Millicom International Cellular S.A. (TIGO) 10-Year Financial Performance & Capital Metrics

TIGO • • Utilities

Communication ServicesTelecom ServicesInternational & Regional CarriersLatin American Carriers

AboutMillicom 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. As of December 31, 2021, the company served 44.9 million mobile customers; and 12.7 million cable homes. It markets its products and services under Tigo and Tigo Business brands. The company was founded in 1990 and is headquartered in Luxembourg.Show more

Revenue $5.8B +2.5%
EBITDA $2.58B +22.1%
Net Income $253M +408.5%
Free Cash Flow $1.13B +2722.5%
EBITDA Margin 44.4% +19.1%
Net Margin 4.36% +400.9%
ROE 7.21% +411.2%
Interest Coverage 2.35 +116.2%
Debt/Equity 1.89 -15.7%
Net Debt/EBITDA 2.36 -28.6%
CapEx / Revenue 13.25% -7.9%
CapEx Coverage 2.17 +44.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 27.5%
✓Strong Piotroski F-Score: 7/9

✗Weaknesses

✗Weak 3Y average ROE of 2.2%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.95%

5Y6.01%

3Y10.85%

TTM-4.39%

Profit (Net Income) CAGR

10Y-20.84%

5Y27.53%

3Y-24.59%

TTM593.67%

EPS CAGR

10Y-23.19%

5Y20.35%

3Y-25.72%

TTM611.86%

ROCE

10Y Avg6.38%

5Y Avg6.5%

3Y Avg8.73%

Latest11.77%

Peer Comparison

Latin American Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TIGOMillicom International Cellular S.A.	8.52B	51.00	34.69	2.53%	19.59%	33.11%	13.25%	1.89
VIVTelefônica Brasil S.A.	19.27B	12.06	3.57	7.19%	10.34%	8.84%	54.76%	0.30
TIMBTIM S.A.	9.74B	20.39	2.74	6.77%	15.3%	15.98%	79.88%	0.59
LBTYKLiberty Global plc	1.57B	10.52	2.49	5.49%	-50.63%	-15.25%	71.56%	0.79
TEOTelecom Argentina S.A.	1.4B	11.18	0.00	100.94%	-0.57%	-0.5%	100%	0.56
LILALiberty Latin America Ltd.	275.8M	7.09	-2.12	-1.2%	-16.57%	-63.58%	78.28%	5.02
ATNIATN International, Inc.	321.17M	21.05	-12.10	-4.35%	-1.11%	-1.24%	5.28%	1.03
TEFTelefónica, S.A.	21.54B	3.82	-67.73	1.63%	-5.53%	-9.92%	24.16%	1.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	6.57B	4.11B	4.08B	3.95B	4.34B	4.17B	4.26B	5.62B	5.66B	5.8B
Revenue Growth %	0.03%	-0.38%	-0.01%	-0.03%	0.1%	-0.04%	0.02%	0.32%	0.01%	0.03%
Cost of Revenue	3.07B	2.06B	2.5B	2.42B	2.8B	2.86B	2.79B	1.51B	3.46B	1.42B
Gross Profit+	3.5B	2.04B	1.58B	1.53B	1.54B	1.31B	1.48B	4.12B	2.2B	4.38B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.01%	-0.42%	-0.23%	-0.03%	0.01%	-0.15%	0.12%	1.79%	-0.47%	0.99%
Operating Expenses+	2.62B	1.66B	1.14B	1.12B	1.11B	1.07B	1.07B	3.2B	1.43B	3.04B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	2.16B	1.26B	1.28B	1.21B	1.53B	1.45B	1.52B	2.28B	2.11B	2.58B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.03%	-0.42%	0.02%	-0.05%	0.26%	-0.05%	0.05%	0.5%	-0.07%	0.22%
Depreciation & Amortization+	1.28B	876M	841M	802M	1.1B	1.21B	1.11B	1.36B	1.34B	1.24B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	882M	381M	436M	410M	430M	240M	404M	915M	773M	1.34B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.06%	-0.57%	0.14%	-0.06%	0.05%	-0.44%	0.68%	1.26%	-0.16%	0.74%
Interest Expense+	425M	352M	352M	362M	552M	609M	489M	617M	711M	571M
Interest Coverage	2.08x	1.08x	1.24x	1.13x	0.78x	0.39x	0.83x	1.48x	1.09x	2.35x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K
