maintaining constructive views on the shares and on the company´s positioning in Latin America.TIGO: Future Margin Expansion May Support Balanced Upside Despite Recent Rally
Analysts have raised their price target on Millicom International Cellular from $55 to about $63 per share, citing expectations of stronger revenue growth and higher profit margins. They also see potential for continued share upside despite the recent rally.
TIGO: Future Will Weigh Latin America Upside Against Execution And Macro Risks
Analysts have lifted their price target on Millicom International Cellular to $63 from $55, citing continued share upside potential even after the stock's recent rally and reaffirming the company as a top pick in Latin America. Analyst Commentary Recent research updates highlight a constructive stance on Millicom International Cellular, with the higher price target framed around improving fundamentals and continued re-rating potential despite recent share gains.TIGO: Future Will Balance Colombia Developments Against Peer Comparisons And Market Optimism
Millicom International Cellular's analyst fair value estimate has increased by $1.00 to $52.35. Analysts point to recent price target hikes and improved long-term profit margin expectations as reasons supporting a higher valuation.TIGO: Medium-Term Outlook Will Weigh Colombia Market Developments Against Softer Regional Trends
Analysts have raised their fair value price target for Millicom International Cellular from $49.14 to $51.35. This reflects improved growth prospects, a higher profit margin outlook, and ongoing optimism following recent upward Street research revisions.TIGO: Heavy Acquisition Costs And Colombia Deal Will Shape Future Performance
Millicom International Cellular’s analyst price target has risen notably, with recent updates reflecting an increase from $39.50 to $49.00. Analysts point to the company’s valuation now aligning with regional peers despite tempered growth expectations.Low-Cost Competition And High Capex Will Weaken Latin American Networks
Millicom International Cellular’s analyst price target has increased notably from $46.51 to $49.14, as analysts cite valuation improvements relative to Latin American peers. This comes despite a softer growth outlook and ongoing interest concerns.Low-Cost Competition And High Capex Will Weaken Latin American Networks
Millicom International Cellular's analyst price target has risen slightly from approximately $45.57 to $46.51. Analysts cite improved valuation alignment with peers but note that a softer growth outlook and lingering acquisition-related debt temper expectations for future performance.Low-Cost Competition And High Capex Will Weaken Latin American Networks
Analysts have modestly raised Millicom International Cellular's price target to $45.57 as its valuation premium versus peers has diminished and growth remains subdued, with potential deal upside already reflected and high interest costs highlighting the need for successful execution of its turnaround strategy. Analyst Commentary Valuation for Millicom has caught up with regional peers, eroding its previous discount advantage.Low-Cost Competition And High Capex Will Weaken Latin American Networks
Analysts remain cautiously optimistic about Millicom International Cellular’s turnaround strategy and growth potential following major acquisitions, but highlight elevated interest burden and execution risks, resulting in an unchanged consensus price target of $44.06. Analyst Commentary Bullish analysts are raising price targets reflecting expectations of an impressive turnaround strategy from Millicom.Millicom International Cellular: Continued Potential For Outperformance Exists In 2025
Jan 27Millicom: Excellent Outperformance On A Too Small Position
