Millicom’s profit fell 84% while its cash flow reached a record high. Profit plunge signals earnings weakness offset by record cash flow that supports liquidity.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | 4 | 2 | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | 3.54 |
—
—
|
| 2026 | 3.44 |
—
—
—
—
|
| 2025 | 3.74 |
—
—
—
—
|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡‡ |
|
| 2019 | 2.07 |
—
—
|
| 2018 | 2.64 |
—
—
|
| 2017 | 2.64 |
—
|
| 2016 | 2.64 |
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 831.00 | 756.00 | 1,602.00 | 891.00 |
| Receivables | 561.00 | 499.00 | 709.00 | 1,007.00 |
| Inventory | 45.00 | 44.00 | 70.00 | 101.00 |
| Other | 479.00 | 1,082.00 | 603.00 | 746.00 |
| 1,915.00 | 2,380.00 | 2,983.00 | 2,747.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | — | — | — | — |
| ST’ Debt | 221.00 | 282.00 | 329.00 | 1,095.00 |
| Other | 992.00 | 1,833.00 | 1,598.00 | 1,984.00 |
| 2,329.00 | 3,113.00 | 3,392.00 | 5,182.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1,985.00 | 2,179.00 | — | — |
—
|
| ’25 | 1,368.00 | 1,367.00 | 1,420.00 | 1,664.00 |
5,819.00
|
| ’24 | 1,487.00 | 1,458.00 | 1,431.00 | 1,428.00 |
5,804.00
|
| ’23 | 1,369.00 | 1,393.00 | 1,424.00 | 1,475.00 |
5,661.00
|
| ’22 | 1,408.00 | 1,447.00 | 1,388.00 | 1,381.00 |
5,624.00
|
| ’21 | 999.00 | 1,001.00 | 1,006.00 | 1,255.00 |
4,261.00
|
| ’20 | 1,088.00 | 970.00 | 1,026.00 | 1,087.00 |
4,171.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 590.00 | 711.00 | — | — |
—
|
| ’25 | 348.00 | 446.00 | 463.00 | 477.00 |
1,734.00
|
| ’24 | 240.00 | 476.00 | 433.00 | 454.00 |
1,603.00
|
| ’23 | 201.00 | 278.00 | 347.00 | 397.00 |
1,223.00
|
| ’22 | 268.00 | 291.00 | 309.00 | 416.00 |
1,284.00
|
| ’21 | 87.00 | 193.00 | 236.00 | 440.00 |
956.00
|
| ’20 | 106.00 | 218.00 | 201.00 | 296.00 |
821.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 269.00 | 397.00 | — | — |
—
|
| ’25 | 197.00 | 239.00 | 271.00 | 297.00 |
1,004.00
|
| ’24 | 29.00 | 300.00 | 298.00 | 265.00 |
892.00
|
| ’23 | (141.00) | 6.00 | 245.00 | (53.00) |
57.00
|
| ’22 | (38.00) | 24.00 | 29.00 | 218.00 |
233.00
|
| ’21 | (146.00) | 9.00 | 48.00 | 181.00 |
92.00
|
| ’20 | (164.00) | 21.00 | 33.00 | 116.00 |
6.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.65 | 0.65 | — | — |
—
|
| ’25 | 1.14 | 4.05 | 1.16 | 1.50 |
7.83
|
| ’24 | 0.54 | 0.46 | 0.30 | 0.18 |
1.46
|
| ’23 | 0.02 | (0.13) | 0.00 | (0.36) |
(0.47)
|
| ’22 | 0.23 | 1.13 | (0.18) | 0.33 |
1.27
|
| ’21 | 0.41 | (0.98) | 0.05 | 6.41 |
5.84
|
| ’20 | (1.21) | (1.14) | (0.50) | (0.55) |
(3.40)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.22 | 12.91 | 15.55 | 23.61 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 29.66 | 21.15 | 28.75 | 56.27 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19,446 | 16,527 | 14,000 | 15,000 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.29 | 0.34 | 0.41 | 0.39 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,624.00 | 5,661.00 | 5,804.00 | 5,819.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 73.22% | 73.38% | 75.53% | 77.47% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 238.00 | 175.00 | 552.00 | 1,665.00 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.23% | 3.09% | 9.51% | 28.61% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 354.00 | 179.00 | 549.00 | 1,665.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,364.00 | 1,338.00 | 1,234.00 | 1,280.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 40.45 | 33.03 | 33.88 | 34.73 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 1.27 | (0.48) | 1.47 | 7.86 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.23 | 7.14 | 9.36 | 10.35 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (7.56) | (6.80) | (4.15) | (4.36) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.68 | 0.33 | 5.21 | 5.99 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 26.13 | 20.10 | 20.86 | 21.61 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 139.05 | 171.40 | 171.31 | 167.56 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 8.59 | 0.00 | 16.90 | 7.04 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.32 | 0.55 | 0.74 | 1.60 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.50 | 0.90 | 1.20 | 2.57 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.34 | 1.58 | 1.61 | 2.50 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 32.29 | 157.28 | 10.47 | 14.51 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,284.00 | 1,223.00 | 1,603.00 | 1,734.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1,051.00) | (1,166.00) | (711.00) | (730.00) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 233.00 | 57.00 | 892.00 | 1,004.00 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (54.00) | (414.00) | (733.00) | (409.00) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6,804.00 | 6,697.00 | 5,815.00 | 6,885.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,708.00 | 5,866.00 | 5,059.00 | 5,283.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,634.00 | 3,445.00 | 3,574.00 | 3,621.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.21% | (0.57%) | 1.79% | 8.49% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.11% | 5.54% | 9.72% | 11.51% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.55% | (2.32%) | 7.21% | 36.58% | ‡‡‡‡‡ | — | — |
ROE
|
Millicom International Cellular SA (TIGO), the dynamic TIGO brand powering telecom in Latin America, has demonstrated remarkable resilience amid macroeconomic storms, currency swings, and fierce competition. Revenue has surged from $4.1 billion in 2016 to $5.8 billion in 2024 at a 4.4% CAGR, with projections accelerating to $6.8 billion by 2027, fueled by rising ARPU from data services and 5G rollouts. Operational wizardry shines through: a 38% workforce cut has doubled revenue per employee to $415K, while gross margins climbed to 75.5%, underscoring efficiency gains that echo successful telecom turnarounds.
Free cash flow exploded to $5.21 per share in 2024—a 1,470% leap—thanks to disciplined capex and robust operating cash flows, paving the way for debt reduction (net debt down 14%) and potential buybacks. Net income and EPS are set for blockbuster growth, with forecasts hitting $1.2 billion and $7.13 EPS in 2025, driving ROE to mid-teens by 2026 amid LatAm’s digital boom.
Trading at a compelling 9x forward PE and undervalued EV/FCF, TIGO offers explosive upside for patient investors eyeing 20-30% gains to recent highs, especially as fiber expansions and forex stabilization unlock scale. This efficiency pivot positions TIGO as a hidden gem in emerging markets—dive into the full analysis for the tactical playbook!
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