Millicom International Cellular SA (TIGO) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Millicom International Cellular SA stock $60.19, price $77.09, that is 21.9% below the price, quality 63 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range $8.77 – $103.45 · fair‑value band $38.56 – $81.70 · the $77.09 price screens above the $60.19 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.
Follow Millicom International Cellular in your weekly email
Every Wednesday you see whether Millicom International Cellular is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Millicom International Cellular S.A. engages in the provision cable and mobile services in Latin America.
Show moreShow less
The company offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance.
In addition, the company provides fixed services, including broadband, fixed voice, and pay-TV; and fixed-voice and data telecommunications services, managed services, cloud and security solutions, and value-added services; and tower infrastructure and services.
The company serves small, medium, and large businesses, as well as residential consumers and governmental entities. It markets its products and services under the Tigo and Tigo Business brands. The company was founded in 1990 and is headquartered in Luxembourg, Luxembourg.
Stock analysis
Millicom International Cellular SA (TIGO) currently trades at $77.09, while our model-based Fair Value estimate is $60.19, 22% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of $155.57 per share, and 16 of the 24 models we run sit above the $77.09 price.
Bear case: the Economic Profit group reads lowest at $56.48, and 8 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $38.56 (bear) to $81.70 (bull), the price of $77.09 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Communication Services sector.
Mixed Growth: Spin-off in 2022: revenue and profit before it include the divested business. Growth is measured afresh from 2022.
Millicom International Cellular SA reported revenue of $5.8B in FY2025 versus $4.3B in FY2021, a compound +8.1%/yr. Reported net income was $1.3B in FY2025, compounding +22.2%/yr from FY2021.
Key figures
Market cap $13.0B Large · P/E ratio 19.0 · P/S ratio 1.79 · EPS (TTM) $4.05 · Dividend yield 3.9% · Net margin 9.2% · Return on equity 21.7% · Return on assets (EBIT) 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 78% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at −22%, TIGO screens richer than that median.
Fair Value models
Bear$38.56Fair Value $60.19Bull$81.70
Price $77.09 · Downside -21.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.8889 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF$84.95$152.34$257.0378
Growth DCF$86.55$145.50$231.0777
Owner Earnings$128.05$220.80$364.9074
All 24 models by family
DCF Models
FCF DCF$84.95$152.34$257.0378
Owner Earnings$128.05$220.80$364.9074
5Y Revenue Exit$55.66$101.69$159.9871
5Y EBITDA Exit$63.46$116.48$178.1274
5Y P/E Exit$85.79$158.80$236.0869
10Y Revenue Exit$62.85$107.73$167.5965
10Y EBITDA Exit$70.10$118.07$181.6067
10Y P/E Exit$84.41$147.67$226.4063
Earnings-Based
Graham-Dodd$53.36$176.93$236.7564
Lynch FV$39.99$57.13$74.2661
PEG = 1.0$39.99$57.13$74.2657
EPV$46.32$58.96$70.0274
Dividend Discount
Gordon GGM$41.27$85.81$136.1066
DDM Multi-Stage$41.27$70.26$90.0666
Multiples
P/E Multiple$129.47$172.63$215.7963
P/S Multiple$91.08$121.44$151.8058
EV/EBIT$70.35$109.44$148.5465
EV/EBITDA$44.46$74.92$105.3765
EV/Revenue$25.94$57.17$88.4051
Growth DCF
Growth DCF$86.55$145.50$231.0777
Rev-Margin DCF$55.66$102.33$157.1771
Economic Profit
Residual Income$44.08$56.48$101.8973
ROIC Compounder$51.61$74.66$102.9271
Growth Earnings
Growth-Adj P/E$108.90$155.57$202.2567
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
SaleMaria Teresa ArnalDirector284 shares at $73.92$20,993May 20, 2026
SaleBruce ChurchillDirector284 shares at $73.92$20,993May 20, 2026
SaleJustine DimovicDirector284 shares at $73.92$20,993May 20, 2026
Salede Vega Blanca TrevinoDirector284 shares at $73.92$20,993May 20, 2026
Plus 4 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2022: revenue and profit before it include the divested business. Growth is measured afresh from 2022.
