# Millicom International Cellular S.A. (TIGO)

> Source: Nexqual · https://nexqual.com/TIGO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Millicom International Cellular S.A. (TIGO), nexqual.com/TIGO" · informational, not investment advice.

**Price:** USD 79.93 (-2.11% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 81.65 · day 77.84–82.19 · 52w 44.88–107.13 · market cap $13.4B · NMS

## Key facts
- 2 of 80 tracked superinvestors hold TIGO (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $8.3M; 6 not under a Rule 10b5-1 plan ($8.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.13 on a 1–5 scale) (8 analysts), mean target USD 96.39 (range 60.1–132).
- Total return with dividends: 1Y +78.1% vs S&P 500 +14.9%; 5Y +163.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.83, revenue estimate $2.23B.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold TIGO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 0.39% | $746M | Added +0.7% |
| Sarah Ketterer | Causeway Capital Management | 0.06% | $6.0M | Reduced -68.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-11 | Lesina Karim Antonio | EVP, CEA Officer | 42,497 | $3.8M | 26.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Escalon Salvador | Chief Legal & Compliance Off. | 49,288 | $4.4M | 23% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Trevino De Vega Blanca | Director | 284 | $21K | 2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Dimovic Justine | Director | 284 | $21K | 3.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Churchill Bruce | Director | 284 | $21K | 1.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Arnal Maria Teresa | Director | 284 | $21K | 2% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.13 on a 1–5 scale), 8 analysts; mean target USD 96.39 (low 60.1, high 132).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-18 | JP Morgan | Downgrade | Overweight → Neutral | $100 → $105 |
| 2026-08-08 | Scotiabank | Target raised | Sector Underperform | $52.4 → $60.1 |
| 2026-07-14 | UBS | Target raised | Neutral | $90 → $100 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +78.1% | +163.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +78.5% | +21.4% |
| Volatility (annualized) | 42.0% | 38.8% |
| Max drawdown | -23.4% (Aug 2026→Oct 2026) | -70.4% (Nov 2021→Oct 2022) |

## Peers (Telecom Services)
TU (Telus Corporation) USD 8.86 +5.73% · CHTR (Charter Communications, Inc.) USD 111.77 +4.20% · TLK (PT Telekomunikasi Indonesia, Tb) USD 12.21 +3.65% · RCI (Rogers Communication, Inc.) USD 33.2 +4.57% · BCE (BCE, Inc.) USD 20.81 +4.15% · VIV (Telefonica Brasil S.A.) USD 13.08 +1.24%

## More
Full page: https://nexqual.com/TIGO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TIGO's own 20-F filed 2026-03-24 (https://www.sec.gov/Archives/edgar/data/912958/000162828026020831/tigo-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Huawei | "The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare." |
| Supplier | Apple (AAPL) | "The key suppliers of our handsets and set-top boxes, in terms of both volume of sales and importance to our operations, are Apple, B-Mobile, Blu, Honor, Maxwest, Motorola, OPPO, Samsung, Tecno, Vivo, Xiaomi and ZTE." |
| Supplier | Samsung Electronics | "The key suppliers of our handsets and set-top boxes, in terms of both volume of sales and importance to our operations, are Apple, B-Mobile, Blu, Honor, Maxwest, Motorola, OPPO, Samsung, Tecno, Vivo, Xiaomi and ZTE." |
| Supplier | Xiaomi | "The key suppliers of our handsets and set-top boxes, in terms of both volume of sales and importance to our operations, are Apple, B-Mobile, Blu, Honor, Maxwest, Motorola, OPPO, Samsung, Tecno, Vivo, Xiaomi and ZTE." |
| Customer | Paraguay | "In 2016, the regulator in Paraguay extended the unused prepaid data allowance from 30 to 90 days, which impacted the frequency at which a portion of our prepaid customers purchase additional data allowances from us." |
| Customer | Bolivia | "rates, as measured by the number of subscribers who use a smartphone to access mobile data services on 4G networks, were approximately 73% in Bolivia, 65% in Panama, 64% in Ecuador, 63% in Uruguay, 62% in El Salvador, 61…" |
| Customer | Uruguay | "rates, as measured by the number of subscribers who use a smartphone to access mobile data services on 4G networks, were approximately 73% in Bolivia, 65% in Panama, 64% in Ecuador, 63% in Uruguay, 62% in El Salvador, 61…" |
| Customer | El Salvador | "rates, as measured by the number of subscribers who use a smartphone to access mobile data services on 4G networks, were approximately 73% in Bolivia, 65% in Panama, 64% in Ecuador, 63% in Uruguay, 62% in El Salvador, 61…" |
| Customer | Nicaragua | "rates, as measured by the number of subscribers who use a smartphone to access mobile data services on 4G networks, were approximately 73% in Bolivia, 65% in Panama, 64% in Ecuador, 63% in Uruguay, 62% in El Salvador, 61…" |
| Partner | MIC | "In addition, at December 31, 2025 our joint venture in Honduras, which is non-recourse to MIC S.A., had $367 million of debt and lease liabilities of $392 million." |
| Partner | Amazon (AMZN) | "We acquire rights to distribute certain content or services for use by our mobile, pay-TV and broadband customers, and we have strategic partnerships with major digital players, such as Amazon." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.83 | $0.00 | — | $2.23B | 1 |
| Next quarter (ends 2026-12-31) | $0.52 | $0.00 | — | $2.29B | 1 |
| Current fiscal year (ends 2026-12-31) | $4.55 | $4.74 | -4.1% | $8.76B | 5 |
| Next fiscal year (ends 2027-12-31) | $7.05 | $7.20 | -2.1% | $9.15B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±12.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 54.2% | ±12.3% |
| 2026-12-18 | 56 | 47.5% | ±15.1% |
| 2027-01-15 | 84 | 45.4% | ±17.7% |
| 2027-04-16 | 175 | 45.9% | ±25.4% |