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Millicom International Cellular

DB:M4M
Snowflake Description

Average dividend payer with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
M4M
DB
$4B
Market Cap
  1. Home
  2. DE
  3. Telecom
Company description

Millicom International Cellular S.A. provides cable and mobile services in Latin America and Africa. The last earnings update was 26 days ago. More info.


Add to Portfolio Compare Print
  • Millicom International Cellular has significant price volatility in the past 3 months.
M4M Share Price and Events
7 Day Returns
-5.5%
DB:M4M
-3%
Europe Wireless Telecom
0%
DE Market
1 Year Returns
-25.1%
DB:M4M
1.1%
Europe Wireless Telecom
9.9%
DE Market
M4M Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Millicom International Cellular (M4M) -5.5% -15% -16.6% -25.1% -8.9% -46.9%
Europe Wireless Telecom -3% -3.3% 2.2% 1.1% -14.3% -26.2%
DE Market 0% 4.6% 12.1% 9.9% 14.6% 18.2%
1 Year Return vs Industry and Market
  • M4M underperformed the Wireless Telecom industry which returned 1.1% over the past year.
  • M4M underperformed the Market in Germany which returned 9.9% over the past year.
Price Volatility
M4M
Industry
5yr Volatility vs Market

M4M Value

 Is Millicom International Cellular undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Millicom International Cellular to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Millicom International Cellular.

DB:M4M Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:M4M
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Wireless Telecom Unlevered Beta Simply Wall St/ S&P Global 0.34
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.337 (1 + (1- 26.01%) (153.08%))
0.811
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.811 * 5.96%)
5.06%

Discounted Cash Flow Calculation for DB:M4M using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Millicom International Cellular is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:M4M DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 5.06%)
2020 698.17 Analyst x6 664.53
2021 775.00 Analyst x4 702.13
2022 1,363.00 Analyst x1 1,175.36
2023 1,699.63 Est @ 24.7% 1,395.05
2024 1,994.64 Est @ 17.36% 1,558.33
2025 2,238.35 Est @ 12.22% 1,664.49
2026 2,431.33 Est @ 8.62% 1,720.89
2027 2,579.72 Est @ 6.1% 1,737.97
2028 2,691.69 Est @ 4.34% 1,726.05
2029 2,775.32 Est @ 3.11% 1,693.95
Present value of next 10 years cash flows $14,038.00
DB:M4M DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $2,775.32 × (1 + 0.23%) ÷ (5.06% – 0.23%)
$57,555.91
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $57,555.91 ÷ (1 + 5.06%)10
$35,129.87
DB:M4M Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $14,038.00 + $35,129.87
$49,167.87
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $49,167.87 / 101.14
$486.13
DB:M4M Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:M4M represents 0.87022x of NasdaqGS:TIGO
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.87022x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 486.13 x 0.87022
€423.04
Value per share (EUR) From above. €423.04
Current discount Discount to share price of €35.74
= -1 x (€35.74 - €423.04) / €423.04
91.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Millicom International Cellular is available for.
Intrinsic value
>50%
Share price is €35.74 vs Future cash flow value of €423.04
Current Discount Checks
For Millicom International Cellular to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Millicom International Cellular's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Millicom International Cellular's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Millicom International Cellular's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Millicom International Cellular's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:M4M PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $-2.15
NasdaqGS:TIGO Share Price ** NasdaqGS (2019-11-18) in USD $41.07
Europe Wireless Telecom Industry PE Ratio Median Figure of 7 Publicly-Listed Wireless Telecom Companies 22.75x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 20.03x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Millicom International Cellular.

