TIGO // Millicom International Cellular S.A.

Communication Services • Telecommunications Equipment

$79.90 ▲ +0.24 (+0.30%)

MKT CAP: $13.39B • VOL: 677.8K

52W L $45 52W H $107

ALTMAN Z

3.74 SAFE

PIOTROSKI

8 / 9

TIGO // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

TIGO // Millicom International Cellular S.A.

GROSS MARGIN

41.0%

OP MARGIN

13.9%

ROIC %

9.9%

MKT CAP

$13.39B

UPSTREAM INPUTS ──► TIGO OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
TIGO ★	Millicom International Cellular S.A.	$79.90	$13.39B	41.0%	13.9%	9.9%	21.0x	+8.8%	SUBJECT ISSUER
GOOGL	Alphabet Inc.	$279.84	$3.42T	60.9%	33.3%	16.6%	19.9x	+22.2%	TIGO VS GOOGL <GO>
META	Meta Platforms, Inc.	$614.99	$1.57T	81.0%	32.9%	18.2%	16.3x	+27.5%	TIGO VS META <GO>
NFLX	Netflix, Inc.	$62.08	$254.92B	50.7%	31.3%	33.9%	16.2x	+14.7%	TIGO VS NFLX <GO>
VZ	Verizon Communications Inc.	$44.73	$181.40B	41.0%	21.2%	8.5%	7.1x	+2.5%	TIGO VS VZ <GO>
TMUS	T-Mobile US Inc.	$156.44	$156.02B	41.0%	20.7%	10.7%	8.7x	+8.5%	TIGO VS TMUS <GO>