Millicom International Cellular SA

TIGO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$11.00	Pttzbgt	Jxpfmbl

Millicom Valuation Remains Attractive Even as Shares Now Trading Without Subscription Rights

Michael Hodel

May 20, 2022

Business Strategy and Outlook

After several years of restructuring, Millicom is now best thought of as a collection of investments in Latin American telecom businesses. We expect the firm will spend the next couple years primarily operating its businesses rather than reshaping its portfolio, allowing the firm to more clearly demonstrate its ability to generate cash flow.

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