Millicom International Cellular SA
- Indústria
- Telecom Carriers
- Bolsa
- EUA
- País / Região
- USA
- Data do IPO
- 28 de fevereiro de 1994
- Funcionários
- 14.250
- Site
- www.millicom.com
Faixa de valuation composta · conservador $68–$75 / justo $75–$89.5 / otimista $89.5–$114.8. A $95.38, Dentro da faixa de valor intrínseco otimista · muita expectativa já precificada.
Na publicação $84.67 (28 de maio de 2026)
Dados da EODHD, apresentados na moeda de reporte; apenas para referência, não constitui recomendação de investimento.
Millicom International Cellular S.A. engages in the provision cable and mobile services in Latin America. The company offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance. In addition, the company provides fixed services, including broadband, fixed voice, and pay-TV; and fixed-voice and data telecommunications services, managed services, cloud and security solutions, and value-added services; and tower infrastructure and services. The company serves small, medium, and large businesses, as well as residential consumers and governmental entities. It markets its products and services under the Tigo and Tigo Business brands. The company was founded in 1990 and is headquartered in Luxembourg, Luxembourg.
História
Millicom International Cellular S.A. (Tigo brand) was founded in December 1990, when Sweden's Kinnevik AB and the United States' Millicom Incorporated combined their international mobile communications joint-venture interests into a single platform; the company was formally incorporated under Luxembourg law on June 16, 1992, and is headquartered in Luxembourg. It originated as a vehicle for holding and operating cross-border telecom assets rather than from a single domestic operator. The company is now fully focused on Latin America, listing 11 operating markets in its 2025 annual report: Bolivia, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay and Uruguay. On the capital-markets side, the shares have traded on the US Nasdaq Global Select Market since January 9, 2019, and the company retained a Stockholm SDR listing until March 17, 2025, when it shifted to a single US listing. In November 2021 it acquired the remaining 45% of Tigo Guatemala for $2.2 billion in cash, taking the Guatemala business to 100% ownership; Guatemala became its largest EBITDA contributor at $928 million in 2025. During 2024 the company pursued a flattening of its organization, with Marcelo Benitez appointed CEO on June 1, 2024 and Bart Vanhaeren appointed CFO on April 15, 2024; in 2024 an Atlas/Xavier Niel privatization attempt offered $24 and later $25.75 per share, both of which the independent committee deemed to significantly undervalue the company. In 2025 the company completed part of an infrastructure transaction with SBA (about $600 million received, with the full deal expected to be around $975 million) and declared a proposed special dividend of $2.50 per share; it also signed and completed acquisitions of Telefónica assets in Uruguay ($440 million) and Ecuador ($380 million), and in Q1 2026 consolidated control of Colombia's Coltel, lifting Q1 2026 revenue 45.1% year over year on a reported basis.
Posição no setor
Millicom operates in Latin American telecommunications, functioning as a digital infrastructure provider across lower-penetration markets. Mobile is its largest segment, contributing 60% of service revenue in 2025, with fixed services such as home broadband, cable TV, B2B, mobile financial services and equipment sales forming the second leg. As of end-2025 it had 49.311 million mobile subscribers at a mobile ARPU of $6.2 per month, and reached 13.541 million homes passed via HFC/FTTH with 4.604 million home customer relationships at a Home ARPU of $24.7 per month. Its profit pool is concentrated: by 2025 figures, Guatemala accounted for 26% of revenue and Colombia 22%, while the three largest EBITDA contributors were Guatemala ($928 million), Colombia ($604 million) and Panama ($371 million). Sources of its competitive position include local brand and channel density, converged fixed-plus-mobile networks, relative leadership in mid-sized countries, and capital-markets and M&A execution capability; the company states that network effects and durable technology leadership are not its advantages, and that since 2022 it has been evaluating a partial or full sale of its Tigo Money business. Within the industry, profit pools are typically taken by large regional operators such as América Móvil/Claro, by cable/fixed-focused operators such as Liberty Latin America, and by regional players such as Tigo with strong local positions in mid-sized markets. América Móvil is the most direct reference point, with 331 million wireless subscribers and 79 million fixed RGUs as of end-2025; other comparables cited include Liberty Latin America and Telecom Argentina. On governance, the Niel Family Group held 44.1% beneficial ownership as of early 2026, and 4 of the 8 board members had ties to the largest shareholder.
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