Millicom (TIGO)

• Market cap: $5.75B
• 1 day: 2.19%
• 5 days: 7.59%
• 1 month: 14.87%
• 3 months: 40.92%
• 6 months: 42.11%
• Year to date: 46.64%
• 1 year: 53.10%
• 5 years: 80.73%
• 10 years: -45.02%
• Sector: Communication Services
• Industry: Telecom Services

About: Millicom offers wireless and fixed-line telecom services primarily in smaller, less developed countries in Latin America. Countries served include Bolivia (100% owned), Nicaragua (100%), Panama (100%), El Salvador (100%), Guatemala (100%), Paraguay (100%), Colombia (50%), and Honduras (67% but not controlled or consolidated in the firm's financial statements). The firm's wireless networks cover about 120 million people, serving 42 million customers. Its fixed-line networks reach 14 million homes, serving about 4 million broadband customers. Increasingly, Millicom offers converged packages that include broadband with wireless services. The firm has agreed to sell the majority of its wireless towers to SBA Communications for $975 million.

Employees: 14,000

Fund manager confidence

Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

888% more first-time investments, than exits

New positions opened: 79 | Existing positions closed: 8

500% more funds holding in top 10

Funds holding in top 10: 1 [Q4 2024] → 6 (+5) [Q1 2025]

493% more capital invested

Capital invested by funds: $281M [Q4 2024] → $1.67B (+$1.38B) [Q1 2025]

321% more repeat investments, than reductions

Existing positions increased: 59 | Existing positions reduced: 14

71% more funds holding

Funds holding: 97 [Q4 2024] → 166 (+69) [Q1 2025]

25.45% more ownership

Funds ownership: 6.53% [Q4 2024] → 31.98% (+25.45%) [Q1 2025]

61% less call options, than puts

Call options by funds: $106K | Put options by funds: $272K

Research analyst outlook

4 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $36 2% downside
• Avg. target: $39 5% upside
• High target: $41 11% upside

4 analyst ratings

• positive: 3 75%
• neutral: 1 25%
• negative: 0 0%

UBS Leonardo Olmos	7% upside $40	Buy Maintained	16 May 2025
Barclays Mathieu Robilliard	2% downside $36	Equal-Weight Maintained	3 Apr 2025
JP Morgan Marcelo Santos	11% upside $41	Overweight Maintained	3 Apr 2025
Scotiabank Andres Coello	3% upside $38	Sector Outperform Maintained	28 Feb 2025