Millicom International Cellular: The Acquisitions Add Scale, But The Bill Is Still Being Paid

Millicom is a Latin American telecom showing organic growth, but headline Q3 results are heavily acquisition- and FX-driven. I recommend holding TIGO; Colombia's operations are improving, but Coltel remains loss-making and requires further investment before synergies are realized. Cash flow covers regular and special dividends, but the current distribution cycle should be viewed as temporary, with future payouts dependent on operational cash generation.