Millicom (TIGO)

• Market cap: $4.54B
• 1 day: 0.87%
• 5 days: -2.44%
• 1 month: 7.80%
• 3 months: -1.87%
• 6 months: 6.14%
• Year to date: 6.69%
• 1 year: 65.09%
• 5 years: -44.13%
• 10 years: -60.00%

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 41 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: 15,000

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

54% more call options, than puts

Call options by funds: $105K | Put options by funds: $68K

13% more first-time investments, than exits

New positions opened: 18 | Existing positions closed: 16

3% more capital invested

Capital invested by funds: $217M [Q2] → $223M (+$6.55M) [Q3]

0% more funds holding in top 10

Funds holding in top 10: 1 [Q2] → 1 (+0) [Q3]

0.37% less ownership

Funds ownership: 5.16% [Q2] → 4.79% (-0.37%) [Q3]

1% less funds holding

Funds holding: 96 [Q2] → 95 (-1) [Q3]

18% less repeat investments, than reductions

Existing positions increased: 27 | Existing positions reduced: 33

Research analyst outlook

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

• Low target: $32 19% upside
• Avg. target: $33 21% upside
• High target: $33 23% upside

2 analyst ratings

• positive: 1 50%
• neutral: 1 50%
• negative: 0 0%

Morgan Stanley Cesar Medina 0 / 0 met price target	19% upside $32	Equal-Weight Initiated	29 Jan 2025
JP Morgan Marcelo Santos 63% 1-year accuracy 5 / 8 met price target	23% upside $33	Overweight Maintained	16 Jan 2025