Pretax Income+	-83M	88M	176M	119M	218M	-271M	728M	238M	175M	552M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	278M	179M	158M	112M	121M	102M	158M	222M	424M	281M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-559M	-45M	47M	19M	75M	-344M	590M	57M	-82M	253M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.21%	0.92%	2.04%	-0.6%	2.95%	-5.59%	2.72%	-0.9%	-2.44%	4.09%
EPS (Diluted)+	-4.38	-0.35	0.37	0.15	0.58	-2.67	3.59	0.41	-0.48	1.47
EPS Growth %	-1.21%	0.92%	2.04%	-0.6%	2.93%	-5.59%	2.34%	-0.89%	-2.17%	4.07%
EPS (Basic)	-4.38	-0.35	0.37	0.15	0.58	-2.67	3.60	0.41	-0.48	1.48
Diluted Shares Outstanding	127.57M	127.81M	127.87M	128.39M	128.83M	128.87M	164.47M	139.69M	171.4M	172.56M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	10.39B	9.63B	9.46B	10.31B	12.89B	12.42B	15.14B	14.2B	14.52B	13.74B
Asset Growth %	-0.23%	-0.07%	-0.02%	0.09%	0.25%	-0.04%	0.22%	-0.06%	0.02%	-0.05%
PP&E (Net)+	3.2B	3.06B	2.88B	3.07B	3.91B	3.65B	4.41B	3.87B	4B	3.64B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	1.88B	1.67B	1.82B	1.53B	2.66B	2.31B	2.25B	2.06B	1.92B	2.38B
Cash & Equivalents	769M	646M	619M	528M	1.16B	875M	895M	1.04B	775M	699M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	80M	62M	45M	39M	32M	37M	63M	53M	45M	44M
Other Current Assets	438M	397M	619M	447M	522M	704M	653M	400M	489M	1.08B
Long-Term Investments	3.58B	3.28B	3.21B	3.04B	2.82B	2.67B	618M	590M	576M	561M
Goodwill	644M	615M	599M	1.08B	1.71B	1.66B	4.1B	4.06B	4.11B	4.09B
Intangible Assets	769M	744M	666M	1.3B	1.51B	1.74B	3.46B	3.3B	3.68B	2.81B
Other Assets	101M	103M	113M	130M	110M	199M	126M	107M	97M	97M
Total Liabilities	6.67B	6.26B	6.18B	7.52B	10.21B	10.15B	12.4B	10.56B	11.07B	10.16B
Total Debt+	4.01B	3.9B	4.15B	4.58B	7.04B	6.71B	8.91B	7.82B	7.74B	6.77B
Net Debt	3.24B	3.25B	3.53B	4.05B	5.87B	5.84B	8.02B	6.78B	6.96B	6.07B
Long-Term Debt	3.46B	3.53B	3.6B	3.77B	5.79B	5.58B	5.9B	6.62B	6.48B	5.53B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	336M	295M	365M	353M	1.06B	1.02B	1.17B	1.02B	1.04B	954M
Total Current Liabilities+	2.46B	1.9B	2.07B	2.68B	2.42B	2.61B	4.49B	2.12B	2.33B	3.12B
Accounts Payable	334M	297M	288M	282M	289M	334M	347M	400M	390M	300M
Accrued Expenses	425M	376M	353M	381M	432M	445M	539M	412M	444M	421M
Deferred Revenue	259M	260M	243M	334M	314M	368M	416M	241M	309M	266M
Other Current Liabilities	168M	156M	243M	399M	416M	418M	420M	76M	213M	909M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	347M	466M	25M	400M	670M	801M	755M	787M	1.24B	545M
Total Equity+	3.69B	3.37B	3.28B	2.79B	2.68B	2.27B	2.74B	3.63B	3.44B	3.57B
Equity Growth %	-0.01%	-0.09%	-0.03%	-0.15%	-0.04%	-0.15%	0.2%	0.33%	-0.05%	0.04%
Shareholders Equity	3.48B	3.17B	3.1B	2.54B	2.41B	2.06B	2.58B	3.6B	3.53B	3.63B
Minority Interest	214M	201M	185M	249M	271M	215M	157M	29M	-84M	-54M
Common Stock	639M	638M	153M	153M	153M	153M	153M	258M	258M	258M
Additional Paid-in Capital	0	485M	484M	482M	480M	478M	476M	1.08B	1.08B	1.06B
Retained Earnings	3.51B	3.21B	3.04B	2.52B	2.37B	2.02B	2.61B	2.87B	2.7B	2.88B
Accumulated OCI	-531M	-562M	-470M	-538M	-544M	-562M	-594M	-559M	-500M	-531M
Return on Assets (ROA)	-0.05%	-0%	0%	0%	0.01%	-0.03%	0.04%	0%	-0.01%	0.02%
Return on Equity (ROE)	-0.15%	-0.01%	0.01%	0.01%	0.03%	-0.14%	0.24%	0.02%	-0.02%	0.07%
Debt / Equity	1.09x	1.16x	1.26x	1.64x	2.62x	2.95x	3.25x	2.15x	2.25x	1.89x
Debt / Assets	0.39%	0.41%	0.44%	0.44%	0.55%	0.54%	0.59%	0.55%	0.53%	0.49%
Net Debt / EBITDA	1.50x	2.59x	2.76x	3.34x	3.84x	4.03x	5.28x	2.98x	3.30x	2.36x
Book Value per Share	28.93	26.35	25.66	21.74	20.81	17.65	16.66	26.01	20.1	20.71