Revenue growth 1 year
+0.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+33.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.4%
Dividend (yield on the price)3.9%
Per share before 2022divided by the spin-off factor 1.273
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.36.7% vs −7.0%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 28%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 1.6%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +0.6% a year for the price and +9.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (91 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Modest margins and ROE point to some durability while high debt remains the central constraint on the emerging-market telecom operations.
Main risk: Low-Earth orbit satellite services such as Starlink expanding in Latin America could draw customers in rural and remote areas away from Millicom's mobile and broadband offerings, pressuring prices and margins.
Bull case: By integrating direct-to-device satellite connectivity through partnerships Millicom could extend reliable coverage to remote regions and strengthen customer retention across its Latin American footprint.
Bear case: If satellite providers capture substantial rural and enterprise demand without Millicom maintaining strong partnerships, its terrestrial networks could face reduced utilisation and sustained margin pressure in multiple markets.
Millicom has launched its Tigo brand in Ecuador after acquiring Telefónica’s local operations. This step, part of wider consolidation across Latin America, is shifting the group into a higher annual capex cycle while it integrates new assets and upgrades networks. Our models see the shares as overvalued given those demands. Will the efficiency gains and cash flows from greater scale outpace the integration and investment pressures?
Compare Millicom International Cellular SA with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 235 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside−21.9% · Below median
Profitability
Return on equity (12 months)21.7% · Top 25%
Return on assets7.6% · Top 25%
Net margin (12 months)9.2% · Above median
Operating margin (12 months)20.7% · Above median
Growth and dividend
Revenue growth (quarter YoY)59.4% · Top 25%
Dividend yield (12 months)3.9% · Above median
Balance sheet
Debt / equity1.80× · Highest 25%
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (12 months)19.0× · Pricier than median
P/B3.56× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Millicom International Cellular SA Fair Value". https://www.fairvalue-calculator.com/stock/TIGO
Frequently asked questions
Is Millicom International Cellular SA (TIGO) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $60.19 versus a price of $77.09, about 22% lower (overvalued).
What is the fair value of TIGO?
Our model-based fair value for Millicom International Cellular SA is $60.19 (as of Nov 4, 2026), built from audited fundamentals. The current price: $77.09.
What is the quality score of TIGO?
Millicom International Cellular SA has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Millicom International Cellular SA (TIGO)?
Our model-based price target is the fair value of $60.19 (as of Nov 4, 2026) from 24 valuation models. Cautious scenario $38.56, optimistic scenario $81.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Millicom International Cellular SA stock forecast for 2026?
Our models put fair value at $60.19, about 22% lower versus a price of $77.09 (overvalued). Cautious scenario $38.56, optimistic scenario $81.70. The calculation is refreshed regularly with new filings.
What is the revenue of Millicom International Cellular SA (TIGO)?
Millicom International Cellular SA reported trailing-twelve-month revenue of about $7.2B (latest available figure, as of Nov 4, 2026).
Does Millicom International Cellular SA pay a dividend?
Millicom International Cellular SA currently shows a dividend yield of 3.89% relative to its recent price (as of Nov 4, 2026).
What growth is priced into Millicom International Cellular SA (TIGO)?
For today's price to be fair in a discounted-cash-flow model, Millicom International Cellular SA would have to grow free cash flow by +3.0 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.9 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of TIGO use?
Our models discount Millicom International Cellular SA at 9.0 %: a base by market capitalisation (large), damped by beta 0.90, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Millicom International Cellular SA that is +3.0 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Millicom International Cellular SA (TIGO) delivered so far?
Over the past 5 years revenue at Millicom International Cellular SA grew +6.9 % a year. The price currently implies +3.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Millicom International Cellular SA (TIGO) growing?
The median revenue growth in the sector is +3.7 % a year. That is the yardstick for the growth priced into Millicom International Cellular SA (+3.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Millicom International Cellular SA (TIGO)?
