TIGO · Intrinsic value
Is Millicom International Cellular S.A. (TIGO) overvalued or undervalued?
As of Oct 19, 2026, TickerWorth's valuation lenses put Millicom International Cellular S.A. (TIGO) at $37.90 – $241.03, too broad a range to say where the delayed market price of $82.42 sits in it, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.
Model by Miraaj Patel · generated from SEC filings and market data · Updated Oct 19, 2026 · How these pages are made
What is TIGO worth?
- Fair-value range
- $37.90 – $241.03
- Market price
- $82.42
- Gap to fair value
- —
- Verdict
- Too wide to call
Reverse DCF: Today's price implies revenue growth of 1.5% a year for 5 years; our model assumes 16.6% a year on average over the same horizon.
What is TIGO's TickerWorth Score?
Cheap against our estimate — but a weaker business
Compared with Communication Services companies in US
Its strongest point: trades below our estimate of what it's worth. Its weakest: balance sheet looks stretched.
- Value · 52 of 100
Cheaper than 52% of Communication Services companies in US
- Price vs worth · 100 of 100
- Quality · 69 of 100
More profitable than 69% of Communication Services companies in US
- Financial health · 12 of 100
Financially stronger than 12% of Communication Services companies in US
- Growth · 57 of 100
Growing faster than 57% of Communication Services companies in US
- Momentum · 75 of 100
Outperformed 75% of Communication Services companies in US over the past year
Confidence: Medium confidence · Scored
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Why TIGO gets a range, not one number
At a recent price of $82.42, Millicom International Cellular S.A. (TIGO) sits inside a range too wide to call either way: our valuation lenses put the business somewhere between $37.90 and $241.03 per share. They disagree too widely for us to state a single fair value.
Read the full reasoning
We publish the range rather than a midpoint because a number that precise would claim more than the methods can support. This is an educational model, not a price target or a recommendation.
The valuation discounts Millicom International Cellular S.A.'s projected free cash flows at a weighted-average cost of capital (WACC) of 7.6%, with a long-run terminal growth rate of 2.5%. About 79% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.
Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly 1.5% annual revenue growth for TIGO. Our base case instead compounds to about 16.6% a year over the same forecast, so the market is pricing in slower growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.
Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, TIGO's modeled DCF value ranges from about $126.32 to $400.60 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.
How to read this page: the DCF fair value is what Millicom International Cellular S.A. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of TIGO's intrinsic value. Figures update as new filings and prices come in.
Every input behind TIGO's DCF
| Input | Value |
|---|---|
| Base-year revenueMILLICOM INTERNATIONAL CELLULAR SA FY2025 20-F (accession 0001628280-26-020831): ifrs-full:RevenueFromContractsWithCustomers, FY2025 full year. | $5,819,000,000 |
| Base EBIT marginMILLICOM INTERNATIONAL CELLULAR SA FY2025 20-F (accession 0001628280-26-020831): ifrs-full:ProfitLossFromOperatingActivities 1,639,000,000 / revenue 5,819,000,000 = 28.17%, FY2025. | 28.2% |
| Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast | 30% → 24% → 17% → 10% → 4% |
| Risk-free rateLive feed — US 10-year Treasury yield (^TNX) | 5.1% |
| BetaLive feed — yfinance, 5-year monthly beta vs the S&P 500 (clamped to 0.4–2.5) | 0.90 |
| Terminal growthESTIMATEAssumption — TickerWorth house default 2.5%, held below WACC | 2.5% |
| Diluted sharesMILLICOM INTERNATIONAL CELLULAR SA FY2025 20-F (accession 0001628280-26-020831): WeightedAverageShares = 167,563,000 shares, FY2025. | 168M |
| Market priceBackup price feed · as of 2026-10-19 13:54 UTC | $82.42 |
Change TIGO's assumptions
The discount-rate dial and the editable model
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What does Millicom International Cellular S.A. do?
What does it do?
Millicom International Cellular S.A. engages in the provision cable and mobile services in Latin America. It operates in the Telecom Services industry (Communication Services sector), headquartered in Luxembourg. The company employs roughly 14,250 people.
How does it make money?
The business turns $7.2B in annual revenue into profit. Out of every $100 of sales, about $21 is left as operating profit (operating margin of 20.7%), after a 77% gross margin on the products/services it sells. After all costs, taxes and interest, 9.2% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks stretched: carries heavy debt (4.9× equity), may struggle to cover its short-term bills (0.5× current ratio), and is currently profitable.
TIGO insider trading
We have no recent SEC Form 4 insider filings on file for Millicom International Cellular S.A.. Form 4 covers US-listed companies only.
Common questions
What is TIGO's intrinsic value?
TickerWorth's valuation lenses put Millicom International Cellular S.A. (TIGO) between $37.90 and $241.03 per share, versus a market price of $82.42. They disagree too widely for us to state a single fair value, so we publish the range.
Is TIGO overvalued or undervalued?
At $82.42 the price sits inside a range too wide to call either way. We don't call TIGO overvalued or undervalued from a range this wide. This is an educational estimate, not advice.
What discount rate is used for TIGO?
A WACC of 7.6% and a terminal growth rate of 2.5%.
Is Millicom International Cellular stock undervalued?
TickerWorth's fair-value range for Millicom International Cellular S.A. (TIGO) is $37.90 – $241.03 against a market price of $82.42. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
Millicom International Cellular (TIGO) DCF valuation and fair value
Our fair-value range for Millicom International Cellular S.A. (TIGO) is $37.90 – $241.03, built on a 7.6% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Millicom International Cellular stock?
Today's price implies revenue growth of 1.5% a year for 5 years; our model assumes 16.6% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $82.42. A model estimate, not investment advice.
Millicom International Cellular (TIGO) insider trading
We have no recent SEC Form 4 insider filings on file for Millicom International Cellular S.A. (TIGO). Form 4 covers US-listed companies only.
Other ways into the coverage
Not investment advice. TickerWorth Score is a model output.
Educational tool. Every output reflects the assumptions shown — not a prediction and not investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.