DB:M4M PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:TIGO Share Price ÷ EPS (both in USD)

= 41.07 ÷ -2.15

-19.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Millicom International Cellular is loss making, we can't compare its value to the Europe Wireless Telecom industry average.
  • Millicom International Cellular is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Millicom International Cellular's expected growth come at a high price?
Raw Data
DB:M4M PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -19.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
67.1%per year
Europe Wireless Telecom Industry PEG Ratio Median Figure of 5 Publicly-Listed Wireless Telecom Companies 2.38x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Millicom International Cellular, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Millicom International Cellular's assets?
Raw Data
DB:M4M PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $21.47
NasdaqGS:TIGO Share Price * NasdaqGS (2019-11-18) in USD $41.07
Europe Wireless Telecom Industry PB Ratio Median Figure of 9 Publicly-Listed Wireless Telecom Companies 1.82x
Germany Market PB Ratio Median Figure of 577 Publicly-Listed Companies 1.84x
DB:M4M PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:TIGO Share Price ÷ Book Value per Share (both in USD)

= 41.07 ÷ 21.47

1.91x

* Primary Listing of Millicom International Cellular.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Millicom International Cellular is overvalued based on assets compared to the Europe Wireless Telecom industry average.
X
Value checks
We assess Millicom International Cellular's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Wireless Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Wireless Telecom industry average (and greater than 0)? (1 check)
  5. Millicom International Cellular has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

M4M Future Performance

 How is Millicom International Cellular expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
67.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Millicom International Cellular expected to grow at an attractive rate?
  • Millicom International Cellular's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Millicom International Cellular's earnings growth is expected to exceed the Germany market average.
  • Millicom International Cellular's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:M4M Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:M4M Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 67.1%
DB:M4M Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 5.7%
Europe Wireless Telecom Industry Earnings Growth Rate Market Cap Weighted Average 15.8%
Europe Wireless Telecom Industry Revenue Growth Rate Market Cap Weighted Average 1.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:M4M Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:M4M Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 7,071 1,887 532 2
2021-12-31 6,887 1,796 232 9
2020-12-31 6,709 1,670 183 12
2019-12-31 6,338 1,523 -77 9
2019-11-18
DB:M4M Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 4,294 763 -217
2019-06-30 4,187 760 -23
2019-03-31 4,133 772 -3
2018-12-31 4,074 792 29
2018-09-30 4,022 823 151
2018-06-30 4,054 808 95
2018-03-31 4,055 789 60
2017-12-31 4,076 820 35
2017-09-30 4,071 787 -118
2017-06-30 4,079 846 -114
2017-03-31 4,075 902 -43
2016-12-31 4,043 878 -12

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Millicom International Cellular's earnings are expected to grow significantly at over 20% yearly.
  • Millicom International Cellular's revenue is expected to grow by 5.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:M4M Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Millicom International Cellular Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:M4M Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.22 0.62 -0.19 2.00
2020-12-31 1.51 4.21 -0.82 4.00
2019-12-31 -1.65 -1.37 -1.92 2.00
2019-11-18
DB:M4M Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 -2.15
2019-06-30 -0.23
2019-03-31 -0.03
2018-12-31 0.29
2018-09-30 1.50
2018-06-30 0.94
2018-03-31 0.60
2017-12-31 0.35
2017-09-30 -1.18
2017-06-30 -1.14
2017-03-31 -0.43
2016-12-31 -0.12

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Millicom International Cellular is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Millicom International Cellular's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Millicom International Cellular has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

