5 models fit Millicom International Cellular S.A. Common Stock and they disagree: 2 of 5 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Bronze40
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionMillicom International Cellular S.A. Common Stock (TIGO)
Fair value (5 models)
$74.04
ACCE price target
$105
Rating
Fairly valued
Horizon
12 months
Fair value published on 21 Oct 2026, 11:06 CEST; previously $86.12 since 16 Oct 2026, 00:00 CEST.
ACCE price target published on 26 Sept 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 11:06 CEST.
Price used: $78.34 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
5.8% above
-5.5% to fair value
ACCE score
69
out of 100
Analysts
13% buy
8 covering
P/E
20.6x
forward 10.0x
1-year return
+65.1%
Dividend yield
3.68%
Millicom International Cellular S.A. Common Stock in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Millicom runs mobile and fixed-line cable networks across Latin America, selling prepaid and postpaid mobile plans alongside broadband and TV bundles under the Tigo brand in markets such as Colombia, Bolivia, Paraguay and Guatemala. Its advantage is scale in several smaller Latin American markets where it is often one of two or three operators, which supports pricing discipline and a 76.5% gross margin. The reported 59.4% revenue growth reflects acquisitions and consolidation, so the question for a PM is how much of that is organic. At a 20.1x trailing P/E against an 11.3x forward P/E, the market is pricing in a sharp earnings step-up, and a 21.7% ROE and 20.7% operating margin suggest the business can support it. This is a name worth a deeper look, focused on integration of recent deals and the sustainability of the margin expansion.