{"product_id":"tigo-vrio-analysis","title":"Millicom International Cellular S.A. (TIGO): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlocking the secrets to Millicom International Cellular S.A. (TIGO)'s enduring success starts here: this VRIO analysis cuts straight to the chase, evaluating the Value, Rarity, Inimitability, and Organization of its core assets to pinpoint its true competitive advantage. Discover immediately whether Millicom International Cellular S.A. (TIGO) possesses resources that are truly difficult for rivals to copy and why they matter - read on below to see the full breakdown.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eMillicom International Cellular S.A. (TIGO) - VRIO Analysis: 1. Extensive, Modernized LatAm Network Footprint\n\u003c\/h2\u003e\n\u003cp\u003eYou're looking at Millicom International Cellular S.A. (TIGO)'s core asset - its physical network across Latin America. This isn't just about wires and towers; it's the foundation for everything they sell, from mobile data to home broadband. Honestly, this footprint is what separates them from many regional competitors.\u003c\/p\u003e\n\n\u003ch\u003eValue\u003c\/h\u003e\n\u003cp\u003eThis network underpins the entire operation, connecting a massive user base. As of mid-2025, Millicom, including its Honduras Joint Venture, provided mobile services to over 46 million customers. Plus, their fixed-line buildout is significant, passing more than 14 million homes with fiber-cable infrastructure. That scale translates directly into revenue potential and market presence; it’s definitely valuable.\u003c\/p\u003e\n\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003cp\u003eThe sheer geographic scale and density across nine core Latin American markets is what makes this rare for a non-incumbent operator. Replicating this established, multi-country presence - which includes recent acquisitions in Uruguay and Ecuador - is tough. It’s not just about having the tech; it’s about having the right to operate everywhere they do.\u003c\/p\u003e\n\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003cp\u003eReplicating this footprint is incredibly hard and slow. Think about the capital expenditure (CapEx) required just to start, plus the years spent navigating local regulatory approvals in each country. It’s a massive, time-consuming barrier to entry. You can’t just buy this overnight; it’s built over decades.\u003c\/p\u003e\n\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003cp\u003eManagement is clearly supporting this asset. We saw this commitment in Q2 2025 when capital expenditures rose 15.1% to $155 million as they continued to build out the necessary infrastructure. The organization is structured to deploy capital effectively to maintain and expand this competitive edge, keeping leverage targets like year-end below 2.5x even while investing heavily.\u003c\/p\u003e\n\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003cp\u003eGiven the high value, rarity, and difficulty in imitation, this network position translates into a \u003cstrong\u003eSustained Competitive Advantage\u003c\/strong\u003e for Millicom International Cellular S.A. (TIGO).\u003c\/p\u003e\n\n\u003cp\u003eHere’s the quick math on how this resource scores:\u003c\/p\u003e\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eVRIO Dimension\u003c\/th\u003e\n\u003cth\u003eAssessment\u003c\/th\u003e\n\u003cth\u003eScore (0-3)\u003c\/th\u003e\n\u003cth\u003eImplication\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eYes, underpins 46M+ customers and 14M+ homes passed.\u003c\/td\u003e\n\u003ctd\u003e3\u003c\/td\u003e\n\u003ctd\u003eCompetitive Parity or Advantage\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRarity\u003c\/td\u003e\n\u003ctd\u003eYes, scale across 9 LatAm markets is rare for a non-incumbent.\u003c\/td\u003e\n\u003ctd\u003e2\u003c\/td\u003e\n\u003ctd\u003eTemporary Competitive Advantage\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eImitability\u003c\/td\u003e\n\u003ctd\u003eCostly and time-consuming (regulatory + CapEx).\u003c\/td\u003e\n\u003ctd\u003e2\u003c\/td\u003e\n\u003ctd\u003eTemporary Competitive Advantage\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganization\u003c\/td\u003e\n\u003ctd\u003eYes, supported by recent CapEx increases (e.g., Q2 2025 CapEx up 15.1%).\u003c\/td\u003e\n\u003ctd\u003e3\u003c\/td\u003e\n\u003ctd\u003eExploited\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompetitive Advantage\u003c\/td\u003e\n\u003ctd\u003eSustained\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eSustained Competitive Advantage\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eMillicom International Cellular S.A. (TIGO) - VRIO Analysis: 2. TIGO Brand Equity in Emerging LatAm Markets\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The TIGO brand drives customer trust and allows for premium positioning in mobile, TV, and business services.\u003c\/p\u003e\n\u003cp\u003eThe brand underpins significant operational scale and market leadership across its footprint.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eData Point\u003c\/td\u003e\n\u003ctd\u003eReference Period\/Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Mobile Customers\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+40.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of December 31, 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Mobile Customers\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e~46 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of March 31, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHome Customer Relationships\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+4.