reports
Millicom (Tigo) notice of fourth quarter 2025 results and video confer...
Millicom (Tigo) notice of fourth quarter 2025 results and video conference Millicom (Tigo) notice of fourth quarter 2025 results and video conference Luxembourg, February 13, 2026 – Millicom (NASDAQ: TIGO) expects to announce its fourth quarter 2025 results on February 26, 2026, via a press release. Millicom is planning to host a video conference for the global financial community on February 26, 2026, at 08:00 (New York) / 14:00 (Luxembourg) / 13:00 (London). Registration for the interactive event is required at the following . After registering, you will receive a confirmation e...
- Chris Hoare
- Chris Hoare
TIM Brasil (Buy, TP: R$28, +1%) IHS Towers (Buy, TP: $10, +20%) TIM B...
As rumoured, TIM Brasil is buying the 49% of i-Systems it doesn’t own from IHS Towers for R$950m (US$ 181m). As we have been thinking would happen, the M&A cycle is hotting up in EM, and this deal likely facilitates the potential takeover of IHS by MTN too. This seems a sensible transaction to us, at a fair price to both sides.
Millicom (Tigo) acquires Telefonica operations in Chile jointly with N...
Millicom (Tigo) acquires Telefonica operations in Chile jointly with NJJ, structured to capture strategic value while protecting its balance sheet Millicom (Tigo) acquires Telefonica operations in Chile jointly with NJJ, structured to capture strategic value while protecting its balance sheet Key Highlights: Joint acquisition through a 49%/51% partnership between Millicom International Cellular S.A. (“Millicom”) and NJJ. Transaction structured with an initial closing payment of $50 million and additional earn-out consideration up to $150 million based on structural value creation and n...
Millicom (Tigo) Successfully Concludes Tender Offer for Telefónica’s C...
Millicom (Tigo) Successfully Concludes Tender Offer for Telefónica’s Controlling Stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel) Millicom (Tigo) Successfully Concludes Tender Offer for Telefónica’s Controlling Stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel) Luxembourg, February 5, 2026 – Millicom International Cellular S.A. (“Millicom”) today announced it has successfully concluded a tender offer for the acquisition of Telefónica’s controlling 67.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P. (“Coltel”). The closing of the acquisition is expected to take p...
- Chris Hoare
Global EM Telcos & Towers – Strong start – NSR GEM Top-10 February ‘26...
Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
Millicom (Tigo) announces successful bid for EPM’s Stake in UNE
Millicom (Tigo) announces successful bid for EPM’s Stake in UNE Millicom (Tigo) announces successful bid for EPM’s Stake in UNE Luxembourg, January 27,2026 — Millicom International Cellular S.A. ("Millicom") today announced that it has been awarded 100% of EPM’s remaining shares in UNE EPM Telecommunicaciones S.A. (“UNE” or “Tigo Colombia”), following a winning bid in the public auction conducted by Empresas Públicas de Medellín E.S.P. ("EPM"). Millicom’s bid was COP 418,741 per share, representing a total consideration of approximately COP 2.1 trillion, (approximately USD 571 million). T...
- Chris Hoare
EM Tower Trends Q3 CY25 review: Solid quarter, especially in Africa
Tower revenue trends were slightly slower across the board except for Indus Towers as it benefited again from VIL’s network catch up spend. EBITDA margins were roughly stable across EM except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. Africa continue to perform well and the LatAm Towers space had a decent Q3.
- Chris Hoare
- Chris Hoare
Mexican Cable/FTTH Megacable the clear outperformer in Q3; Q3 25 revi...
Q3 was a slightly slower quarter for the Mexican Broadband market from a top line and EBITDA growth perspective. However, subscriber net adds remained decent, in line with the previous quarters. Financially, Megacable was the clear outperformer in Q3 with double-digit revenue and EBITDA growth and widened the gap with peers.