M4M Past Performance

  How has Millicom International Cellular performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Millicom International Cellular's growth in the last year to its industry (Wireless Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Millicom International Cellular does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Millicom International Cellular's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Millicom International Cellular's 1-year growth to the Europe Wireless Telecom industry average as it is not currently profitable.
Earnings and Revenue History
Millicom International Cellular's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Millicom International Cellular Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:M4M Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 4,294.00 -217.00 1,631.00
2019-06-30 4,187.00 -23.00 1,639.00
2019-03-31 4,133.00 -3.00 1,606.00
2018-12-31 4,074.00 29.00 1,624.00
2018-09-30 4,022.00 151.00 1,573.00
2018-06-30 4,054.00 95.00 1,590.00
2018-03-31 4,055.00 60.00 1,600.00
2017-12-31 4,076.00 35.00 1,593.00
2017-09-30 4,071.00 -118.00 1,634.00
2017-06-30 4,079.00 -114.00 1,638.00
2017-03-31 4,075.00 -43.00 1,633.00
2016-12-31 4,043.00 -12.00 1,627.00
2016-09-30 4,690.00 -304.00 1,878.00
2016-06-30 5,260.00 -289.00 2,087.00
2016-03-31 5,929.00 -411.00 2,344.00
2015-12-31 6,572.00 -476.00 2,590.00
2015-09-30 6,795.50 -39.00 2,646.60
2015-06-30 6,870.00 95.00 2,669.00
2015-03-31 6,651.00 365.00 2,638.00
2014-12-31 6,386.00 2,622.00 2,583.00
2014-09-30 5,682.50 2,651.00 2,391.40
2014-06-30 5,105.00 2,467.00 2,239.00
2014-03-31 4,726.00 2,362.00 2,081.00
2013-12-31 4,390.00 292.00 1,923.00
2013-09-30 4,500.00 302.00 1,912.00
2013-06-30 4,602.00 435.00 1,893.00
2013-03-31 4,715.00 566.00 1,881.00
2013-01-01 4,136.00 516.00 1,656.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Millicom International Cellular has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Millicom International Cellular used its assets less efficiently than the Europe Wireless Telecom industry average last year based on Return on Assets.
  • It is difficult to establish if Millicom International Cellular improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Millicom International Cellular's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Wireless Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Millicom International Cellular has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

M4M Health

 How is Millicom International Cellular's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Millicom International Cellular's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Millicom International Cellular's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Millicom International Cellular's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Millicom International Cellular's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Millicom International Cellular Company Filings, last reported 1 month ago.

DB:M4M Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 2,398.00 5,412.00 672.00
2019-06-30 2,595.00 5,050.00 968.00
2019-03-31 2,822.00 4,777.00 565.00
2018-12-31 2,791.00 4,543.00 528.00
2018-09-30 3,098.00 3,644.00 758.00
2018-06-30 3,052.00 3,846.00 735.00
2018-03-31 3,393.00 3,882.00 576.00
2017-12-31 3,281.00 3,476.00 619.00
2017-09-30 3,131.00 4,299.00 888.00
2017-06-30 3,092.00 4,273.00 721.00
2017-03-31 3,424.00 3,995.00 605.00
2016-12-31 3,368.00 3,690.00 646.00
2016-09-30 3,635.00 4,460.00 816.00
2016-06-30 3,595.00 4,380.00 684.00
2016-03-31 3,801.00 4,092.00 634.00
2015-12-31 3,728.00 3,739.00 769.00
2015-09-30 2,804.40 5,187.80 724.40
2015-06-30 3,030.00 5,147.00 681.00
2015-03-31 3,425.00 5,255.00 1,131.00
2014-12-31 3,730.00 4,600.00 694.00
2014-09-30 4,165.00 5,000.00 672.00
2014-06-30 3,160.00 4,484.00 496.00
2014-03-31 3,321.00 4,521.00 977.00
2013-12-31 2,081.00 3,648.00 909.00
2013-09-30 2,192.00 3,375.00 1,024.00
2013-06-30 2,218.00 3,339.00 914.00
2013-03-31 2,462.00 3,295.00 1,137.00
2013-01-01 2,336.00 2,755.00 1,155.00
  • Millicom International Cellular's level of debt (225.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (111.9% vs 225.7% today).
  • Debt is not well covered by operating cash flow (14.1%, less than 20% of total debt).
  • Millicom International Cellular is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Millicom International Cellular's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Millicom International Cellular has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