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of December 31, 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHomes Passed (Cable Footprint)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eOver 14 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of March 31, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTIGO Money Target Users\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eOver 5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTargeted users across the region (as of Nov 2022 partnership)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e A widely recognized, trusted brand across diverse, fragmented LatAm markets is not easily achieved.\u003c\/p\u003e\n\u003cp\u003eMarket leadership across multiple countries demonstrates broad recognition and acceptance.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eRanked \u003cstrong\u003e1st or 2nd\u003c\/strong\u003e largest mobile operator in \u003cstrong\u003eeight\u003c\/strong\u003e of its \u003cstrong\u003enine\u003c\/strong\u003e markets (as of Dec 31, 2023).\u003c\/li\u003e\n\u003cli\u003eReported mobile market share of \u003cstrong\u003e55.9%\u003c\/strong\u003e in Guatemala (end of 2024).\u003c\/li\u003e\n\u003cli\u003eReported mobile market share of \u003cstrong\u003e65.3%\u003c\/strong\u003e in Honduras (end of 2024).\u003c\/li\u003e\n\u003cli\u003eTigo Money in Honduras crossed the \u003cstrong\u003e1 million\u003c\/strong\u003e active customer mark.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Building this level of market recognition takes decades of consistent service delivery.\u003c\/p\u003e\n\u003cp\u003eThe brand's establishment is rooted in long-term presence and consistent operational scale.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eMillicom has been developing mobile networks for more than \u003cstrong\u003e30 years\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe Tigo brand itself was launched in \u003cstrong\u003e2004\u003c\/strong\u003e, replacing former national brands.\u003c\/li\u003e\n\u003cli\u003eFY 2024 Revenue was \u003cstrong\u003e$5.80 billion\u003c\/strong\u003e, demonstrating sustained financial scale.\u003c\/li\u003e\n\u003cli\u003eFY 2024 EBITDA was \u003cstrong\u003e$2.47 billion\u003c\/strong\u003e, up \u003cstrong\u003e16.9%\u003c\/strong\u003e year-on-year.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Leveraged across all product lines, including TIGO Money and TIGO Sports, to create a unified customer experience.\u003c\/p\u003e\n\u003cp\u003eThe brand is the central identifier for diverse digital lifestyle services.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eProduct Line\u003c\/td\u003e\n\u003ctd\u003eBrand Association\u003c\/td\u003e\n\u003ctd\u003eQuantifiable Metric\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMobile Financial Services\u003c\/td\u003e\n\u003ctd\u003eTIGO Money\u003c\/td\u003e\n\u003ctd\u003eTigo Money in El Salvador achieved over \u003cstrong\u003e20%\u003c\/strong\u003e penetration of Tigo's mobile subscriber base\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFixed\/Mobile Services\u003c\/td\u003e\n\u003ctd\u003eTIGO \/ Tigo Business\u003c\/td\u003e\n\u003ctd\u003eFY 2024 Equity Free Cash Flow of \u003cstrong\u003e$777 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePay TV\u003c\/td\u003e\n\u003ctd\u003eTIGO ONEtv\u003c\/td\u003e\n\u003ctd\u003eMarket leader for Pay TV in Paraguay and Bolivia (as of Dec 31, 2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eMillicom International Cellular S.A. (TIGO) - VRIO Analysis: 3. TIGO Money Financial Inclusion Platform\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Allows TIGO to capture a share of the large fintech market by offering essential mobile payments and financial services.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Deeply integrated mobile financial services with regulatory approval in multiple key markets is not standard for all telcos.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Requires navigating complex local financial regulations and earning user trust for transactions.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Explicitly a core part of the digital services expansion strategy, creating a powerful ecosystem lock-in.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary to Sustained.\u003c\/p\u003e\n\u003cp\u003eTIGO Money's platform is positioned as a key driver for incremental revenue and customer retention across Millicom's footprint.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eMobile subscribers who utilize MFS services tend to generate \u003cstrong\u003ehigher ARPU\u003c\/strong\u003e and \u003cstrong\u003echurn less frequently\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eMillicom announced a plan in July 2022 to invest \u003cstrong\u003e$250 million in Panama\u003c\/strong\u003e to build a regional fintech center and expand local infrastructure to contribute to financial inclusion in the region.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eKey operational statistics for the TIGO Money platform as of year-end 2023:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eAs of Date\u003c\/th\u003e\n\u003cth\u003eSource Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMobile Financial Services (MFS) Customers\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e4.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2023\u003c\/td\u003e\n\u003ctd\u003eProvided MFS to Tigo and non-Tigo customers.