olivLaw · US equity research
Millicom International Cellular S.A. TIGO
Radiotelephone Communications · SIC 4812 · Vertical: Radiotelephone Communications (SIC 4812)
Millicom, operating under the Tigo brand, provides fixed and mobile services focused on emerging markets in Latin America across eleven countries. It reported revenue of 5819 million USD for fiscal 2025, and its recent acquisitions in Colombia and Ecuador are reshaping its footprint.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Millicom International Cellular S.A. (TIGO) stock was 77.09 USD (−0.54% on the day), with market capitalisation 13.0 bn USD, P/E 9.8 on diluted EPS of 7.83 USD over the last 12 months, beta 0.24, 52-week range 46.03–104.31 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.6
- weak (30–45)
- Bollinger (20, 2)
- 75.41 – 84.67
- in the lower half of the band · %B 0.18 · band width 11.6%
- SMA 50 / 200
- 87.91 / 83.33
- mixed trend
- MACD (12, 26, 9)
- -2.87 / -2.99
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.4% | −1.1% | −14.3 pp | — |
| 3 months | −16.0% | −0.5% | −15.6 pp | — |
| 6 months | −9.0% | +4.4% | −13.4 pp | — |
| Year to date | +39.1% | +12.3% | +26.7 pp | — |
| 1 year | +68.3% | +13.5% | +54.7 pp | +6.6% |
| 3 years | +360.8% | +76.4% | +284.4 pp | +5.8% |
| 5 years | +113.5% | +63.7% | +49.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 40 percentile of its own 5-quarter history (min 6.2, median 9.9, max 32.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.9 bn | 4.3 bn | 3.8 bn | 4.3 bn | 5.6 bn | 5.7 bn | 5.8 bn | 5.8 bn |
| Revenue YoY | +0.3% | +9.9% | −12.2% | +12.0% | +32.0% | +0.7% | +2.5% | +0.3% |
| Net income | -10.0 m | 149.0 m | -344.0 m | 590.0 m | 177.0 m | -82.0 m | 253.0 m | 1.3 bn |
| Net income YoY | −111.5% | unavailable | −330.9% | unavailable | −70.0% | −146.3% | unavailable | +420.2% |
| Diluted EPS | -0.10 | 1.48 | -2.67 | 4.57 | 1.27 | -0.48 | 1.46 | 7.83 |
| Diluted EPS YoY | −111.6% | unavailable | −280.4% | unavailable | −72.2% | −137.8% | unavailable | +436.3% |
| net % | -0.3% | 3.4% | -9.0% | 13.8% | 3.1% | -1.4% | 4.4% | 22.6% |
| Free cash flow | 160.0 m | 65.0 m | 199.0 m | 216.0 m | 484.0 m | 409.0 m | 1.1 bn | 1.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.6 bn USD
- Financial debt
- 6.7 bn USD
- Net debt
- 5.2 bn USD
- Equity
- 3.6 bn USD
- Total assets
- 17.3 bn USD
- Debt / equity
- 1.86x
- Current ratio
- unavailable
- ROE
- 36.6%
- ROA
- 8.5%
- FCF margin
- 18.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.8 bn | 4.3 bn | 5.6 bn | 5.7 bn | 5.8 bn | 5.8 bn | SEC (XBRL)· 24 Mar 2026verified |
| Cost of revenue | 1.1 bn | 1.2 bn | 1.5 bn | 1.5 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 24 Mar 2026verified |
| Gross profit | 2.7 bn | 3.1 bn | 4.1 bn | 4.2 bn ≈ | 4.4 bn ≈ | 4.5 bn ≈ | SEC (XBRL)· 24 Mar 2026derived |
| Operating income | 402.0 m | 619.0 m | 915.0 m | 826.0 m | 1.3 bn | 1.6 bn | SEC (XBRL)· 24 Mar 2026verified |
| Depreciation & amortisation | 1.1 bn | 1.1 bn | 1.3 bn | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| EBITDA | 1.5 bn ≈ | 1.7 bn ≈ | 2.3 bn ≈ | — | — | — | SEC (XBRL)· 28 Feb 2023derived |
| Interest expense | 560.0 m | 495.0 m | 617.0 m | 712.0 m | 716.0 m | 702.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Pre-tax income | -252.0 m | 728.0 m | 238.0 m | 175.0 m | 552.0 m | 1.7 bn | SEC (XBRL)· 24 Mar 2026verified |
