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Millicom International Cellular SA(TIGO)
Top performer 
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for TIGO
10/08/2026: TIGO (4-star) is currently NOT-A-BUY. Pass it for now.
Millicom International Cellular SA is a major telecommunications provider operating primarily in Latin America under the Tigo brand. The company is known for its strong market positioning in mobile services and its ongoing transition toward a converged provider of fiber broadband and home solutions. While it benefits from essential service demand and a growing digital financial ecosystem, it faces significant risks from regional currency volatility, intense competition, and high capital intensity. The stock may suit investors seeking exposure to Latin American growth, provided they can manage the volatility associated with emerging market operations. Key developments to monitor include cash flow generation, debt management, and the success of fiber network expansion.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | Growth is largely dependent on successful execution in emerging markets and macro stability. |
| Momentum investor | Mixed fit | Momentum depends on clear signals of local currency strength and regional economic stability. |
| Value investor | Strong fit | Valuation often reflects the risks associated with emerging market operations and heavy capital intensity. |
| Dividend investor | Mixed fit | Dividend policy is subject to variable capital expenditure needs and balance sheet priorities. |
| Low-risk investor | Weak fit | Emerging market operations and FX exposure create higher risk profiles unsuitable for conservative portfolios. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | Frequent exposure to emerging market economic shifts impacts stock price sensitivity. |
| Valuation risk | Medium | Valuation is sensitive to discount rates applied to emerging market cash flows. |
| Competition risk (Telecommunications) | High | Aggressive pricing strategies from entrenched regional competitors threaten margins. |
| Business quality | Medium | While the franchise is established, it faces structural challenges inherent to its operating regions. |
| Dividend income | Medium | Payouts are secondary to the substantial capital expenditures required for network maintenance. |
| Execution risk | Medium | Managing network rollouts and service integration across multiple countries requires complex operational coordination. |
Price Behavior
Rolling Over
The price momentum is slowing down and beginning to turn downward.
Moderately Choppy
The stock has experienced noticeable price swings while retaining some directional structure.
Analysis of Past Performance
Type Stock | Historic Profit 274.39% | Avg. Invested days 84 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  5.0 | Stock Returns Performance  5.0 |
| Profits based on simulation | Last Close 10/08/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Large-Cap Stock | Market Capitalization 15.22B USD | Price to earnings Ratio 22.92 | 1Y Target Price 98.39 |
Price to earnings Ratio 22.92 | 1Y Target Price 98.39 | ||
Volume (30-day avg) 819.4K shares | Beta 0.9 | 52 Weeks Range 42.43 - 106.24 | Updated Date 10/07/2026 |
52 Weeks Range 42.43 - 106.24 | Updated Date 10/07/2026 | ||
Dividends yield (FY) 3.30% | Basic EPS (TTM) 3.96 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Mobile Services | Voice, data, and mobile internet subscriptions in Latin American markets. | The primary revenue engine driven by recurring monthly user fees. |
| Home Services | Broadband, cable TV, and fixed telephony for households. | High-growth area as households upgrade to faster internet speeds. |
| Financial Services (Tigo Money) | Digital payments and mobile wallet services. | A supplementary segment focused on long-term digital financial inclusion. |
| Geography | Operations across Latin American countries including Colombia, Guatemala, and Panama. | Revenue is heavily tied to the economic prosperity and currency stability of specific Latin American nations. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Valuation
Trailing PE 22.92 | Forward PE 10.01 | Enterprise Value 26.44B | Price to Sales(TTM) 2.1 |
Enterprise Value 26.44B | Price to Sales(TTM) 2.1 | ||
Enterprise Value to Revenue 3.76 | Enterprise Value to EBITDA 8.02 | Shares Outstanding 167.71M | Shares Floating 90.05M |
Shares Outstanding 167.71M | Shares Floating 90.05M | ||
Percent Insiders 46.07 | Percent Institutions 49.64 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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