COMP <GO>

VIV vs TIGO // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Telefonica Brasil S.A. American (NYSE) VS. Millicom International Cellular S.A. (NASDAQ) • 15-METRIC TALLY: VIV 2 — TIGO 2

■ METRIC PARITY

LAST: $11.44 (+0.18%) • MKT CAP: $18.28B

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LAST: $79.90 (+0.30%) • MKT CAP: $13.39B

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (VIV VS. TIGO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	VIV	TIGO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	6.60%	8.80%	-2.20	TIGO	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.74	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	8/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	40.3	40.2	+0.10	VIV	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.91	1.03	-0.12	TIGO	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	30.5x	0.00	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$18.28B	$13.39B	$4.89B	VIV	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	VIV REV	TIGO REV	VIV GROSS %	TIGO GROSS %	VIV FCF	TIGO FCF
INSPECT INDIVIDUAL XBRL MODELS AT VIV FA <GO> AND TIGO FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

VIV // BETA 0.91

TIGO // BETA 1.03