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TIGO

Millicom International Cellular NasdaqGS:TIGO Stock Report

Last Price

US$11.97

Market Cap

US$2.0b

7D

-3.9%

1Y

-66.9%

Updated

24 Sep, 2022

Data

Company Financials +

Millicom International Cellular Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Millicom International Cellular
Historical stock prices
Current Share PriceUS$11.97
52 Week HighUS$37.25
52 Week LowUS$11.75
Beta0.93
1 Month Change-23.56%
3 Month Change-22.27%
1 Year Change-66.86%
3 Year Change-75.60%
5 Year Change-81.81%
Change since IPO-32.09%

Recent News & Updates

Aug 29
Does Millicom International Cellular (NASDAQ:TIGO) Have A Healthy Balance Sheet?

Does Millicom International Cellular (NASDAQ:TIGO) Have A Healthy Balance Sheet?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Aug 02
Should You Think About Buying Millicom International Cellular S.A. (NASDAQ:TIGO) Now?

Should You Think About Buying Millicom International Cellular S.A. (NASDAQ:TIGO) Now?

Millicom International Cellular S.A. ( NASDAQ:TIGO ), is not the largest company out there, but it saw a double-digit...

Shareholder Returns

TIGOUS Wireless TelecomUS Market
7D-3.9%-5.4%-5.2%
1Y-66.9%-3.0%-23.0%

Return vs Industry: TIGO underperformed the US Wireless Telecom industry which returned -3% over the past year.

Return vs Market: TIGO underperformed the US Market which returned -23.1% over the past year.

Price Volatility

Is TIGO's price volatile compared to industry and market?
TIGO volatility
TIGO Average Weekly Movement6.8%
Wireless Telecom Industry Average Movement6.8%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: TIGO is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: TIGO's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
199020,000Mauricio Ramos Borrerohttps://www.millicom.com

Millicom International Cellular S.A. provides cable and mobile services in Latin America and Africa. The company offers mobile services, including mobile data and voice; short message service; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance. It also provides cable and other fixed services, including broadband, content, fixed voice, and pay-TV to residential consumers; and fixed, managed services, cloud and security solutions, and value-added services to small, medium, and large businesses, as well as governmental entities.

Millicom International Cellular Fundamentals Summary

How do Millicom International Cellular's earnings and revenue compare to its market cap?
TIGO fundamental statistics
Market CapUS$2.05b
Earnings (TTM)US$696.00m
Revenue (TTM)US$5.47b

2.9x

P/E Ratio

0.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
TIGO income statement (TTM)
RevenueUS$5.47b
Cost of RevenueUS$1.50b
Gross ProfitUS$3.97b
Other ExpensesUS$3.27b
EarningsUS$696.00m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 27, 2022

Earnings per share (EPS)4.07
Gross Margin72.52%
Net Profit Margin12.72%
Debt/Equity Ratio189.7%

How did TIGO perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

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 Ratio0.2x

Price to Earnings Ratio vs Peers

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

TIGO PE Ratio vs 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 Average16.2x
USM United States Cellular
17.1x-12.1%US$2.2b
TDS Telephone and Data Systems
16.5x-7.8%US$1.7b
PTNR Partner Communications
25.7xn/aUS$1.4b
GOGO Gogo
5.7x-1.1%US$1.5b
TIGO Millicom International Cellular
2.9x15.3%US$2.0b

Price-To-Earnings vs Peers: TIGO is good value based on its Price-To-Earnings Ratio (2.9x) compared to the peer average (16.2x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: TIGO is good value based on its Price-To-Earnings Ratio (2.9x) compared to the Global Wireless Telecom industry average (15.5x)


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 Ratio2.9x
Fair PE Ratio20.6x

Price-To-Earnings vs Fair Ratio: TIGO is good value based on its Price-To-Earnings Ratio (2.9x) compared to the estimated Fair Price-To-Earnings Ratio (20.6x).


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 ($11.97) is trading below our estimate of fair value ($69.53)

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?

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.


Discover undervalued companies

Future Growth

How is Millicom International Cellular forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


15.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TIGO's forecast earnings growth (15.3% per year) is above the savings rate (1.9%).

Earnings vs Market: TIGO's earnings (15.3% per year) are forecast to grow faster than the US market (14.7% per year).

High Growth Earnings: TIGO's earnings are forecast to grow, but not significantly.

Revenue vs Market: TIGO's revenue (3.7% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: TIGO's revenue (3.7% 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 low in 3 years time (9.7%).


Discover growth companies

Past Performance

How has Millicom International Cellular performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


36.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TIGO has a large one-off gain of $701.0M impacting its June 30 2022 financial results.

Growing Profit Margin: TIGO became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: TIGO has become profitable over the past 5 years, growing earnings by 36.8% per year.

Accelerating Growth: TIGO has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: TIGO has become profitable in the last year, making it difficult to compare its past year earnings growth to the Wireless Telecom industry (-29.2%).


Return on Equity

High ROE: TIGO's Return on Equity (18.1%) is considered low.


Discover strong past performing companies

Financial Health

How is Millicom International Cellular's financial position?

Financial Health Score

0/6

Financial Health Score 0/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: TIGO's short term assets ($1.9B) do not cover its short term liabilities ($2.0B).

