Morningstar Rating

Stock Research and Analysis

by Allan C. Nichols, CFA

Bulls Say

The company is now the market leader in six countries in which it has wireless service: Honduras, Paraguay, El Salvador, Guatemala, Democratic Republic of the Congo, and Chad.
The firm launched its pay-TV service in 2014, which should help boost its operational growth profile and lower its churn.
The average wireless penetration rate in Millicom's regions is only 80%, leaving plenty of upside for subscriber growth. Read more 

Bears Say

Africa has become increasingly competitive, and between Bharti Airtel entering Ghana and Millicom's network issues in Senegal, subscriber growth has slowed.
Regulators have tightened the screws in many of the firm's key markets of late. Termination rates are falling in Guatemala, Honduras, and possibly Colombia. In Paraguay, the regulator is flattening the tariff structure.
In the summer of 2013, management softened its full-year margin guidance due to accelerated investments in its growth initiatives. Read more 


Sweden-based investment firm AB Kinnevik and its affiliates control more than 35% of Millicom's outstanding shares. Kinnevik also has a significant interest in Tele2, a communications provider in Europe. Given that Tele2 and Millicom share many of the   Read more 


Millicom International Cellular provides wireless phone services to more than 45 million people in 15 emerging markets. Its operations are concentrated in Central America,  Read more 

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