| Income tax | 72.0 m | 158.0 m | 222.0 m | 424.0 m | 281.0 m | 303.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Net income | -344.0 m | 590.0 m | 177.0 m | -82.0 m | 253.0 m | 1.3 bn | SEC (XBRL)· 24 Mar 2026verified |
| Diluted EPS | -2.67 | 4.57 | 1.27 | -0.48 | 1.46 | 7.83 | SEC (XBRL)· 24 Mar 2026verified |
| Weighted average diluted shares | 129.0 m | 129.1 m | 139.7 m | 171.4 m | 172.6 m | 168.0 m | SEC (XBRL)· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 875.0 m | 895.0 m | 1.0 bn | 775.0 m | 699.0 m | 1.6 bn | SEC (XBRL)· 24 Mar 2026verified |
| Inventories | 37.0 m | 63.0 m | 53.0 m | 45.0 m | 44.0 m | 70.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Property, plant & equipment, net | 2.8 bn | 3.4 bn | 3.0 bn | 3.1 bn | 2.8 bn | 3.2 bn | SEC (XBRL)· 24 Mar 2026verified |
| Goodwill | 1.7 bn | 4.1 bn | 4.1 bn | 4.1 bn | 4.1 bn | 4.3 bn | SEC (XBRL)· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 3.4 bn | 7.6 bn | 7.4 bn | 7.8 bn | 6.9 bn | 7.8 bn | SEC (XBRL)· 24 Mar 2026verified |
| Total assets | 12.4 bn | 15.1 bn | 14.2 bn | 14.5 bn | 13.7 bn | 17.3 bn | SEC (XBRL)· 24 Mar 2026verified |
| Accounts payable | 334.0 m | 347.0 m | 400.0 m | 390.0 m | 300.0 m | 491.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Short-term debt | 59.0 m | 1.8 bn | 119.0 m | 188.0 m | 144.0 m | 188.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Long-term debt | 5.6 bn | 5.9 bn | 6.6 bn | 6.5 bn | 5.5 bn | 6.6 bn | SEC (XBRL)· 24 Mar 2026verified |
| Total liabilities | 10.1 bn | 12.4 bn | 10.6 bn | 11.1 bn | 10.2 bn | 13.6 bn | SEC (XBRL)· 24 Mar 2026verified |
| Equity | 2.3 bn | 2.7 bn | 3.6 bn | 3.4 bn | 3.6 bn | 3.6 bn | SEC (XBRL)· 24 Mar 2026verified |
| Shares outstanding at year end | 101.7 m | 101.7 m | 172.1 m | 172.1 m | 172.1 m | 169.0 m | SEC (XBRL)· 24 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 821.0 m | 956.0 m | 1.3 bn | 1.2 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 24 Mar 2026verified |
| Capex | 622.0 m | 740.0 m | 800.0 m | 814.0 m | 540.0 m | 650.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Free cash flow | 199.0 m ≈ | 216.0 m ≈ | 484.0 m ≈ | 409.0 m ≈ | 1.1 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 24 Mar 2026derived |
| Investing cash flow | -495.0 m | -2.7 bn | -1.1 bn | -1.1 bn | -604.0 m | -374.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Financing cash flow | -598.0 m | 1.8 bn | -1.0 m | -377.0 m | -1.1 bn | -485.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Share repurchases | 10.0 m | 50.0 m | 0 | 5.0 m | 99.0 m | 119.0 m | SEC (XBRL)· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 13.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation92
- Returns13
- Quality76
- Balance sheet13
- Growth55
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 106.37 – 220.94 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)115.00 – 220.94 (Mid 153.06)WACC 7.8% · starting FCFF 1.7 bn USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -19.9%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E106.37 – 158.09 (Mid 120.20)5 companies used · median multiple 15.4x · quartiles 13.6x – 20.2xAD, IHS, KYIV, SPOK, TMUS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.4% | 67 (vs peers) | 15% |
