Millicom International Cellular S.A.

NasdaqGS:TIGO Stock Report

Mkt Cap: US$3.0b

We’ve recently updated our valuation analysis.

Millicom International Cellular Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

TIGO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.7x
Enterprise Value/EBITDA4.7x
PEG Ratio0.3x

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.
CompanyPEEstimated GrowthMarket Cap
Peer Average21.3x
GOGO Gogo
7.8x-16.0%US$2.1b
USM United States Cellular
24.6x39.7%US$2.1b
TDS Telephone and Data Systems
32.5x-14.9%US$1.5b
PTNR Partner Communications
20.3xn/aUS$1.3b
TIGO Millicom International Cellular
4.7x18.1%US$3.0b

Price-To-Earnings vs Peers: TIGO is good value based on its Price-To-Earnings Ratio (4.7x) compared to the peer average (21.3x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a33.8%
n/an/an/a

Price-To-Earnings vs Industry: TIGO is good value based on its Price-To-Earnings Ratio (4.7x) compared to the Global Wireless Telecom industry average (15x)


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 Ratio4.7x
Fair PE Ratio10.5x

Price-To-Earnings vs Fair Ratio: TIGO is good value based on its Price-To-Earnings Ratio (4.7x) compared to the estimated Fair Price-To-Earnings Ratio (10.5x).


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 ($17.37) is trading below our estimate of fair value ($56.75)

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


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$17.37
US$21.67
+24.7%
19.7%US$30.00US$17.00n/a6
Jan ’24US$12.63
US$20.21
+60.0%
25.3%US$30.00US$13.00n/a7
Dec ’23US$13.75
US$20.21
+47.0%
25.3%US$30.00US$13.00n/a7
Nov ’23US$11.43
US$19.71
+72.5%
28.6%US$30.00US$10.50n/a7
Oct ’23US$11.41
US$22.50
+97.2%
29.0%US$34.00US$14.00n/a7
Sep ’23US$13.45
US$23.79
+76.8%
31.6%US$34.00US$14.00n/a7
Aug ’23US$15.30
US$30.03
+96.3%
10.0%US$34.00US$25.10n/a5
Jul ’23US$14.76
US$30.03
+103.5%
10.0%US$34.00US$25.10n/a5
Jun ’23US$16.34
US$38.27
+134.2%
30.2%US$58.00US$26.30n/a5
May ’23US$21.82
US$46.02
+110.9%
18.2%US$58.00US$36.10n/a5
Apr ’23US$25.76
US$46.18
+79.3%
21.2%US$58.00US$32.90n/a5
Mar ’23US$21.91
US$46.78
+113.5%
19.3%US$58.00US$35.90n/a5
Feb ’23US$26.86
US$50.48
+87.9%
18.9%US$64.00US$37.00n/a5
Jan ’23US$28.45
US$51.68
+81.7%
15.5%US$64.00US$43.00US$12.635
Dec ’22US$30.77
US$51.68
+68.0%
15.5%US$64.00US$43.00US$13.755
Nov ’22US$35.39
US$49.00
+38.5%
17.7%US$64.00US$43.00US$11.434
Oct ’22US$36.88
US$49.75
+34.9%
16.6%US$64.00US$44.00US$11.414
Sep ’22US$38.11
US$51.40
+34.9%
15.7%US$64.00US$44.00US$13.455
Aug ’22US$39.88
US$51.72
+29.7%
15.2%US$64.00US$44.00US$15.305
Jul ’22US$40.69
US$51.92
+27.6%
14.8%US$64.00US$45.00US$14.765
Jun ’22US$44.16
US$52.17
+18.1%
14.5%US$64.00US$44.00US$16.346
May ’22US$39.22
US$50.67
+29.2%
17.9%US$64.00US$40.00US$21.826
Apr ’22US$38.51
US$50.33
+30.7%
18.6%US$64.00US$40.00US$25.766
Mar ’22US$38.30
US$49.86
+30.2%
17.5%US$64.00US$40.00US$21.917
Feb ’22US$37.57
US$49.80
+32.6%
18.1%US$64.00US$40.00US$26.865
Jan ’22US$38.78
US$49.83
+28.5%
16.5%US$64.00US$40.00US$28.456

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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