Millicom International Cellular SA
TIGO on Nasdaq. Radiotelephone communications. Market value $14.8bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Media & telecom stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$91.17 a share, 103% above its 1-year low
Over the past year the price has ranged from $44.88 to $107.13.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.17bn | 0.17bn | 0.17bn | 0.17bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 66% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 March 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
10 long-term investors we follow own it, unchanged from 10 last quarter. 437 funds in all.
- Dodge & CoxDodge & Cox investment committee
- Value
- $746m
- Share of fund
- 0.4%
- Boston PartnersBoston Partners team
- Value
- $28m
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $7m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Dodge & CoxDodge & Cox investment committee | $746m | 0.4% | |
| Brandes Investment PartnersCharles Brandes | $250m | 1.8% | Cut |
| Marathon Asset ManagementNeil Ostrer | $97m | 3.9% | Cut |
| Cullen Capital ManagementJames Cullen | $71m | 0.7% | Cut |
| GAMCO InvestorsMario Gabelli | $40m | 0.4% | Cut |
| Hosking PartnersJeremy Hosking | $31m | 1.0% | Cut |
| Boston PartnersBoston Partners team | $28m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $7m | <0.1% | |
| Causeway Capital ManagementSarah Ketterer | $6m | <0.1% | Cut |
| Polen CapitalDan Davidowitz | $3m | <0.1% | Cut |
Largest holders overall
- Dodge & Cox$746m
- BlackRock$739mAdded
- JPMorgan Chase$623mCut
- Capital World Investors$332mNew
- State Street$251mAdded
- Brandes Investment Partners$250mCut
- Barclays$243mCut
- Axiom Investors$145mAdded
- Swedbank AB$140mCut
- Geode Capital Management$139mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Atlas Investissement SASat least 49.5%0.0 pts(filed with 7 related holders)Since 22 September 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: The information set forth in Item 3 of this Amendment No. 30 is incorporated herein by reference. In addition, Atlas Investissement intends (subject to certain conditions, including obtaining…
Read the filing - Xavier Niel42.2%0.0 ptsSince 18 September 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: As previously disclosed, on August 20, 2025, Atlas Investissement entered into European-style call spread option transactions (the "Transactions") with unaffiliated third party financial…
Read the filing - Atlas SASPassive investor41.9%+0.7 ptsSince 13 March 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: On March 13, 2025, Atlas entered into a non-exclusive blind mandate purchase plan in the form of a Purchase Mandate (the "Purchase Mandate"), which terminated in accordance with its terms on…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Atlas Investissement SAS | at least 49.5%0.0 pts (filed with 7 related holders) | 22 September 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented by adding the following: The information set forth in Item 3 of this Amendment No. 30 is incorporated herein by reference. In addition, Atlas Investissement intends (subject to certain conditions, including obtaining… Read the filing |
Xavier Niel | 42.2%0.0 pts | 18 September 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented by adding the following: As previously disclosed, on August 20, 2025, Atlas Investissement entered into European-style call spread option transactions (the "Transactions") with unaffiliated third party financial… Read the filing |
Atlas SAS Passive investor | 41.9%+0.7 pts | 13 March 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented by adding the following: On March 13, 2025, Atlas entered into a non-exclusive blind mandate purchase plan in the form of a Purchase Mandate (the "Purchase Mandate"), which terminated in accordance with its terms on… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $8m.
- Lesina Karim AntonioEVP, CEA OfficerSold
- Date
- 11 June 2026
- Shares
- 42,497
- Price
- $90.00
- Value
- $4m
- Escalon SalvadorChief Legal & Compliance Off.Sold
- Date
- 1 June 2026
- Shares
- 49,288
- Price
- $88.51
- Value
- $4m
- Trevino de Vega BlancaDirectorSold
- Date
- 20 May 2026
- Shares
- 284
- Price
- $73.92
- Value
- $20,993
- Dimovic JustineDirectorSold
- Date
- 20 May 2026
- Shares
- 284
- Price
- $73.92
- Value
- $20,993
- CHURCHILL BRUCEDirectorSold
- Date
- 20 May 2026
- Shares
- 284
- Price
- $73.92
- Value
- $20,993
- Arnal Maria TeresaDirectorSold
- Date
- 20 May 2026
- Shares
- 284
- Price
- $73.92
- Value
- $20,993
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 June 2026 | Lesina Karim Antonio EVP, CEA Officer | Sold | 42,497 | $90.00 | $4m |
| 1 June 2026 | Escalon Salvador Chief Legal & Compliance Off. | Sold | 49,288 | $88.51 | $4m |
| 20 May 2026 | Trevino de Vega Blanca Director | Sold | 284 | $73.92 | $20,993 |
| 20 May 2026 | Dimovic Justine Director | Sold | 284 | $73.92 | $20,993 |
| 20 May 2026 | CHURCHILL BRUCE Director | Sold | 284 | $73.92 | $20,993 |
| 20 May 2026 | Arnal Maria Teresa Director | Sold | 284 | $73.92 | $20,993 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.