Millicom International Cellular S.A.

NasdaqGS:TIGO Stock Report

Market Cap: US$4.4b

Millicom International Cellular Valuation

Is TIGO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TIGO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TIGO ($26.1) is trading below our estimate of fair value ($230.28)

Significantly Below Fair Value: TIGO is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TIGO?

Key metric: As TIGO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TIGO. This is calculated by dividing TIGO's market cap by their current earnings.
What is TIGO's PE Ratio?
PE Ratio28.3x
EarningsUS$158.00m
Market CapUS$4.45b

Price to Earnings Ratio vs Peers

How does TIGO's PE Ratio compare to its peers?

The above table shows the PE ratio for TIGO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.2x
VEON VEON
7.1xn/aUS$2.2b
GOGO Gogo
17.3x19.3%US$993.7m
SPOK Spok Holdings
22x7.4%US$323.3m
TMUS T-Mobile US
26.3x11.0%US$270.6b
TIGO Millicom International Cellular
28.3x28.4%US$4.4b

Price-To-Earnings vs Peers: TIGO is expensive based on its Price-To-Earnings Ratio (28.3x) compared to the peer average (18.2x).

Price to Earnings Ratio vs Industry

How does TIGO's PE Ratio compare vs other companies in the Global Wireless Telecom Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TIGO 28.3xIndustry Avg. 16.9xNo. of Companies10PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TIGO is expensive based on its Price-To-Earnings Ratio (28.3x) compared to the Global Wireless Telecom industry average (16.8x).

Price to Earnings Ratio vs Fair Ratio

What is TIGO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TIGO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio28.3x
Fair PE Ratio33.1x

Price-To-Earnings vs Fair Ratio: TIGO is good value based on its Price-To-Earnings Ratio (28.3x) compared to the estimated Fair Price-To-Earnings Ratio (33.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TIGO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$26.10
US$33.09
+26.8%
9.4%US$37.30US$27.00n/a8
Nov ’25US$26.81
US$32.34
+20.6%
10.5%US$37.30US$26.00n/a8
Oct ’25US$26.84
US$32.59
+21.4%
9.1%US$37.30US$28.00n/a8
Sep ’25US$25.82
US$30.92
+19.7%
6.4%US$34.00US$28.00n/a7
Aug ’25US$24.61
US$29.18
+18.5%
10.1%US$34.00US$25.05n/a6
Jul ’25US$24.26
US$28.62
+18.0%
10.7%US$34.00US$25.00n/a7
Jun ’25US$24.90
US$27.26
+9.5%
16.0%US$34.00US$18.00n/a8
May ’25US$20.59
US$23.19
+12.6%
17.0%US$30.00US$18.00n/a7
Apr ’25US$20.07
US$22.98
+14.5%
17.1%US$30.00US$18.00n/a7
Mar ’25US$18.33
US$23.06
+25.8%
16.7%US$30.00US$18.00n/a7
Feb ’25US$17.12
US$21.40
+25.0%
19.4%US$30.00US$18.00n/a7
Jan ’25US$18.00
US$20.69
+14.9%
21.9%US$30.00US$17.00n/a7
Dec ’24US$17.22
US$19.97
+15.9%
22.6%US$30.00US$17.00n/a6
Nov ’24US$15.69
US$19.47
+24.1%
24.5%US$30.00US$15.84US$26.816
Oct ’24US$15.45
US$19.91
+28.8%
23.5%US$30.00US$15.84US$26.846
Sep ’24US$15.55
US$20.92
+34.5%
21.8%US$30.00US$15.84US$25.827
Aug ’24US$15.42
US$20.99
+36.1%
21.6%US$30.00US$15.76US$24.617
Jul ’24US$15.24
US$21.94
+44.0%
21.2%US$30.00US$15.76US$24.266
Jun ’24US$16.62
US$22.72
+36.7%
17.0%US$30.00US$17.94US$24.906
May ’24US$17.71
US$22.71
+28.2%
15.6%US$30.00US$19.50US$20.597
Apr ’24US$18.92
US$22.86
+20.8%
15.2%US$30.00US$19.50US$20.077
Mar ’24US$19.38
US$22.83
+17.8%
18.1%US$30.00US$17.00US$18.336
Feb ’24US$17.35
US$21.67
+24.9%
19.7%US$30.00US$17.00US$17.126
Jan ’24US$12.63
US$20.21
+60.0%
25.3%US$30.00US$13.00US$18.007
Dec ’23US$13.75
US$20.21
+47.0%
25.3%US$30.00US$13.00US$17.227
Nov ’23US$11.43
US$19.71
+72.5%
28.6%US$30.00US$10.50US$15.697

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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