| Net margin · Quality | 22.6% | 92 (vs peers) | 9% |
| FCF conversion · Quality | 82.4% | 75 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 1.1% | 10 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 83.4% | 100 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.3x | 13 (on a fixed band) | 9% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 9.8x | 86 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial13/100 · 1/3 factors with a value
- Growth55/100 · 2/2 factors with a value
- Quality76/100 · 3/3 factors with a value
- Returns· partial13/100 · 1/2 factors with a value
- Valuation92/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MILLICOM INTERNATIONAL CELLULAR SA (TIGO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.8 bn USD in 2025; YoY growth 0.3%; net margin 22.6%; ROE 36.2%.
The estimated value range is 110.68–189.52 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 136.63 USD, the price of 77.09 USD leaves a potential of 77.2% (value / price − 1) and a margin of safety of 43.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 22.6%
- FCF conversion: 82.4%
- EPS CAGR 3Y: 83.4%
- P/E (TTM): 9.8x
- FCF yield: 8.3%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: 1.1%
- Interest coverage: 2.3x
- Shareholder yield (distributions): 0.9%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Current ratio, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Radiotelephone Communications (SIC 4812) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CHTChunghwa Telecom Co., Ltd. | 380.0 bn | 326.5 | 9.4% | 16.2% | −3.8% | +17% / +29% |
| TMUST-Mobile Us, Inc. | 168.6 bn | 15.4 | 19.4% | 12.0% | +8.5% | −24% / +6% |
| VEONVEON Ltd. | 146.1 bn | 263.4 | 48.5% | 13.4% | +9.9% | +48% / +294% |
| TIGOMillicom International Cellular SA | 13.0 bn | 9.8 | 36.2% | 22.6% | +0.3% | +68% / +361% |
| KYIVKyivstar Group Ltd. | 3.1 bn | 23.9 | 10.4% | 10.7% | +25.9% | −4% / unavailable |
| ADArray Digital Infrastructure, Inc. | 2.9 bn | 5.4 | 18.3% | 250.8% | +58.3% | −32% / −27% |
| IHSIHS Holding Ltd | 2.8 bn | 20.2 | — | 9.1% | +3.6% | +19% / +82% |
| SPOKSpok Holdings, Inc. | 252.6 m | 13.6 | 12.8% | 13.9% | +1.5% | −9% / −28% |
| SIDUSidus Space, Inc. | 18.7 m | — | -27.0% | -970.3% | −27.6% | +49% / −82% |
| CHAICore Ai Holdings, Inc. | 3.6 m | — | -1,196.1% | -57.2% | +58.6% | −93% / −100% |
| SKMSK Telecom Co., Ltd. | — | — | 10.8% | 7.0% | +1.9% | +55% / +39% |
| TUTelus Corp | — | — | 7.1% | 5.4% | +0.6% | −30% / −49% |
| VODVodafone Group Public Ltd Co | — | — | -7.4% | -11.1% | +2.0% | +31% / +80% |
1- and 3-year price returns: for TIGO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 43.79 Total return -43% · Per year -43% | 77.54 Total return 1% · Per year 1% | 116.98 Total return 52% · Per year 52% |
| 3 years | 39.68 Total return -49% · Per year -20% | 79.32 Total return 3% · Per year 1% | 131.79 Total return 71% · Per year 20% |
| 5 years | 35.95 Total return -53% · Per year -14% | 81.15 Total return 5% · Per year 1% | 148.48 Total return 93% · Per year 14% |
- Exit P/E± 19.83
- Net margin± 13.88
- Annual revenue growth± 11.77
- Annual dilution± 1.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Mar 2026; since then the company filed 6-K (06 Aug 2026), 6-K (21 May 2026), 6-K (14 May 2026), 6-K (28 Apr 2026), 6-K (17 Apr 2026), 6-K (15 Apr 2026).