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePanama Fintech Investment\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$250 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAnnounced July 2022\u003c\/td\u003e\n\u003ctd\u003ePlanned investment for regional fintech center and infrastructure expansion.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMobile Customer Base (Total Group)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e45.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ1 2023\u003c\/td\u003e\n\u003ctd\u003eTotal mobile customers served by Millicom.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Mobile Customers (Guatemala only)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2023\u003c\/td\u003e\n\u003ctd\u003eEstimated mobile customer base in Guatemala.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe separation of the Tigo Money business from core telecommunications operations began in 2022 to facilitate new financial and strategic partnerships aimed at accelerating growth and enhancing value creation potential.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eMillicom International Cellular S.A. (TIGO) - VRIO Analysis: 4. Disciplined Capital Allocation \u0026amp; Deleveraging\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Lowers financial risk and increases flexibility, evidenced by the leverage ratio dropping to \u003cstrong\u003e2.18x\u003c\/strong\u003e in Q2 2025, well below the year-end target of \u003cstrong\u003eunder 2.5x\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Many regional peers struggle with much higher leverage ratios, making TIGO’s balance sheet discipline stand out.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eLeverage ratio achieved in Q2 2025: \u003cstrong\u003e2.18x\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eYear-end 2025 leverage target: \u003cstrong\u003ebelow 2.5x\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eEquity Free Cash Flow (EFCF) delivered in Q2 2025: \u003cstrong\u003e$218 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eH1 2025 EFCF total: \u003cstrong\u003e$395 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e This is a governance and management culture capability, which is inherently difficult for competitors to copy.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Demonstrated by management’s ability to fund a special dividend while maintaining CapEx targets.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eQ2 2025 Actual\/Target\u003c\/td\u003e\n\u003ctd\u003eContext\/Purpose\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLeverage Ratio\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e2.18x\u003c\/strong\u003e (Actual)\u003c\/td\u003e\n\u003ctd\u003eBelow year-end target of \u003cstrong\u003e\u0026lt; 2.5x\u003c\/strong\u003e, indicating financial prudence.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSpecial Interim Dividend\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$2.50 per share\u003c\/strong\u003e approved\u003c\/td\u003e\n\u003ctd\u003eFunded by infrastructure transaction proceeds, signaling shareholder return commitment.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInfrastructure Transaction Proceeds\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e$500 million\u003c\/strong\u003e unlocked; \u003cstrong\u003e$542 million\u003c\/strong\u003e in Q2 2025\u003c\/td\u003e\n\u003ctd\u003eProvided cash for dividend and strategic moves like the Telefónica acquisition.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2025 EFCF Target\u003c\/td\u003e\n\u003ctd\u003eAround \u003cstrong\u003e$750 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eLong-term cash generation goal supported by efficiency measures.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapital Expenditures (CapEx)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$155 million\u003c\/strong\u003e in Q2 2025\u003c\/td\u003e\n\u003ctd\u003eMaintained investment while deleveraging and paying dividends.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eMillicom International Cellular S.A. (TIGO) - VRIO Analysis: 5. Strategic Inorganic Growth Execution\n\u003c\/h2\u003e\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003eRapidly expands scale and market share in strategic, stable economies, as evidenced by the $820 million total acquisition cost for Telefónica’s operations in Uruguay and Ecuador in 2025.\u003c\/p\u003e\n\u003cp\u003eThe acquisition of Telefónica Ecuador for USD 380 million added a dollarized economy with solid macroeconomic fundamentals, including an IMF projected GDP growth of around 1.7% for 2025 and low inflation near 1.3%.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eEcuador Profile Metric\u003c\/th\u003e\n\u003cth\u003eData Point\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePopulation (Approx.)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e18.1 million\u003c\/strong\u003e people\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMedian Age\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e32–33 years\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUrban Population Percentage\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e65%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMobile Market Growth (Projected)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+1.4%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFixed Broadband Growth (Projected)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+3.