The free-cash-flow yield on the price is 9.13 %: that much free cash flow Millicom International Cellular SA produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Millicom International Cellular SA (TIGO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Millicom International Cellular SA it is $60.19 per share (as of Nov 4, 2026), against a price of $77.09. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Millicom International Cellular SA stock overvalued or undervalued in 2026?
As of Nov 4, 2026, TIGO trades above its calculated fair value: price $77.09, fair value $60.19, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TIGO?
No. The price is what the market pays today ($77.09); the fair value is what the company's own numbers justify ($60.19). For Millicom International Cellular SA the two are $16.90 per share apart. That gap is exactly why we show both numbers side by side.
How much is Millicom International Cellular SA worth?
The market values Millicom International Cellular SA at about $13.0B (market capitalisation, as of Nov 4, 2026). Per share that is $77.09; our models calculate a fair value of $60.19 per share.
What do the bullish and bearish scenarios say about TIGO?
Our models span a range for Millicom International Cellular SA: cautious scenario $38.56, base $60.19, optimistic $81.70 per share (as of Nov 4, 2026, price $77.09). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TIGO?
Millicom International Cellular SA trades at a price-to-earnings ratio of 19.0 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $60.19 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 19.8 (reported for FY2025: 9.8). Other multiples: PEG 0.3, P/B 3.6, P/S 1.8, EV/EBITDA 5.8.
What is the PEG ratio of TIGO?
The PEG ratio of Millicom International Cellular SA is 0.32 (P/E divided by earnings growth, as of Nov 4, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Millicom International Cellular SA (TIGO)?
Balance-sheet figures for Millicom International Cellular SA (as of Nov 4, 2026): return on equity 21.7%, debt of 1.80 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is TIGO from its 52-week high?
Millicom International Cellular SA trades at $77.09, about 25% below its 52-week high of $103.45 and 78% above the low of $43.31 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $60.19 is for.
Which stocks are comparable to Millicom International Cellular SA?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Millicom International Cellular SA stock attractive at the current price?
The data as of Nov 4, 2026: price $77.09, calculated fair value $60.19 (−22%), Quality Score 63/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TIGO calculated?
We run Millicom International Cellular SA through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $60.19, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Millicom International Cellular SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Millicom International Cellular SA (TIGO)?
The closing price on Nov 4, 2026 was $77.09. Our model-based fair value is $60.19, about 22% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Millicom International Cellular SA right now?
Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($38.56 to $81.70) leaves room in how you read the outcome.
Key figures of Millicom International Cellular SA
How large is the market capitalisation of Millicom International Cellular SA (TIGO)?
The market capitalisation of Millicom International Cellular SA is $13.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Millicom International Cellular SA (TIGO)?
The price-to-sales ratio of Millicom International Cellular SA is 1.79 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Millicom International Cellular SA (TIGO)?
Earnings per share at Millicom International Cellular SA are $4.05 (price ÷ EPS = P/E 19.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Millicom International Cellular SA (TIGO)?
The dividend yield of Millicom International Cellular SA is 3.9% (payout 149%, on adjusted earnings, reported 74.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Millicom International Cellular SA (TIGO)?
The net margin of Millicom International Cellular SA is 9.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Millicom International Cellular SA (TIGO)?
The return on equity (ROE) of Millicom International Cellular SA is 21.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Millicom International Cellular SA (TIGO)?
On an EBIT basis the return on assets of Millicom International Cellular SA is 6.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Millicom International Cellular SA (TIGO)?
The operating margin of Millicom International Cellular SA is 20.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Millicom International Cellular SA (TIGO)?
Revenue at Millicom International Cellular SA is growing +59.4% versus a year earlier (3y avg +1.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Millicom International Cellular SA (TIGO)?
Earnings per share at Millicom International Cellular SA are growing −84.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Millicom International Cellular SA (TIGO) carry?
The net debt of Millicom International Cellular SA is $7.9B (fiscal year 2025, ≈ 6.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Millicom International Cellular SA in the live analysis
One click puts Millicom International Cellular SA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 4, 2026