In brief
Millicom, operating under the Tigo brand, provides fixed and mobile services focused on emerging markets in Latin America across eleven countries. It reported revenue of 5819 million USD for fiscal 2025, and its recent acquisitions in Colombia and Ecuador are reshaping its footprint.
SWOT
Strengths
- Leading or top-ranked positions in several mobile and broadband markets, combined with an extensive fiber and data infrastructure.
- Geographic diversification across several Latin American countries, which reduces dependence on a single economy.
- A mobile financial services platform with a customer base that could support additional services.
Weaknesses
- Exposure to currency volatility and inflation in economies with macroeconomic instability.
- Complex ownership structures, including joint ventures, which limit full control over decisions.
- Dependence on regulations that can change quickly and may impose lower interconnection tariffs.
Opportunities
- Relatively low penetration of broadband and mobile services, which could offer long-term growth room.
- Consolidation in Colombia and Ecuador could expand market share and operating efficiencies.
- B2B, cloud and cybersecurity services could be developed on the existing fiber infrastructure.
Threats
- Intensified competition after mergers or new market entrants could reduce prices and margins.
- Legislative or regulatory changes, including limits on disconnecting customers, could affect revenue.
- Spectrum licenses or authorizations may not be renewed at expiry, or may be reassigned on harsher terms.
Risks
- Currency and inflation riskhigh
Devaluation of local currencies and inflation could reduce dollar-reported profitability and make services more expensive for customers.
- Underdeveloped regulationhigh
Regulatory frameworks can change rapidly, affecting tariffs, spectrum and interconnection obligations.
- Integration of acquisitionsmedium
Integrating recent acquisitions in Ecuador, Uruguay and Colombia could face operational difficulties or delays.
- Costa Rica merger rejectionmedium
The regulator's decision not to approve the transaction with Liberty Latin America shows the risk of consolidation being blocked.
- Spectrum license expirymedium
Some licenses expire at relatively near dates, and their renewal depends on decisions by local authorities.
Investment thesis
What would need to be true (bull case)
- If mobile and broadband penetration keeps rising in its markets, revenue could benefit from long-term demand.
- Consolidation in Colombia and Ecuador could improve competitive position and cost efficiency if the transactions are integrated successfully.
- The fiber infrastructure and data portfolio could support B2B services with higher margins.
What would break the thesis
- Currency volatility and inflation in emerging markets could squeeze margins and reduce dollar-reported results.
- Rising competition or regulation of interconnection tariffs could limit the ability to grow revenue.
- The complexity of joint venture structures and major transactions could create integration costs and uncertainty.
What to watch
- Completion and integration of the Colombian acquisitions (UNE and Coltel)2026
- Quarterly revenue trends in mobile and fixed servicesQ1 2027
- Regulatory developments and decisions on renewal of spectrum licensesnext 10-K
- Progress on a partial or full divestiture of Tigo Money2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Mar 2026; since then the company filed 6-K (06 Aug 2026), 6-K (21 May 2026), 6-K (14 May 2026), 6-K (28 Apr 2026), 6-K (17 Apr 2026), 6-K (15 Apr 2026).
The business
Millicom International Cellular S.A. is a Luxembourg public company offering mobile telephony, fixed broadband, cable and DTH television, mobile financial services through Tigo Money, and B2B solutions across several Latin American countries. According to its 2025 annual report, it ended the year with 49.3 million mobile customers and 4.6 million fixed customer relationships. The company also operates a large infrastructure portfolio, including over 200000 km of fiber 1.