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.65B	878M	820M	792M	1.04B	821M	956M	1.28B	1.22B	1.67B
Operating CF Growth %	0.13%	-0.47%	-0.07%	-0.03%	0.31%	-0.21%	0.16%	0.34%	-0.05%	0.36%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-153M	84M	226M	90M	92M	-283M	732M	354M	179M	256M
Depreciation & Amortization	1.32B	932M	879M	830M	1.1B	1.21B	1.2B	1.36B	1.34B	1.24B
Deferred Taxes	-640M	-515M	-644M	-505M	0	0	-1.47B	0	0	0
Other Non-Cash Items	1.04B	351M	396M	421M	17M	-126M	557M	-312M	-223M	276M
Working Capital Changes	62M	12M	-61M	-66M	-171M	-2M	-81M	-151M	-123M	-98M
Capital Expenditures+	-1.21B	-862M	-783M	-1.2B	-1.74B	-824M	-2.7B	-1.07B	-1.18B	-540M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-1.41B	-552M	-367M	-1.2B	-1.74B	-495M	-2.7B	-1.1B	-1.12B	-670M
Acquisitions	-50M	147M	179M	-777M	-879M	217M	-1.81B	-131M	0	63M
Purchase of Investments	0	0	0	-63M	0	0	-70M	0	-26M	0
Sale of Investments	0	0	0	1000K	1000K	0	1000K	1000K	0	1000K
Other Investing	-156M	163M	416M	273M	22M	-90M	-81M	-184M	-276M	31M
Cash from Financing+	-84M	-441M	-464M	341M	1.35B	-598M	1.78B	-1M	-377M	-1.07B
Dividends Paid	-264M	-265M	-265M	-266M	-268M	0	0	0	0	0
Dividend Payout Ratio %	-	-	5.64%	14%	3.57%	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	-1000K	-1000K	-1000K
Stock Issued	0	0	0	0	0	0	0	717M	0	0
Share Repurchases	0	0	0	0	0	-10M	-50M	0	-5M	-99M
Other Financing	-308M	-68M	0	-1M	-120M	-5M	-7M	-4M	75M	-205M
Net Change in Cash+	75M	-123M	-27M	-91M	633M	-289M	20M	144M	-264M	-75M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	694M	769M	646M	619M	686M	1.16B	875M	895M	1.04B	831M
Cash at End	769M	646M	619M	528M	1.32B	875M	895M	1.04B	775M	756M
Free Cash Flow+	446M	16M	37M	-407M	-701M	-3M	-1.75B	212M	40M	1.13B
FCF Growth %	2.05%	-0.96%	1.31%	-12%	-0.72%	1%	-581.33%	1.12%	-0.81%	27.23%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-15.03%	-1.27%	1.41%	0.63%	2.74%	-13.88%	23.53%	1.79%	-2.32%	7.21%
EBITDA Margin	32.91%	30.62%	31.33%	30.71%	35.29%	34.72%	35.63%	40.52%	37.29%	44.4%
Net Debt / EBITDA	1.50x	2.59x	2.76x	3.34x	3.84x	4.03x	5.28x	2.98x	3.30x	2.36x
Interest Coverage	2.08x	1.08x	1.24x	1.13x	0.78x	0.39x	0.83x	1.48x	1.09x	2.35x
CapEx / Revenue	18.34%	21%	19.21%	30.39%	40.11%	14.91%	63.44%	14.22%	14.38%	13.25%
Dividend Payout Ratio	-	-	563.83%	1400%	357.33%	-	-	-	-	-
Debt / Equity	1.09x	1.16x	1.26x	1.64x	2.62x	2.95x	3.25x	2.15x	2.25x	1.89x
EPS Growth	-121.3%	91.94%	204.05%	-59.74%	293.31%	-558.58%	234.39%	-88.62%	-217.23%	407.27%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Service1	3.86B	4.13B	3.97B	4.35B	5.17B	5.25B	5.42B