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe combined transactions increased Millicom’s operating footprint to eleven countries.\u003c\/p\u003e\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eSuccessfully closing large, complex, cross-border M\u0026amp;A deals in the region is an uncommon feat.\u003c\/p\u003e\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eRequires unique deal-making skill, deep local due diligence, and access to specific financing.\u003c\/p\u003e\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eProven by the successful closing of the two transactions in quick succession:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eAcquisition of Telefónica Móviles del Uruguay S.A. closed on \u003cstrong\u003eOctober 7, 2025\u003c\/strong\u003e, for an enterprise value of \u003cstrong\u003eUSD 440 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eAcquisition of Telefónica’s telecommunications operations in Ecuador closed on \u003cstrong\u003eOctober 30, 2025\u003c\/strong\u003e, for \u003cstrong\u003eUSD 380 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eAs of June 30, 2025, Millicom served more than 46 million customers and employed approximately 14,000 people.\u003c\/p\u003e\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eTemporary.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eMillicom International Cellular S.A. (TIGO) - VRIO Analysis: 6. High-Margin Operational Structure\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Drives superior profitability, with the Adjusted EBITDA margin hitting a record \u003cstrong\u003e48.9%\u003c\/strong\u003e in Q3 2025, with nearly half of operations exceeding 50%.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eOperation\u003c\/th\u003e\n\u003cth\u003eQ3 2025 Adjusted EBITDA Margin\u003c\/th\u003e\n\u003cth\u003eQ3 2025 Adjusted EBITDA (Millions USD)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGroup (Consolidated)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e48.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$695 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGuatemala\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e56.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$236 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePanama\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e52.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$93 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eParaguay\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e51.4%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$76 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBolivia\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e49.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$42 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eColombia\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e43.5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$161 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e This level of margin performance is high for a company operating primarily in emerging markets.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e48.9%\u003c\/strong\u003e Group Adjusted EBITDA Margin (Q3 2025).\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e56.6%\u003c\/strong\u003e Record Adjusted EBITDA Margin in Guatemala (Q3 2025).\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e52.2%\u003c\/strong\u003e Record Adjusted EBITDA Margin in Panama (Q3 2025).\u003c\/li\u003e\n\u003cli\u003eOrganic Adjusted EBITDA for the Group increased by \u003cstrong\u003e23.8%\u003c\/strong\u003e year-over-year (Q3 2025).\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Achieved through efficiency measures implemented in \u003cstrong\u003e2024\u003c\/strong\u003e and strong pricing power in core services.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eEfficiency measures implemented during \u003cstrong\u003e2024\u003c\/strong\u003e are expected to contribute to full year run-rate savings for \u003cstrong\u003e2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFY \u003cstrong\u003e2024\u003c\/strong\u003e operating profit increased by \u003cstrong\u003e63%\u003c\/strong\u003e on only \u003cstrong\u003e2.5%\u003c\/strong\u003e revenue growth due to the cost structure reset.\u003c\/li\u003e\n\u003cli\u003eColombia service revenue grew by \u003cstrong\u003e6.5%\u003c\/strong\u003e year-over-year in Q3 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Supported by the realization of run-rate savings from prior efficiency programs.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eThe \u003cstrong\u003e2025\u003c\/strong\u003e Equity Free Cash Flow target is set at around \u003cstrong\u003e$750 million\u003c\/strong\u003e, reflecting expected run-rate savings from \u003cstrong\u003e2024\u003c\/strong\u003e efficiency measures.\u003c\/li\u003e\n\u003cli\u003eEquity Free Cash Flow for the first nine months of \u003cstrong\u003e2025\u003c\/strong\u003e reached \u003cstrong\u003e$638 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNet Leverage closed Q3 \u003cstrong\u003e2025\u003c\/strong\u003e at \u003cstrong\u003e2.09x\u003c\/strong\u003e, with a target to remain below \u003cstrong\u003e2.5x\u003c\/strong\u003e year-end \u003cstrong\u003e2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eMillicom International Cellular S.A. (TIGO) - VRIO Analysis: 7. Strategic Infrastructure Monetization\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Unlocked significant non-operating cash, with over \u003cstrong\u003e$600 million\u003c\/strong\u003e in proceeds received from the partial closing of the LATI International tower sale to SBA Communications.