Company Valuation: Millicom International Cellular S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,851 2,158 3,091 4,259 9,263 16,482 - -
Change - -24.29% 43.23% 37.78% 117.5% 77.93% - -
Enterprise Value (EV) 1 10,868 8,992 10,056 10,272 17,132 26,099 25,606 25,127
Change - -17.26% 11.83% 2.15% 66.79% 52.34% -1.89% -1.87%
P/E 4.87x 9.94x -37.5x 17x 7.08x 28x 19.2x 16.1x
PBR 1.1x 0.6x 0.88x 1.19x 2.56x 5.1x 4.66x 4.68x
PEG - -0.1x 0x -0x 0x -0.5x 0.4x 0.8x
Capitalization / Revenue 0.43x 0.38x 0.55x 0.73x 1.59x 1.95x 1.89x 1.85x
EV / Revenue 1.65x 1.6x 1.78x 1.77x 2.94x 3.08x 2.93x 2.82x
EV / EBITDA 4.16x 4.04x 4.76x 4.16x 6.23x 6.93x 6.26x 5.93x
EV / EBIT 10.6x 9.83x 12.2x 7.65x 10.5x 13.7x 11x 9.87x
EV / FCF 134x 27.5x 15.6x 6.99x 15.8x 19.4x 18x 16.3x
FCF Yield 0.75% 3.64% 6.41% 14.3% 6.33% 5.16% 5.55% 6.15%
Dividend per Share 2 - - - - 3 3.44 3.228 3.265
Rate of return - - - - 5.41% 3.49% 3.27% 3.31%
EPS 2 5.84 1.27 -0.48 1.47 7.83 3.517 5.139 6.134
Distribution rate - - - - 38.3% 97.8% 62.8% 53.2%
Net sales 1 6,572 5,624 5,661 5,804 5,819 8,466 8,735 8,911
EBITDA 1 2,615 2,228 2,111 2,469 2,749 3,765 4,090 4,236
EBIT 1 1,023 915 826 1,342 1,639 1,909 2,321 2,547
Net income 1 590 177 -82 253 1,316 581.4 841.2 1,012
Net Debt 1 8,017 6,834 6,965 6,013 7,869 9,617 9,124 8,645
Reference price 2 28.45 12.63 18.00 25.01 55.44 98.61 98.61 98.61
Nbr of stocks (in thousands) 1,00,194 1,70,868 1,71,726 1,70,288 1,67,085 1,67,143 - -
Announcement Date 11/02/22 10/02/23 27/02/24 26/02/25 26/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
28.04x3.08x6.93x3.49% 1.65TCr
-188.1x40.44x93.01x - 1,62800Cr
18.2x3.06x7.77x2.16% 21TCr
34.05x6.47x29.26x0.19% 20TCr
9.73x2.31x6.24x4.99% 15TCr
14.61x2.34x7.81x2.92% 6.73TCr
13.99x1.37x4.68x3.61% 3.52TCr
21.72x5.79x10.61x4.36% 3.39TCr
12.69x3.13x7.03x7.39% 1.88TCr
11.87x1.89x4.61x5.58% 1.79TCr
Average -2.32x 6.99x 17.79x 3.85% 23.79TCr
Weighted average by Cap. -122.26x 28.85x 67.75x 2.69%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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