Fact based stock research
Millicom International Cellular (NasdaqGS:TIGO)

LU0038705702

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

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Millicom International Cellular stock research in summary

millicom.com

ANALYSIS: With an Obermatt Combined Rank of 63 (better than 63% compared with investment alternatives), Millicom International Cellular (Wireless Telecommunication, Luxembourg) shares have above-average financial characteristics compared with similar stocks. Shares of Millicom International Cellular are a good value (attractively priced) with a consolidated Value Rank of 68 (better than 68% of alternatives), show above-average growth (Growth Rank of 96) but are riskily financed (Safety Rank of 6), which means above-average debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 63, is a buy recommendation based on Millicom International Cellular's financial characteristics. As the company Millicom International Cellular's key financial metrics exhibit excellent performance in two areas, such as good value (Obermatt Value Rank of 68) and above-average growth (Obermatt Growth Rank of 96), it could be argued that the risk-taking in financing (Obermatt Safety Rank of only 6) indicates that the company is optimistic about the future and sees debt as an opportunity to boost returns. More debt means more shareholder returns if everything goes well. However, higher debt burdens are risky when interest rates rise or the business deteriorates in a crisis. If you believe the company's future is market-typical or even better, this could be an argument for a share purchase. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	68
Growth Rank	96
Safety Rank	6
Combined Rank	63

Country	Luxembourg
Industry	Wireless Telecommunication
Index	Human Rights, NASDAQ
Size class	Large

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Research History: Millicom International Cellular

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	57	34	60	68
GROWTH
GROWTH	59	41	78	96
SAFETY
SAFETY	1	4	11	6
SENTIMENT
SENTIMENT	92	32	68	^new
360° VIEW
360° VIEW	55	8	56	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Millicom International Cellular is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	57	34	60	68
GROWTH
GROWTH	59	41	78	96
SAFETY
SAFETY	1	4	11	6
COMBINED
COMBINED	30	6	51	63

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Millicom International Cellular the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 68 (better than 68% compared with alternatives), Millicom International Cellular shares are more attractively priced than the majority of comparable stocks. The Value Rank is based on consolidating four value indicators, with half of the indicators below and half above average for Millicom International Cellular. Price-to-Profit (also referred to as price-earnings, P/E) is 64 which means that the stock price compared with what market professionals expect for future profits is lower than for 64% of comparable companies, indicating a good value concerning Millicom International Cellular's profit levels. The same is valid for Price-to-Book Capital (also referred to as market-to-book ratio) with a Price-to-Book Rank of 46, which means that the stock price is lower as regards to invested capital than for 46% of comparable investments. On the other hand, Price-to-Sales is less favorable than 57% of alternatives (only 43% of peers have an even less favorable ratio). The same is valid for dividend yield, which is lower than 18% of comparable companies, making the stock more expensive as regards to the company's expected dividend payouts. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 68, is a buy recommendation based on Millicom International Cellular's stock price compared with the company's operational size and dividend yields. This is a puzzling picture, because it means that profits are high while dividends are low. Since the stock price is low compared with invested capital but high in respect to expected revenues, it means that the company has more invested capital than peers for generating the same amount of revenue. Since profits are higher, it could be a "cash cow" situation (using the classic Boston Consulting BCG matrix naming convention) where the company is on a downward trend, still living from the profits of past products. As the company pays low dividends, it may harbor the opinion that a turnaround is possible, and it rather invests the cash than pay it out to shareholders, thus sealing the company's fate early. Any investment optimism should only be a buy trigger once thorough research is completed. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is especially important in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	100	80	59	43
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	57	22	70	64
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	59	65	61	46
DIVIDEND YIELD
DIVIDEND YIELD	1	1	32	82
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	57	34	60	68

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Millicom International Cellular; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 96 (better than 96% compared with alternatives) for 2025, Millicom International Cellular shows one of the highest growth dynamics in its industry. Investors also speak of high momentum. The Growth Rank is based on consolidating four value indicators, with all four indicators above average for Millicom International Cellular. Sales Growth has a value of 63, which means that, currently, professionals expect the company to grow more than 63% of its competitors. The same is valid for Profit Growth with a value of 90 and for Capital Growth with 73. In addition, Stock Returns had an above-average rank value of 100, which means they have been higher than 100% of comparable investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 96, is a buy recommendation for growth and momentum investors. Since all Growth Ranks are positive, Millicom International Cellular exhibits above-average growth momentum. This could be due to a uniquely strong market position, proprietary technology, or an extensive corporate acquisition strategy. Growth investors will find this an attractive investment opportunity, unless they expect that the current phase is transitory and will deteriorate in the future. The current performance could also be a temporary recovery from a very low point, such as a turn-around situation. In the case of a turn-around, the current performance may or may not be followed by a continuing positive development. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	70	63	20	63
PROFIT GROWTH
PROFIT GROWTH	82	10	100	90
CAPITAL GROWTH
CAPITAL GROWTH	66	20	58	73
STOCK RETURNS
STOCK RETURNS	5	93	96	100
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	59	41	78	96

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Millicom International Cellular.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 6 (better than 6% compared with alternatives), the company Millicom International Cellular has much riskier financing practices than comparable other companies, which means that their overall debt burden is significantly above the industry average. This doesn't mean that the business of Millicom International Cellular is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with all three metrics below average for Millicom International Cellular. Liquidity is at 29, meaning that the company generates less profit to service its debt than 71% of its competitors. This indicates that the company is on the riskier side when it comes to debt service. Even worse, Leverage is at a rank of 21, meaning the company has an above-average debt-to-equity ratio. It has more debt than 79% of its competitors. Finally, Refinancing is at a rank of 16 which means that the portion of the debt about to be refinanced is above average. It has more debt in the refinancing stage than 84% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 6 (worse than 94% compared with alternatives), Millicom International Cellular has a financing structure that is significantly riskier than that of its competitors. This combination is rather dangerous in most situations. Only very promising companies with bright future outlooks and stellar reputations can operate with such risky financing. Investors should look at Obermatt’s Value, Growth, and Sentiment Ranks to confirm a very positive outlook or be careful with investing in stocks of Millicom International Cellular because it may suffer significantly in case of future difficulties. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	14	14	16	21
REFINANCING
REFINANCING	1	27	42	16
LIQUIDITY
LIQUIDITY	10	18	24	29
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	1	4	11	6

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Millicom International Cellular and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	31	67	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	20	50	^new
PRO HOLDINGS
PRO HOLDINGS	79	22	16	^new
MARKET PULSE
MARKET PULSE	94	91	100	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	92	32	68	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Millicom International Cellular.
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