Millicom International Cellular: Value in Emerging Market Telco

The large telco conglomerates such as Deutsche Telekom (DT), Telefonica-O2 (TEF), France Telecom (FTE) and Vodafone (VOD) are always grabbing headlines with regards to acquisitions in new markets, as I detailed in a recent post on Turkcell (TKC) and the Balkans. I thought it may be quite interesting to look outside the traditional fold and put a little focus onto a little known player in the emerging markets' telco scene.

Millicom International (MICC) is a Luxembourg based holding company with a variety of assets spread across 16 emerging markets in Central and Latin America, Africa and Asia. Millicom serves 20 million customers with pre-paid services via its Tigo brand and cable TV and broadband in Central America via its Amnet fixed line operations. The group’s mobile operations have a combined population under license of approximately 291 million people.