Service1 Growth	-	6.97%	-3.85%	9.64%	18.76%	1.53%	3.18%
Service, Telephone And Equipment, And Other Revenue	-	4.34B	4.17B	4.62B	5.62B	-	-
Service, Telephone And Equipment, And Other Revenue Growth	-	-	-3.81%	10.69%	21.81%	-	-
Mobile Services	2.25B	2.15B	2.12B	2.35B	2.96B	-	-
Mobile Services Growth	-	-4.36%	-1.58%	10.92%	25.99%	-	-
Other Services	46M	52M	52M	60M	69M	-	-
Other Services Growth	-	13.04%	0.00%	15.38%	15.00%	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
GUATEMALA	-	-	-	223M	1.61B	1.56B	1.6B
GUATEMALA Growth	-	-	-	-	623.77%	-3.10%	2.49%
COLOMBIA	1.66B	1.53B	1.35B	1.41B	1.33B	1.31B	1.38B
COLOMBIA Growth	-	-7.77%	-12.14%	5.05%	-5.59%	-1.65%	5.10%
PANAMA	17M	475M	585M	632M	650M	719M	756M
PANAMA Growth	-	2694.12%	23.16%	8.03%	2.85%	10.62%	5.15%
HONDURAS	-	-	-	-	-	612M	617M
HONDURAS Growth	-	-	-	-	-	-	0.82%
BOLIVIA	614M	639M	584M	623M	621M	613M	613M
BOLIVIA Growth	-	4.07%	-8.61%	6.68%	-0.32%	-1.29%	0.00%
PARAGUAY	679M	609M	544M	555M	556M	568M	559M
PARAGUAY Growth	-	-10.31%	-10.67%	2.02%	0.18%	2.16%	-1.58%
EL SALVADOR	405M	386M	389M	445M	474M	-	-
EL SALVADOR Growth	-	-4.69%	0.78%	14.40%	6.52%	-	-
NICARAGUA	-	-	220M	238M	247M	-	-
NICARAGUA Growth	-	-	-	8.18%	3.78%	-	-
Other Countries	-	-	3M	2M	2M	-	-
Other Countries Growth	-	-	-	-33.33%	0.00%	-	-
TANZANIA, UNITED REPUBLIC OF	356M	382M	366M	357M	-	-	-
TANZANIA, UNITED REPUBLIC OF Growth	-	7.30%	-4.19%	-2.46%	-	-	-
CHAD	128M	-	-	-	-	-	-
CHAD Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Millicom International Cellular S.A. (TIGO) has a price-to-earnings (P/E) ratio of 34.7x. This suggests investors expect higher future growth.

Growth & Financials

Millicom International Cellular S.A. (TIGO) reported $5.59B in revenue for fiscal year 2024. This represents a 23% increase from $4.53B in 2011.

Millicom International Cellular S.A. (TIGO) grew revenue by 2.5% over the past year. Growth has been modest.

Yes, Millicom International Cellular S.A. (TIGO) is profitable, generating $1.10B in net income for fiscal year 2024 (4.4% net margin).

Dividend & Returns

Millicom International Cellular S.A. (TIGO) has a return on equity (ROE) of 7.2%. This is below average, suggesting room for improvement.

Millicom International Cellular S.A. (TIGO) generated $1.70B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Millicom International Cellular S.A. (TIGO) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

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