- Chris Hoare
LatAm Telcos Outlook 2026 – Consolidation moves to broadband + Millic...
Fundamentals continue to look pretty good to us in Latin America, with market repair continuing across wireless markets, and further consolidation likely. Despite a strong 2025, valuations still look compelling across the region in our view too. Top picks: Liberty Latin America, Vivo, AMX and Megacable. We also upgrade our Millicom pt to $70.
- Chris Hoare
Global EM Telcos & Towers 2025 wrapped. NSR GEM 2026 Top-10 unveiled:...
2025 was when the EM Telco bull market really took off. Two of our top picks returned >100% and four more 50%+. We make one change to our top picks for 2026 from 2025, introducing Megacable in exchange for IHS Towers. In a separate note out today we run through the Themes that we think will drive performance in 2026.
- Chris Hoare
Global EM Telcos & Towers Themes and Top picks for 2026
EM Telcos have been strong for some time, but 2025 was a banner year. Multiples have expanded somewhat, but we remain bullish, as we think EM Telcos operate on a long cycle driven by market structure which has now definitively turned up We therefore see EM Telcos in a true stealth bull market as conditions still seem ripe for the best to exhibit pricing power and hence GDP+ revenue growth and rising ROIC. This note explains the key themes we see for 2026.
- Chris Hoare
Global EM Telcos Fish in a barrel? 8 Themes that drove EM Telcos in 2...
2025 was a banner year for EM Telcos, following on from a good 2023 and 2024. As we head towards the New Year we thought it might be useful to highlight a few of the thematic pieces we wrote last year that we think help to highlight why EM Telcos are in a clear and sustained bull market and why therefore we are confident that 2026 will be another good year for investors in the space, as fundamentals continue to look much stronger than in the past. I hope you enjoy reading these and happy holiday...
- Chris Hoare
Global EM Telcos & Japan DC exposure, future developments and valuati...
EM & Japanese Telcos have more DC capacity than those in other regions. In this short note, we look at the current and future Data Center (DC) capacity for the telcos in our coverage as well as the potential valuation for these assets, in an attempt to contextualise this exposure.
- Chris Hoare
Global EM Telcos & Towers Blow out Q3 results drive another great mon...
EM Telco earnings season was extremely strong, and with 8 of our 10 picks reporting this month, our picks rose 6.8% on average in November and are now up 80% YTD. With Singtel having strongly outperformed, Bharti we swap the latter in for the former; this note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
Comunicaciones Celulares S.A. Resolves DOJ Investigation Related to Hi...
Comunicaciones Celulares S.A. Resolves DOJ Investigation Related to Historical Conduct Comunicaciones Celulares S.A. Resolves DOJ Investigation Related to Historical Conduct Luxembourg, November 10, 2025 – Millicom International Cellular S.A. (“Millicom”) today announced that its subsidiary, Comunicaciones Celulares S.A. (“Comcel”), has reached an agreement with the U.S. Department of Justice (“DOJ”) to resolve an investigation concerning historical improper payments made to Guatemalan government officials. At the time of the conduct, Comcel operated as a joint venture over which Millico...
Millicom (Tigo) Q3 2025 Earnings Release
Millicom (Tigo) Q3 2025 Earnings Release Millicom (Tigo) Q3 2025 Earnings Release Luxembourg, November 6, 2025 – is pleased to announce its third quarter 2025 results. Please find below links to the Q3 2025 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements. Q3 2025 Highlights* Revenue $1.42 billion Operating profit $390 million, and record Adjusted EBITDA $695 million Net profit attributable to company owners $195 million, including approximately $138 million net profit from the closure of infrastructure transactions Equity free cash flow $243 million ...
- Chris Hoare
- David Lopes
- Chris Hoare
Global EM Telcos & Towers Back to Black: NSR GEM Top-10 November ‘25 ...
Our portfolio of Top Picks was higher again in October, and now up 69% ytd. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
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