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePartial Proceeds Received\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$600 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Transaction Value\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e$975 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSpecial Dividend Per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.50\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSpecial Dividend Percentage of Proceeds\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e45%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLeverage Target Range Maintained\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.0-2.5x\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e The scale and successful execution of this specific tower carve-out transaction is unique to TIGO’s asset base.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e While other telcos have towers, the specific structure and timing of this deal are not easily replicated.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The process was a key strategic focus, directly supporting the \u003cstrong\u003e$2.50\u003c\/strong\u003e per share special dividend.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe special dividend is incremental to the previously announced annual dividend of \u003cstrong\u003e$3.00\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003cli\u003eThe special dividend is scheduled for distribution in two equal installments of \u003cstrong\u003e$1.25\u003c\/strong\u003e per share each, on or around October 15, 2025, and April 15, 2026.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eTransaction Component\u003c\/th\u003e\n\u003cth\u003eDetail\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTowers Sold (Portfolio)\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e7,000\u003c\/strong\u003e sites\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGeographic Scope\u003c\/td\u003e\n\u003ctd\u003eGuatemala, Honduras, Panama, El Salvador, and Nicaragua (Central America)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBuild-to-Suit Commitment\u003c\/td\u003e\n\u003ctd\u003eUp to \u003cstrong\u003e2,500\u003c\/strong\u003e new sites exclusively for Millicom\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnchor Lease Term\u003c\/td\u003e\n\u003ctd\u003eAt least \u003cstrong\u003e15 years\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eExisting Leases Extended\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e1,500\u003c\/strong\u003e leases for a new \u003cstrong\u003e15-year\u003c\/strong\u003e term\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe remaining portion of the transaction, expected to close in Q3 2025, represents approximately \u003cstrong\u003e$375 million\u003c\/strong\u003e ($975 million total - $600 million partial).\u003c\/li\u003e\n\u003cli\u003eSBA's expected first-year tower cash flow from the acquired sites is estimated at \u003cstrong\u003e$89 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eMillicom International Cellular S.A. (TIGO) - VRIO Analysis: 8. B2B Segment Growth\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e B2B segment provides a significant revenue stream, with B2B revenue growing by \u003cstrong\u003e19.6%\u003c\/strong\u003e in Q4 2023. Fixed and other services, which include B2B, showed growth of \u003cstrong\u003e2.3%\u003c\/strong\u003e in Q1 2024, driven by B2B performance. The Enterprise segment revenue was reported at \u003cstrong\u003e$412 million\u003c\/strong\u003e in 2023.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Strong growth in enterprise digital services acts as a differentiator against slower growth in other areas. The organic Service Revenue growth was \u003cstrong\u003e3.2%\u003c\/strong\u003e in Q4 2023 and \u003cstrong\u003e3.8%\u003c\/strong\u003e in Q1 2024, with B2B being a key driver.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Requires specialized capabilities in areas like cloud and security solutions tailored for enterprise clients.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The focus on B2B aligns with the strategic push for digital services beyond basic connectivity.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary.\u003c\/p\u003e\n\u003cp\u003eThe B2B performance metrics and related financial context are detailed below:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003ePeriod\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eUnit\/Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eB2B Revenue Growth\u003c\/td\u003e\n\u003ctd\u003eQ4 2023\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e19.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-on-year growth rate\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFixed and Other Services Growth\u003c\/td\u003e\n\u003ctd\u003eQ1 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.3%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-on-year organic growth, largely reflecting B2B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEnterprise Segment Revenue\u003c\/td\u003e\n\u003ctd\u003eFY 2023\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$412 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTotal revenue from corporate and enterprise clients\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganic Service Revenue Growth\u003c\/td\u003e\n\u003ctd\u003eQ4 2023\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-on-year growth rate\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganic Service Revenue Growth\u003c\/td\u003e\n\u003ctd\u003eQ1 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-on-year growth rate\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTechnology Infrastructure Investment\u003c\/td\u003e\n\u003ctd\u003eFY 2023\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$612.