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Millicom International Cellular SA TIGO

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Morningstar’s Analysis

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Millicom Posts Solid First Quarter As Momentum Continues To Build; Shares Attractive

Analyst Note

| Michael Hodel, CFA |

Millicom continued to build momentum during the first quarter, posting customer growth and improving financial performance across each of the countries it serves in Latin America. The firm also recently agreed to sell the remainder of its operations in Africa, though management declined to disclose how much the transactions will yield. With its focus now solely in Latin America, Millicom’s priority is to invest in its existing markets and continue reducing leverage taken on to fund acquisitions in recent years. Regarding potential mergers and acquisitions, management indicated it is most interested in buying out minority shareholders of existing operations in Colombia, Panama, Guatemala and Honduras. We don’t expect to significantly change our $64 fair value estimate and we continue to believe the shares are undervalued.

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Company Profile

Business Description

Millicom offers wireless and fixed-line telecom services primarily in smaller, less congested markets or in less developed countries in Latin America. Countries served include Bolivia, Honduras, Nicaragua, Panama, El Salvador, Guatemala, Paraguay, Colombia, and Costa Rica. It also operates in Africa but has been selling out of African markets over the past couple years. Increasingly, it offers a converged package that may include fixed-line phone, broadband, and pay television in conjunction with wireless services.

2, Rue du Fort Bourbon
Luxembourg, L-1249, Luxembourg
T +352 27759101
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 21,419