M4M Dividends

 What is Millicom International Cellular's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.43%
Current annual income from Millicom International Cellular dividends. Estimated to be 6.52% next year.
If you bought €2,000 of Millicom International Cellular shares you are expected to receive €129 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Millicom International Cellular's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.33%).
  • Millicom International Cellular's dividend is above the markets top 25% of dividend payers in Germany (3.68%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:M4M Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
Europe Wireless Telecom Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:M4M Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 2.64 1.00
2021-12-31 2.63 2.00
2020-12-31 2.74 4.00
2019-12-31 2.64 3.00
2019-11-18
DB:M4M Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-07 2.640 4.925
2018-03-29 2.640 4.328
2017-05-04 2.640 4.129
2016-04-14 2.640 5.124
2015-05-15 2.640 4.449
2014-04-25 2.640 3.318
2012-11-02 5.640 6.483
2012-03-02 2.400 2.544
2012-02-08 2.400 2.205
2011-02-09 1.800 1.758
2010-02-10 1.400 1.553
2009-12-18 1.240 1.640

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Millicom International Cellular's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess Millicom International Cellular's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Millicom International Cellular afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Millicom International Cellular has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

M4M Management

 What is the CEO of Millicom International Cellular's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mauricio Ramos Borrero
AGE 51
TENURE AS CEO 4.6 years
CEO Bio

Mr. Mauricio Ramos Borrero has been the Chief Executive Officer of Millicom Cable Costa Rica, S.A. since April 1, 2015. Mr. Ramos serves as a Member of the Management Board of Chellomedia. Mr. Ramos served as President of Liberty Global Latin America, a division of Liberty Global plc since 2006 until February 2015. Throughout this period, he has successfully developed both mobile and broadband businesses in Latin America, delivering solid operational improvement and outstanding financial results. He was responsible for Liberty Global's strategy and operations in Latin America and oversaw its investments in VTR GlobalCom S.A. (Chile) and Liberty Cablevision of Puerto Rico LLC. He served as President at VTR Globalcom S.A. He served as Chief Executive Officer of VTR Globalcom since November 2006 and President of Liberty Cablevision of Puerto Rico Ltd. since December 2005. Mr. Ramos joined United International Holdings, Inc. (alternative name UnitedGlobalCom, Inc. (UGC)) in October 1999 and served as its Vice President Business Development for Latin America from 2000 to June 2005 and its Vice President of Business Development since January 2002. Mr. Ramos served as Chief Financial Officer of Liberty Global Latin America division, Liberty Global plc from June 2005 to September 2005. Before joining UGC, he was a Partner and Vice President at Investment Banking Services Ltd. (IBS) the Morgan Stanley representative for the Andean Pact countries, from 1998 to 1999 and Assistant Director of the Deutsche Morgan Grenfell office in Bogota, Colombia from 1996 to 1997. Prior to this, he worked for the Office of the President of Colombia and taught economics at Universidad de los Andes and Universidad Externado in Bogota. He served as an Equity Analyst at Deutsche Bank AG, Research Division. He serves as Chairman of the Board of VTR, Liberty Puerto Rico and Chello Latin America. He serves as a Board Member of Gsma Ltd. He has been a Director of Charter Communications, Inc. since May 18, 2016. He serves as a member of the board of Directors of VTR and MGM Networks Latin America LLC, a joint venture between ULA and MGM. He is Chairman of TEPAL. Mr. Ramos received a degree in Economics in 1993, a degree in Law in 1994 and a postgraduate degree in Financial Law in 1995, all from Universidad de los Andes in Bogota. He serves as CEO at TELEFÓNICA CELULAR DEL PARAGUAY SOCIEDAD ANÓNIMA EMISORA.