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTotal investment in 4G\/5G and Data Centers\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe B2B segment is supported by specific client engagement statistics:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTIGO Business segment serves approximately \u003cstrong\u003e35,000\u003c\/strong\u003e SME customers across Latin American markets.\u003c\/li\u003e\n\u003cli\u003eAverage monthly revenue per SME customer is \u003cstrong\u003e$287\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal corporate clients across Latin American markets: \u003cstrong\u003e1,750\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eBreakdown of Corporate Clients by Industry Sector (2023 Data):\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eIndustry Sector\u003c\/th\u003e\n\u003cth\u003eNumber of Corporate Clients\u003c\/th\u003e\n\u003cth\u003eAverage Annual Contract Value\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinancial Services\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e425\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$285,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eManufacturing\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e350\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$240,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGovernment\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e275\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$310,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003eMillicom International Cellular S.A. (TIGO) - VRIO Analysis: 9. Geographic Concentration in Key LatAm Hubs\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Deep operational knowledge and market leadership - TIGO is the No. 1 or No. 2 provider in \u003cstrong\u003eeight of its nine\u003c\/strong\u003e core markets.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Deep penetration and established regulatory relationships in these specific, high-potential countries are hard for new entrants to match.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Requires years of local navigation and investment; you can’t buy this expertise overnight.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Focus on markets like Guatemala, which generates a significant portion of the company’s profitability, allows for optimized resource deployment. For instance, in Q3 2024, Guatemala generated an EBITDA of \u003cstrong\u003e$220 million\u003c\/strong\u003e with an EBITDA Margin of \u003cstrong\u003e55%\u003c\/strong\u003e, out of a total reported EBITDA of \u003cstrong\u003e$585 million\u003c\/strong\u003e for the quarter.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinance:\u003c\/strong\u003e The Q3 Equity Free Cash Flow (EFCF) reported was \u003cstrong\u003e$243 million\u003c\/strong\u003e. The 2024 full-year EFCF guidance has been increased to around \u003cstrong\u003e$650 million\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003eKey operational and financial metrics supporting geographic concentration:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTIGO operates in \u003cstrong\u003enine\u003c\/strong\u003e Latin American markets as of March 31, 2025.\u003c\/li\u003e\n\u003cli\u003eMarket position as of December 31, 2023, shows leadership:\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eCountry\u003c\/td\u003e\n\u003ctd\u003eMobile Rank\u003c\/td\u003e\n\u003ctd\u003eBBI Rank\u003c\/td\u003e\n\u003ctd\u003ePay TV Rank\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGuatemala\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eParaguay\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePanama\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNicaragua\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#2\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHonduras (JV)\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#2\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEl Salvador\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#2\u003c\/td\u003e\n\u003ctd\u003e#2\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBolivia\u003c\/td\u003e\n\u003ctd\u003e#2\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003ctd\u003e#1\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eColombia\u003c\/td\u003e\n\u003ctd\u003e#3\u003c\/td\u003e\n\u003ctd\u003e#2\u003c\/td\u003e\n\u003ctd\u003e#2\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCosta Rica\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e#4\u003c\/td\u003e\n\u003ctd\u003e#2\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003c\/li\u003e\n\u003cli\u003eGuatemala Q3 2024 Service Revenue was \u003cstrong\u003e$366 million\u003c\/strong\u003e, with postpaid customers growing \u003cstrong\u003e20%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe company's total mobile customers were over \u003cstrong\u003e40.7 million\u003c\/strong\u003e as of the 2023 Annual Report data.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516264865941,"sku":"tigo-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/tigo-vrio-analysis.png?v=1740195588","url":"https:\/\/dcf-model.com\/es\/products\/tigo-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}