Free Cash Flow Growth DecelerationThe impressive 70% YoY FCF surge from 2024 to 2025 is unlikely to be repeated, with growth expected to decelerate to a low single-digit CAGR thereafter.
Growth OutlookMillicom's valuation finally caught up with LatAm peers, but it shows the softest growth outlook among them and global average.
Market ValuationThe market appears to have priced it all in, leading to a downgrade of the stock to Neutral from Buy.