Millicom International Cellular S.A. (TIGO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+89.7%

$147.33

vs $77.64 price

Levered DCF

$196.15

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.07

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.05×	16.9×	-37.79×	30.81×	7.9×	-14.53×	82.86×	430.14×
P/B	2.56×	1.18×	0.88×	0.49×	1.8×	2.43×	2.58×	3.22×
P/S	1.6×	0.74×	0.55×	0.31×	1.09×	1.2×	1.43×	2.07×
EV / EBITDA	6.1×	4.39×	4.61×	3.95×	5.87×	7.87×	6.98×	9.45×
Gross margin	77.5%	75.5%	38.9%	73.2%	34.6%	31.5%	35.5%	38.7%
Operating margin	28.2%	23.1%	13.7%	16.3%	9.5%	5.8%	9.9%	10.4%
Net margin	22.6%	4.4%	-1.4%	1.0%	13.8%	-8.2%	1.7%	0.5%
Current ratio	0.88×	0.76×	0.82×	0.97×	0.5×	0.89×	1.1×	0.57×
Debt / equity	2.6×	1.87×	2.19×	2.17×	3.45×	3.26×	2.92×	1.8×
Interest coverage	2.33×	1.87×	1.09×	1.48×	0.83×	0.39×	0.78×	1.13×
Dividend yield	8.1%	0.0%	0.0%	0.0%	0.0%	0.0%	4.3%	3.3%
Payout ratio	57.3%	0.0%	0.0%	0.0%	0.0%	0.0%	357.3%	1400.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	36.2%	7.0%	-2.3%	1.6%	22.8%	-16.7%	3.1%	0.7%
Return on invested capital	9.3%	6.0%	-8.7%	0.5%	2.5%	2.4%	1.8%	0.3%
Return on assets	7.6%	1.8%	-0.6%	0.4%	3.9%	-2.8%	0.6%	0.2%
Free cash flow yield	12.7%	26.4%	1.3%	12.1%	1.0%	-0.1%	4.9%	0.1%
Earnings yield	14.1%	5.9%	-2.6%	3.2%	12.7%	-6.9%	1.2%	0.2%
Enterprise value	$17.2B	$10.4B	$10.1B	$8.5B	$12.7B	$10.8B	$12.1B	$12.2B
Net debt / EBITDA	2.79×	2.57×	3.19×	3.14×	3.71×	4.24×	3.39×	3.13×
Cash conversion cycle (days)	-46	-36	-3	-55	3	-5	1	-1