Millicom’s 2025 report puts Latin America expansion in focus
Millicom International Cellular (TIGO) released its 2025 Annual Report, spotlighting record results and a year of expansion across Latin America through acquisitions in Ecuador and Uruguay, consolidation in Colombia, and entry into Chile.
See our latest analysis for Millicom International Cellular.
Millicom’s latest Annual Report arrives after a strong run in the shares, with a 30 day share price return of 13.6% and a 1 year total shareholder return of about 7x, suggesting momentum has been building as investors reassess growth prospects and risk.
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With the shares up sharply and trading slightly above the latest analyst price target, while an intrinsic value model still suggests a substantial discount, you have to ask yourself: is there mispricing here, or is future growth already baked in?
Most Popular Narrative: 43.4% Overvalued
Millicom’s most followed narrative pegs fair value at $52.35 per share, well below the last close of $75.07. This sets up a clear valuation tension for investors to weigh.
The analysts have a consensus price target of $44.511 for Millicom International Cellular based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of $55.0, and the most bearish reporting a price target of just $36.0.
Want to see what is driving that gap between fair value, price targets, and today’s share price? The narrative leans heavily on detailed assumptions for revenue, margins, and the earnings multiple the market could apply a few years out, plus how those future cash flows are discounted back using a specific required return.
Result: Fair Value of $52.35 (OVERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, execution slip ups on heavy capital spending, or a sharper hit from currency swings in markets like Bolivia, could quickly challenge this overvaluation story.
Find out about the key risks to this Millicom International Cellular narrative.
Another Take On Valuation
The narrative model says TIGO looks 43.4% overvalued at $75.07, yet its P/E of 9.5x sits well below both peers at 37.8x and the global Wireless Telecom average of 17.4x, and even under a 12x fair ratio. This points to a very different risk reward picture.
To see what the numbers say about this gap and where the market could move over time, See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
With sentiment clearly split between risk and reward, this is the moment to look through the numbers yourself, weigh the trade offs, and review the 3 key rewards and 3 important warning signs
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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