Millicom International Cellular S.A.

TIGO

Telecommunications Services · Communication Services

Price

$98.34

+2.76 (+2.89%)

Market Cap

$16.48B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+2.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 164.5M (2021) → 168.1M (2025)

Millicom 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

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+44.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-43.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

44.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Millicom International Cellular S.A. grew revenue 44% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

52.3%

Healthy — 52.3% gross margin

Operating Margin

19.6%

Healthy — 19.6% operating margin

ROCE

3.2%

Weak — 3.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+13.0%

Fast-growing sales (13.0% YoY)

EPS YoY

+255.8%

Earnings growing fast (255.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

170%

Turns 170% of profit into real cash

FCF Margin

21.6%

Converts sales into free cash efficiently (21.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

2.85

Heavy debt load (2.85)

Interest Cover

2.72x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

13.3x

Attractive valuation — P/E 13.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-2.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

6.32%

Healthy income — 6.32% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-45.5%

Dividend cut (-45.5% YoY) — warning sign

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