moneyheap
TIGO −9.62% on Nov 12 · Analysis updated Nov 12, 2026, 4:45 PM ET
Why is Millicom International Cellular S.A. (TIGO) stock down?
Millicom fell about 9.6% on Nov 12, from an $89.43 close on Nov 11 to $80.83, on volume of about 4.8M shares. That is more than three times the recent average of roughly 1.4M. The sell-off coincides with reports that Millicom has made an offer for Entel's Peru unit, valued at about $924M by one outlet. Entel has confirmed receiving a non-binding offer from Millicom. Markets often mark down acquirers on news of a new deal, especially one after a run of acquisitions in Colombia, Ecuador, Uruguay and Chile. The drop followed a rally of about 16% from $77.09 on Nov 4 to $89.43, after Q3 results and a UBS upgrade. The price is now back near the pre-rally range and below the 50-day average of about $87. Leverage is heavy, with debt to equity of 3.41, so further debt-funded deals are a concern. Offsetting that, the company reiterated its FY26 free cash flow target, pays a yield of about 3.7%, and has an analyst target average near $96. Analyst consensus is Hold. The deal terms and financing are not yet known, so near-term direction depends on those details and on whether the stock holds the low-$80s.
News behind the analysis
- Millicom busca entrar en Perú y Entel pone a la venta un negocio de US$924 millonesReports gained strength on Nov 12 that Millicom has submitted an offer for Entel's Peru unit, with deal details reportedly being worked out.
- Millicom va por Entel Perú: telco chilena confirma oferta no vinculante por su filial peruanaEntel told Chile's regulator it received a non-binding offer from Millicom for its Peru subsidiaries. Peru is the No. 2 mobile operator, with 10.5M customers.
- Millicom, los dueños de Movistar en Chile, afinan adquisición de la operación peruana de EntelIndustry sources say Millicom has made an offer for Entel's Peru operation and is refining details to close the deal.
- Entel pone a la venta operación de Perú y Millicom está interesado en adquirirlaEntel hired an investment bank to find a buyer for its Peru unit, and Millicom is reported to be interested.
- Telecom Stocks To Follow Today - November 12thTIGO traded down $7.76 to $81.67 on volume of 2.94M shares versus an average of 1.37M. The 50-day moving average is $87.07.
- Nvidia and Alibaba among market cap stock movers on ThursdayTIGO was listed among the large-cap decliners on Thursday, down about 8.5%.
- Millicom (TIGO) stock price overview and analyst ratingsAnalyst consensus is Hold from 8 analysts, with an average 12-month target of $96.39.
- Millicom completes acquisition of remaining Coltel stakeMillicom acquired the remaining 32.5% of Colombia Telecomunicaciones on Apr 27, completing its consolidation of the Colombian operator.
About Millicom International Cellular S.A. Common Stock
Millicom is a Luxembourg-based telecom operator that runs mobile, broadband and cable TV networks across Latin America under the Tigo brand. It focuses on Central America and the Andean region, and it has recently grown through acquisitions in Colombia, Ecuador and Uruguay. Revenue was about $2.3 billion in Q3 2026, up roughly 61% from a year earlier, mostly because of those deals.
How it makes money
Most revenue comes from monthly subscription and usage fees. These include mobile service (prepaid and postpaid) and home services (fixed broadband, pay TV and fixed phone). The company also earns money from business and government customers through Tigo Business, from selling phones and other devices, and from the TIGO Money mobile financial service. Service revenue makes up more than 90% of the total, and countries such as Guatemala and Colombia are among its biggest markets.
What usually moves TIGO
- Integration of acquisitions in Colombia, Ecuador and Uruguay
- Debt levels and free-cash-flow targets
- Dividend policy and shareholder returns
- Latin American currencies and economies
- Competition and regulation in key markets