TIGO
Millicom International Cellular S.A. (TIGO)
Last Price$29.32.1%
Market Cap$4,581.4M
DCF value
$78.5
Undervalued (DCF value)
167.6%
Discount Rate
4.0%
Long-Term Growth Rate
2.5%
Stock quality
7/10
Great

TIGO DCF Model

Free Cash Flow to Firm Model
NOPAT Model
Free Cash Flow to Equity Model
Net Income Model
Millions
Billions
Dec'20 ActualDec'21 ActualDec'22 ActualDec'23 ActualDec'24 ActualDec'25 EstimateDec'26 EstimateDec'27 EstimateDec'28 EstimateDec'29 EstimateDec'30 EstimateDec'31 EstimateDec'32 EstimateDec'33 EstimateDec'34 EstimateDec'35 Terminal
% growth
4,171.0
(3.8%)
4,617.0
10.7%
5,624.0
21.8%
5,661.0
0.7%
5,804.0
2.5%
5,795.7
(0.1%)
5,923.8
2.2%
6,035.0
1.9%
6,312.0
4.6%
6,582.8
4.3%
6,845.7
4.0%
7,098.5
3.7%
7,339.6
3.4%
7,566.9
3.1%
7,778.6
2.8%
7,973.1
2.5%
446.0
10.7%
659.0
14.3%
915.0
16.3%
826.0
14.6%
1,342.0
23.1%
805.3
13.9%
823.1
13.9%
838.6
13.9%
877.1
13.9%
914.7
13.9%
951.2
13.9%
986.3
13.9%
1,019.8
13.9%
1,051.4
13.9%
1,080.8
13.9%
1,107.9
13.9%
NOPAT
% effective tax rate
613.9
14.7%
488.8
10.6%
61.5
1.1%
(1,175.3)
(20.8%)
658.8
11.4%
395.4
6.8%
404.1
6.8%
411.7
6.8%
430.6
6.8%
449.1
6.8%
467.0
6.8%
484.2
6.8%
500.7
6.8%
516.2
6.8%
530.6
6.8%
543.9
6.8%
% of revenue
1,208.0
29.0%
1,114.0
24.1%
1,344.0
23.9%
1,338.0
23.6%
1,030.0
17.7%
1,261.1
21.8%
1,289.0
21.8%
1,313.2
21.8%
1,373.5
21.8%
1,432.4
21.8%
1,489.6
21.8%
1,544.6
21.8%
1,597.1
21.8%
1,646.5
21.8%
1,692.6
21.8%
1,734.9
21.8%
% of revenue
(824.0)
(19.8%)
(908.0)
(19.7%)
(1,072.0)
(19.1%)
(1,183.0)
(20.9%)
(540.0)
(9.3%)
(951.7)
(16.4%)
(972.7)
(16.4%)
(991.0)
(16.4%)
(1,036.5)
(16.4%)
(1,081.0)
(16.4%)
(1,124.1)
(16.4%)
(1,165.6)
(16.4%)
(1,205.2)
(16.4%)
(1,242.5)
(16.4%)
(1,277.3)
(16.4%)
(1,309.2)
(16.4%)
(2.0)
(0.0%)
(81.0)
(1.8%)
(151.0)
(2.7%)
(169.0)
(3.0%)
(6.0)
(0.1%)
(111.5)
(1.9%)
(114.0)
(1.9%)
(116.1)
(1.9%)
(121.5)
(1.9%)
(126.7)
(1.9%)
(131.7)
(1.9%)
(136.6)
(1.9%)
(141.3)
(1.9%)
(145.6)
(1.9%)
(149.7)
(1.9%)
(153.4)
(1.9%)
Free Cash Flow to Firm (FCFF)
% of revenue
995.9
23.9%
613.8
13.3%
182.5
3.2%
(1,189.3)
(21.0%)
1,142.8
19.7%
593.3
10.2%
606.4
10.2%
617.8
10.2%
646.1
10.2%
673.8
10.2%
700.7
10.2%
726.6
10.2%
751.3
10.2%
774.6
10.2%
796.2
10.2%
816.1
10.2%
% of FCFF used in calculation
80.8%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Discount period
0.50
1.50
2.50
3.50
4.50
5.50
6.50
7.50
8.50
9.50
Discount factor
0.98
0.94
0.91
0.87
0.84
0.81
0.78
0.75
0.72
0.69
Discounted FCFF (DFCFF)
470.2
571.9
560.4
563.7
565.4
565.5
563.9
560.8
556.0
549.7

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TIGO DCF Value

DCF Value Calculation

as of Mar 11, 2025
Sum of DFCFF
% share of EV
5,527.4M
30.0%
Terminal Value (TV)
18.7B
Discounted TV
% share of EV
12.9B
70.0%
Total Debt
6,862.0M
Shares outstanding
156.1M
FX rate
1.0
167.6% undervalued

Equity Value Bridge

TIGO DCF Financials

Revenue
$5,804.0M -> $7,778.6M 3.0% CAGR
Operating Income
$1,342.0M -> $1,080.8M (2.1%) CAGR
FCFF
$1,142.8M -> $796.2M (3.5%) CAGR

TIGO DCF sensitivity

DCF value
Long-term Terminal growth rate
1.5%
2.0%
2.5%
3.0%
3.5%
WACC
3.0%
$84.0
$84.0
$84.0
$84.0
$84.0
3.5%
$81.0
$81.0
$81.0
$81.0
$81.0
4.0%
$79.0
$79.0
$79.0
$79.0
$79.0
4.5%
$76.0
$76.0
$76.0
$76.0
$76.0
5.0%
$73.0
$73.0
$73.0
$73.0
$73.0
DCF value, undervalued / overvalued
Long-term Terminal growth rate
1.5%
2.0%
2.5%
3.0%
3.5%
WACC
3.0%
186.0%
186.0%
186.0%
186.0%
186.0%
3.5%
176.0%
176.0%
176.0%
176.0%
176.0%
4.0%
169.0%
169.0%
169.0%
169.0%
169.0%
4.5%
159.0%
159.0%
159.0%
159.0%
159.0%
5.0%
149.0%
149.0%
149.0%
149.0%
149.0%

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FAQ

What is Millicom International Cellular S.A. DCF (discounted cash flow) valuation?

As of Mar 11, 2025, Millicom International Cellular S.A.'s Discounted Cash Flow (DCF) valuation estimates its share price at $78.5. This suggests it may be undervalued by 167.6% compared to its current price of around $29.3, using a WACC of 4.0% and growth rates of 2.5%.

What is Millicom International Cellular S.A. WACC?

As of Mar 11, 2025, Millicom International Cellular S.A.'s Weighted Average Cost of Capital (WACC) is approximately 4.0%.

What is Millicom International Cellular S.A. Enterprise Value?

As of Mar 11, 2025, Millicom International Cellular S.A.'s Enterprise Value (EV) is approximately $18.4B. This value reflects the company's total market capitalization plus debt, minus cash and cash equivalents, providing a comprehensive measure of its overall value in the market.