CEO Compensation
  • Insufficient data for Mauricio to compare compensation growth.
  • Insufficient data for Mauricio to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Millicom International Cellular management team in years:

4.6
Average Tenure
47
Average Age
  • The tenure for the Millicom International Cellular management team is about average.
Management Team

Mauricio Ramos Borrero

TITLE
President & CEO
AGE
51
TENURE
4.6 yrs

Tim Pennington

TITLE
Senior EVP & CFO
AGE
59
TENURE
5.4 yrs

Bart Vanhaeren

TITLE
Vice President of Corporate Finance

Xavier Rocoplan

TITLE
Executive VP and Chief Technology & Information Officer
AGE
45
TENURE
6.9 yrs

Bruno Nieuwland

TITLE
Director of Administration
AGE
47

Michel Morin

TITLE
Vice President of Investor Relations
TENURE
2.7 yrs

Salvador Escalón

TITLE
Executive VP & General Counsel
AGE
44
TENURE
6.7 yrs

H. Rogers

TITLE
Executive VP and Chief Ethics & Compliance Officer
AGE
42
TENURE
3.3 yrs

Vivian Kobeh

TITLE
Corporate Communications Director

Susy Bobenrieth

TITLE
Executive VP & Chief Human Resources Officer
AGE
54
TENURE
2.1 yrs
Board of Directors Tenure

Average tenure and age of the Millicom International Cellular board of directors in years:

1.2
Average Tenure
57.5
Average Age
  • The average tenure for the Millicom International Cellular board of directors is less than 3 years, this suggests a new board.
Board of Directors

José Antonio Ríos García

TITLE
Chairman of the Board
AGE
74
TENURE
0.8 yrs

Mauricio Ramos Borrero

TITLE
President & CEO
AGE
51

Pernille Erenbjerg

TITLE
Deputy Chairman
AGE
52

Tomas Eliasson

TITLE
Non-Executive Director
AGE
57
TENURE
5.5 yrs

Janet Davidson

TITLE
Non-Executive Director
AGE
63
TENURE
3.5 yrs

Odilon Almeida

TITLE
Non-Executive Director
AGE
58
TENURE
4.5 yrs

Lars-Åke Norling

TITLE
Non-Executive Director
AGE
51
TENURE
1.2 yrs

Jim Thompson

TITLE
Non-Executive Director
TENURE
0.8 yrs

Mercedes Johnson

TITLE
Director
AGE
65
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Millicom International Cellular's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Millicom International Cellular has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

M4M News

Simply Wall St News

M4M Company Info

Description

Millicom International Cellular S.A. provides cable and mobile services in Latin America and Africa. The company offers mobile services, including mobile data and voice; short message service; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance. It also fixed services, including broadband, fixed voice, and pay-TV to residential consumers; and mobile, fixed, and value-added services to large, small, and medium businesses, as well as governmental entities As of December 31, 2018, the company served 48.3 million business-to-consumer mobile customers; and 4.1 million connected homes. It markets its products and services under Tigo and Tigo Business brands. Millicom International Cellular S.A. was founded in 1990 and is headquartered in Luxembourg City, Luxembourg.

Details
Name: Millicom International Cellular S.A.
M4M
Exchange: DB
Founded: 1990
$3,746,412,493
101,142,225
Website: http://www.millicom.com
Address: Millicom International Cellular S.A.
2, Rue du Fort Bourbon,
Luxembourg City,
1249,
Luxembourg
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS TIGO Registered Common Shares Nasdaq Global Select US USD 31. Dec 1993
HMSE M4M1 Registered Common Shares Hamburg Stock Exchange DE EUR 31. Dec 1993
OM TIGO SDB SDR EACH REP 1 USD1.50 OMX Nordic Exchange Stockholm SE SEK 30. Mar 2004
OTCPK MICC.F SDR EACH REP 1 USD1.50 Pink Sheets LLC US USD 30. Mar 2004
DB M4M SDR EACH REP 1 USD1.50 Deutsche Boerse AG DE EUR 30. Mar 2004
LSE 0GRK SDR EACH REP 1 USD1.50 London Stock Exchange GB SEK 30. Mar 2004
Number of employees
Current staff
Staff numbers
16,987
Millicom International Cellular employees.
Industry
Wireless Telecommunication Services
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/18 21:45
End of day share price update: 2019/11/18 00:00
Last estimates confirmation: 2019/11/15
Last earnings filing: 2019/10/23
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.