Millicom: Overvaluation Is Expanding Into 2026

2026-03-04 23:02:21 ET

In this article, I'll cover one of my previously favorite telecom companies, Millicom International Cellular ( TIGO ). The company and my investment in it have been a bit of a "success story". I've been able to generate outperformance, quite a significant one, by investing when the valuation was inexpensive. For the past two articles, starting in late 2025, my rating has been negative/neutral. If you follow my work, you know it takes a while for me to change my ratings, and I don't change my PTs or FVs based on momentary or short-term exuberance....

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