TIGO Nasdaq Russell 1000 Earnings call
Millicom (TIGO) · Q2 2026 results and valuation
Share price: $89.43 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 12 May 2026
Operating income up 5.9% on the previous quarter, guidance raised. Management sounded cautious, though noticeably more positive answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+5.9%
Operating income vs Q1 2026
Guidance raised
Operating income 452.0M vs 427.0M
Revenue +9.8%
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, and more positive than the script.
Last call it was different: script and answers matched.
3 · What stood out
Key theme
Operating performance drove record equity free cash flow while adjusted EBITDA margin remained solid at 46.3% despite Colombian integration…
Valuation
Is Millicom undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 1.1% growth a year (3-year revenue growth), the model's fair value is $47.91 a share — the stock trades 87% above it. Today's price assumes 6.9% growth a year.
Current price
$89.43
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+6.9% for 10 yrs
Fair value / share
$47.91
Buy below
$35.93
Price vs fair value
Overvalued 87%
Price vs buy-below price
Overvalued 149%
Read between the lines
-
Guidance
Capital spending is near 11% of revenue now and is expected to reach about 12% for the full year.
Source quote
“Today, you will see more or less 11%, I mean, including the new perimeter of CapEx over revenues, and we expect to be full year around 12%.”
-
Guidance ↑
Equity free cash flow guidance was raised to $1.1.
Source quote
“And if you think about it, we raised our guidance of equity free cash flow to $1.1.”
-
Figure
Service revenue reached $2 billion, growing 5% organically year-over-year, which marks the company's strongest organic growth since 2021.
Source quote
“At the group level, service revenue reached $2 billion, growing 5% organically year-over-year, our strongest organic growth since 2021.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“As part of Coltel integration, we deliberately reduced promotional activity to avoid overlapping commercial offers between the 2 brands.”
“But for urban areas, it is very difficult or it is a very, very poor experience compared to fiber still.”
“In Home, the challenge is a little bit different and the result does have a one-off.”
Full figures
USD · ROIC.AI fundamentals (NASDAQ:TIGO, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.18B | 1.99B | +9.8% | 1.37B | +59.4% |
| Gross profit | 1.64B | 1.51B | +8.9% | 1.05B | +55.7% |
| Operating income | 452.0M | 427.0M | +5.9% | 341.0M | +32.6% |
| EPS | 0.65 | 0.65 | −0.3% | 4.05 | −84.0% |
| P/E | — | — | — | — | — |
Topics
Most discussed now
- New At the same time, Millicom completed the harmonization of subscriber reporting standards across the organization, improving consistency and…
- Paraguay, Colombia, Bolivia, those are the 3 countries where I always want to be a little bit conservative as currencies...
- Last quarter, I spoke about the strength of Millicom's operating model and its ability to keep growing while integrating new...
- As part of Coltel integration, Millicom deliberately reduced promotional activity to avoid overlapping commercial offers between the 2…
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Faded since Q1 2026
- Fading From an operational standpoint, postpaid net additions amounted to $5.6 million, while home net adds amounted to $1.5 million.
- Fading This robust top line performance combined with Millicom's entirely focus on cost efficiency delivered expanding operating leverage.
- Fading This significant increases reflect the relevance of the Colombia acquisition and the opportunity that lies ahead.
- Fading All that translates to an adjusted EBITDA margin of 43.2%, a robust result particularly given that Millicom incurred nearly $70...