# Millicom International Cellular S.A. (TIGO) — Stock CV

Millicom International Cellular S.A. is a $13.4B communication services company. Revenue grew 0.3% over the last year, it keeps 23¢ of every dollar of sales as profit, and its net debt equals ~7.7 years of free cash flow. It trades at 20.0× earnings.

> Millicom offers wireless and fixed-line telecom services primarily in smaller, less developed countries in Latin America.

## Identity

- **Ticker**: TIGO
- **Sector**: Communication Services
- **Industry**: Telecom Services
- **Employees**: 15 000
- **Website**: https://www.millicom.com
- **Market cap**: $13.4B
- **Last price**: $79.99
- **Financial profile**: Strained

## Vitals (FY2025)

- **Revenue**: $5.82B
- **Net income**: $1.32B
- **Free cash flow**: $1.47B
- **Net debt**: $11.2B
- **P/E**: 20.0
- **Revenue growth (YoY)**: 0.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 95 |
| Growth | 82 |
| Profitability | 82 |
| Health | 21 |
| Quality | 85 |
| Moat | 55 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +0.3% YoY
- [x] Profitable — $1.32B FY2025
- [x] Profit growing — +83.2% YoY
- [x] Generates cash — $1.47B FY2025
- [ ] Debt under control — ~7.7y of cash flow to repay
- [x] Established company — $13.4B market cap
- [x] Not printing shares — -1.9% shares over ~5y
- [ ] Proven track record — 4/5 profitable years
- [ ] Financially stable — Altman Z 1.0 — distress
- [x] Pays a dividend — yield 6.91%
- [x] Valuation not extreme — P/E 20.0

## Experience (career milestones)

- **FY2025** — Best year on record: $1.32B net income
- **FY2021** — First recorded profitable year: $590M net income
- **FY2021** — Revenue already above $1B: $4.26B in first reported year
- **FY2021** — Positive free cash flow every year since: 5-year streak

## Strengths

- High gross margin (76.6%)
- Strongly profitable — 22.6% net margin
- Strong cash conversion — FCF is 25.2% of revenue
- Interest covered 5.2× by operating earnings

## Watch-outs

- Altman Z-Score 0.98 — elevated financial-distress risk
- Net debt would take ~7.7 years of free cash flow to repay
- Loss-making in 1 of the recent years
- Net debt equals ~7.7 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.26B | $590M | $484M |
| FY2022 | $5.62B | $177M | $409M |
| FY2023 | $5.66B | -$82.0M | $1.06B |
| FY2024 | $5.80B | $253M | $1.08B |
| FY2025 | $5.82B | $1.32B | $1.47B |

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Source: https://stockcv.com/TIGO — derived from company filings; may be delayed or incomplete. Information, not investment advice.