Millicom stays a Buy as strong cash flow and faster Colombia integration offset risks

Millicom remains a Buy due to strong cash flow and organic revenue growth that offset its high debt and premium valuation. The integration of its Colombia operations is progressing faster than expected, with Q3 EBITDA margin improving to 44.2%, and management aiming for nearly 50% next year. Growth is driven by TIGO's mobile segment, though losses in Home customers and slower B2B growth pose risks. Investors should watch Q4 cash flow and Home segment performance closely. The stock trades at 12.7x EFCF with a 7.9% yield, maintaining a $1.1 billion EFCF guidance and a 3.46% forward dividend yield.

Millicom's stock price on Pluang is USD 90.61, up 2.10% in the last day, with a dividend yield of 3.38%. Despite strong cash flow and growth, all current Pluang orders are sell as of Nov 11, 2026 23:31 WIB.