Oct 25
Efficiency, Expansion, And Decisive Shifts Set To Propel Profitability And Market Leadership
Strengthened market leadership and efficient operations suggest increased profitability and revenue growth in mobile and B2B segments.Millicom International Cellular Q2 Earnings Preview (Rating Downgrade)
Jul 24Millicom International Cellular Setting Up For A Great 2024
Jan 19Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 12/31/2028 | 8,514 | 920 | 1,072 | 2,254 | 6 |
| 12/31/2027 | 8,363 | 800 | 1,014 | 2,176 | 6 |
| 12/31/2026 | 8,021 | 735 | 950 | 2,073 | 7 |
| 12/31/2025 | 5,819 | 1,316 | 920 | 1,734 | N/A |
| 9/30/2025 | 5,594 | 1,099 | 895 | 1,711 | N/A |
| 6/30/2025 | 5,605 | 955 | 912 | 1,681 | N/A |
| 3/31/2025 | 5,691 | 357 | 976 | 1,711 | N/A |
| 12/31/2024 | 5,804 | 256 | 834 | 1,603 | N/A |
| 9/30/2024 | 5,851 | 158 | 627 | 1,546 | N/A |
| 6/30/2024 | 5,844 | 103 | 471 | 1,460 | N/A |
| 3/31/2024 | 5,779 | 3 | 174 | 1,262 | N/A |
| 12/31/2023 | 5,661 | -86 | 40 | 1,223 | N/A |
| 9/30/2023 | 5,567 | 34 | 191 | 1,242 | N/A |
| 6/30/2023 | 5,530 | 4 | 91 | 1,204 | N/A |
| 3/31/2023 | 5,585 | 39 | 110 | 1,217 | N/A |
| 12/31/2022 | 5,624 | 64 | 212 | 1,284 | N/A |
| 9/30/2022 | 5,498 | 666 | 183 | 1,308 | N/A |
| 6/30/2022 | 5,117 | 724 | 212 | 1,235 | N/A |
| 3/31/2022 | 4,670 | 618 | 206 | 1,137 | N/A |
| 12/31/2021 | 4,261 | 618 | 81 | 956 | N/A |
| 9/30/2021 | 4,094 | -94 | 18 | 812 | N/A |
| 6/30/2021 | 4,114 | -160 | -11 | 777 | N/A |
| 3/31/2021 | 4,082 | -182 | -6 | 802 | N/A |
| 12/31/2020 | 3,805 | -284 | -3 | 821 | N/A |
| 9/30/2020 | 4,233 | -54 | -84 | 794 | N/A |
| 6/30/2020 | 4,304 | -139 | -121 | 802 | N/A |
| 3/31/2020 | 4,389 | -43 | -168 | 760 | N/A |
| 12/31/2019 | 4,336 | 92 | -106 | 801 | N/A |
| 9/30/2019 | 4,166 | -226 | N/A | 763 | N/A |
| 6/30/2019 | 4,059 | -31 | N/A | 760 | N/A |
| 3/31/2019 | 4,005 | -10 | N/A | 772 | N/A |
| 12/31/2018 | 3,946 | 23 | N/A | 792 | N/A |
| 9/30/2018 | 4,022 | 151 | N/A | 823 | N/A |
| 6/30/2018 | 4,054 | 95 | N/A | 808 | N/A |
| 3/31/2018 | 4,055 | 60 | N/A | 789 | N/A |
| 12/31/2017 | 3,936 | 27 | N/A | 820 | N/A |
| 9/30/2017 | 4,071 | -118 | N/A | 787 | N/A |
| 6/30/2017 | 4,079 | -114 | N/A | 846 | N/A |
| 3/31/2017 | 4,075 | -43 | N/A | 902 | N/A |
| 12/31/2016 | 4,043 | -12 | N/A | 878 | N/A |
| 9/30/2016 | 4,690 | -304 | N/A | 1,169 | N/A |
| 6/30/2016 | 5,260 | -289 | N/A | 1,412 | N/A |
| 3/31/2016 | 5,929 | -411 | N/A | 1,525 | N/A |
| 12/31/2015 | 6,572 | -476 | N/A | 1,651 | N/A |
| 9/30/2015 | 6,796 | -39 | N/A | 1,456 | N/A |
| 6/30/2015 | 6,870 | 95 | N/A | 1,438 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: TIGO's forecast earnings growth (0.1% per year) is below the savings rate (3.5%).
Earnings vs Market: TIGO's earnings (0.1% per year) are forecast to grow slower than the US market (16.1% per year).
High Growth Earnings: TIGO's earnings are forecast to grow, but not significantly.
Revenue vs Market: TIGO's revenue (8.4% per year) is forecast to grow slower than the US market (11.3% per year).
High Growth Revenue: TIGO's revenue (8.4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: TIGO's Return on Equity is forecast to be high in 3 years time (28.4%)
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/06 05:17 |
| End of Day Share Price | 2026/05/06 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
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Industry and Sector Metrics
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Analyst Sources
Millicom International Cellular S.A. is covered by 22 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Barry Zeitoune | Berenberg |
| Justine Dimovic | BNP Paribas |
| Mathieu Robilliard | BNP Paribas |