The strategy described by the company rests on the view that mobile and fixed broadband penetration remains low in its markets, which could offer long-term growth room. At the same time, Millicom redefined its segments by country after its 2023-2024 reorganization to focus resources on a leaner corporate structure 1.
During 2025 the company completed several major transactions: the purchase of Otecel in Ecuador and Telefónica Móviles de Uruguay, the sale of tower assets to SBA Communications, and changes to its Colombian structure. The acquisition of control in UNE and Coltel, announced for early 2026, could materially change the scale of its Colombian operations 1.
Segments
Mobile
The mobile segment includes mobile data, voice and SMS, as well as the Tigo Money financial services. It generated 60% of consolidated service revenue in 2025, compared with 58% in 2024 1.
Fixed and other services
This segment covers broadband, pay-TV, fixed telephony and solutions for business and government customers. It accounted for 38% of consolidated service revenue in 2025, down from 40% in 2024 1.
Country segments
Reporting follows the countries of operation: Guatemala, Colombia, Panama, Bolivia, Honduras, Paraguay and an Other group covering El Salvador, Nicaragua, Costa Rica, Uruguay and Ecuador 1.
Market context
Markets served by Millicom show mobile and broadband penetration that management considers low, so revenue depends on middle-class growth, digitalization and demand for residential services. Currency volatility and inflation can affect costs and margins 1.
Competition is described as more intense, and less profitable, when the number of market participants rises. The regulatory framework in these countries is less developed than in the United States or the European Union and can change quickly 1.
Trends
- Digitalization and data consumptiontailwind
More connected devices per household and rising data needs support demand for mobile and broadband services.
- Low penetration in emerging marketstailwind
Room for higher penetration of fixed and mobile services is seen as significant, especially in countries where penetration is relatively low.
- Currency volatility and inflationheadwind
Exchange rate swings and inflationary pressure can raise costs or make services more expensive for customers.
- Consolidation and regulationmixed
Market consolidation through deals such as those in Colombia and Ecuador can change competition, while regulators may require lower interconnection fees.
Competitive position
Millicom competes with other large national operators in each country, and its position varies: it leads in mobile in Guatemala, Panama and Paraguay but ranks second in Colombia and Bolivia. The number of market participants directly influences margins, according to the report 1.
The competitive environment is also shaped by market structure, the financial strength of each operator and consolidation situations, which could shift the balance if the announced transactions are completed 1.
- Local national operators in Latin America
The source does not name individual competitors; only the large operators in each country are referred to.
- Coltel
Colombian operator with which Millicom created a joint mobile infrastructure business, and whose control stake was acquired from Telefónica in 2026.
- Empresa de Telecomunicaciones de Bogota
Colombian provider with which the company has wholesale network access agreements in the Bogota metropolitan area.
- Liberty Latin America
Operator with which a merger in Costa Rica was agreed, later rejected by the regulator and subject to appeal by the parties.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Millicom’s (TIGO) Profit Plunged 84% While Cash Flow Hit A RecordYahoo Finance — News · 18 Sept 2026 · EN
- The Oligopoly Advantage: Millicom’s (TIGO) Position in the Telecom LandscapeYahoo Finance — News · 31 Aug 2026 · EN
- Could Millicom International Cellular (TIGO)’s Growth Make this Telecom Partnership a Bigger Catalyst for Amdocs Limited (DOX)?Yahoo Finance — News · 28 Aug 2026 · EN
SEC filings
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)21 May 2026
- Current report (foreign issuer)14 May 2026
- Current report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)17 Apr 2026
- Current report (foreign issuer)15 Apr 2026
- Current report (foreign issuer)02 Apr 2026
- Current report (foreign issuer)26 Mar 2026
- Annual report (foreign issuer)24 Mar 2026
- Current report (foreign issuer)26 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Millicom International Cellular S.A. · 24 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.