Millicom International Cellular (TIGO) is rated Buy due to its strong year-to-date performance, robust subscriber growth, and improving free cash flow following its acquisition of Coltel. The integration of Coltel has expanded TIGO's scale, driving organic growth in postpaid subscribers, average revenue per user (ARPU), and service revenue, which supports margin expansion and an earnings outlook above consensus. The company's leverage stands at 2.8x post-acquisition, with a target to reduce it to 2.5x by 2026 while aiming for $900 million in equity-free cash flow. Millicom offers a 3.26% dividend yield and a 5.8% free cash flow yield, with valuation at 7x EV/EBITDA, which is higher than emerging market peers. Risks include exposure to emerging markets, integration challenges, and sensitivity to subscriber additions and ARPU trends.
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