Long Term Liabilities: TIGO's short term assets ($1.9B) do not cover its long term liabilities ($8.7B).


Debt to Equity History and Analysis

Debt Level: TIGO's net debt to equity ratio (168.4%) is considered high.

Reducing Debt: TIGO's debt to equity ratio has increased from 127.5% to 189.7% over the past 5 years.

Debt Coverage: TIGO's debt is not well covered by operating cash flow (17.9%).

Interest Coverage: TIGO's interest payments on its debt are not well covered by EBIT (1.5x coverage).


Balance Sheet


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Dividend

What is Millicom International Cellular current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.37%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate TIGO's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate TIGO's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TIGO's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TIGO's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: TIGO is not paying a notable dividend for the US market.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as TIGO has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.8yrs

Average management tenure


CEO

Mauricio Ramos Borrero (54 yo)

7.42yrs

Tenure

US$19,515,974

Compensation

Mr. Mauricio Ramos Borrero serves as Chairman of the Board at Cable Onda, S.A. and its Director since December 13, 2018. He has been the Chief Executive Officer of Millicom International Cellular S.A. (for...


CEO Compensation Analysis

Compensation vs Market: Mauricio's total compensation ($USD19.52M) is above average for companies of similar size in the US market ($USD5.62M).

Compensation vs Earnings: Mauricio's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: TIGO's management team is seasoned and experienced (5.8 years average tenure).


Board Members

Experienced Board: TIGO's board of directors are considered experienced (3.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 69.5%.


Top Shareholders

Top 25 shareholders own 36.92% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
8.04%
Swedbank Robur Fonder AB
13,733,059$164.4m33.41%0.27%
6.94%
Southeastern Asset Management, Inc.
11,864,602$142.0m0%2.46%
3.39%
Nordea Investment Management AB
5,787,202$69.3m39.27%0.06%
3.03%
Dodge & Cox
5,177,873$62.0m0%0.04%
2.88%
AMF Fonder AB
4,921,627$58.9m0%0.21%
1.55%
Brandes Investment Partners, LP
2,654,025$31.8m0%0.36%
1.55%
BlackRock, Inc.
2,640,112$31.6m-1.98%no data
1.17%
Dimensional Fund Advisors LP
1,996,254$23.9m-0.51%0.01%
1.01%
GAMCO Investors, Inc.
1,732,207$20.7m63.94%0.09%
0.91%
AP Fonden 4
1,548,964$18.5m0%0.1%
0.8%
Indecap Fonder Ab
1,358,715$16.3m1286.08%0.85%
0.75%
Lannebo Fonder AB
1,286,000$15.4m0%0.31%
0.75%
Skagen AS
1,284,769$15.4m0%0.25%
0.68%
Första AP-fonden
1,164,949$13.9m0%0.08%
0.59%
Handelsbanken Asset Management
1,009,041$12.1m0.17%0.03%
0.5%
Cove Street Capital, LLC
857,319$10.3m31.72%2.65%
0.34%
Lombard Odier Asset Management (Europe) Limited
583,000$7.0m0%0.1%
0.33%
Xact Kapitalförvaltning AB
557,125$6.7m0%0.07%
0.28%
SEB Investment Management AB
480,541$5.8m-0.1%0.01%
0.28%
Third Swedish National Pension Fund
479,575$5.7m0%0.04%
0.24%
Renaissance Technologies LLC
415,297$5.0m43.73%0.01%
0.23%
Millennium Management LLC
393,912$4.7m559.56%0.01%
0.23%
abrdn plc
393,696$4.7m415.98%no data
0.22%
Länsförsäkringar Fondförvaltning Aktiebolag
380,917$4.6m0%0.03%
0.22%
Marshall Wace LLP
377,865$4.5m86.92%0.01%

Company Information

Millicom International Cellular S.A.'s employee growth, exchange listings and data sources


Key Information

  • Name: Millicom International Cellular S.A.
  • Ticker: TIGO
  • Exchange: NasdaqGS
  • Founded: 1990
  • Industry: Wireless Telecommunication Services
  • Sector: Telecom
  • Implied Market Cap: US$2.045b
  • Shares outstanding: 170.87m
  • Website: https://www.millicom.com

Number of Employees


Location

  • Millicom International Cellular S.A.
  • 2, Rue du Fort Bourbon
  • Luxembourg City
  • 1249
  • Luxembourg


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TIGONasdaqGS (Nasdaq Global Select)YesRegistered Common SharesUSUSDDec 1993
M4M1DB (Deutsche Boerse AG)YesRegistered Common SharesDEEURDec 1993
M4M1HMSE (Hamburg Stock Exchange)YesRegistered Common SharesDEEURDec 1993
MICC.FOTCPK (Pink Sheets LLC)SDR EACH REP 1 USD1.50USUSDMar 2004
TIGO SDBOM (OMX Nordic Exchange Stockholm)SDR EACH REP 1 USD1.50SESEKMar 2004
0GRKLSE (London Stock Exchange)SDR EACH REP 1 USD1.50GBSEKMar 2004
TIGOSBATS-CHIXE (BATS 'Chi-X Europe')SDR EACH REP 1 USD1.50GBSEKMar 2004
M4MDB (Deutsche Boerse AG)SDR EACH REP 1 USD1.50DEEURMar 2004

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/24 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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 here.