JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Millicom International Cellular SA stock reached a new 52-week high, hitting 44.57 USD. The telecommunications company, with a market capitalization of $7.43 billion, trades at an attractive P/E ratio of 7.9x and according to InvestingPro analysis, the stock appears slightly undervalued. This milestone comes amidst a remarkable 1-year change, with the stock price appreciating by an impressive 72.75%. The Luxembourg-based telecommunications company has seen its share price steadily climb over the past year, reflecting strong investor confidence and positive market sentiment. Notable is the company’s generous 6.8% dividend yield, rewarding patient investors. The recent high marks a significant achievement for Millicom, as it continues to expand its operations across Latin America and Africa, bolstering its position in the global telecommunications industry. InvestingPro subscribers can access 10 additional key insights and a comprehensive Pro Research Report about Millicom’s financial health and growth prospects.
In other recent news, Millicom International Cellular reported its second-quarter earnings, which surpassed analyst expectations. The company achieved earnings per share (EPS) of $4.03, significantly beating estimates by $3.49. However, revenue fell slightly short of forecasts, totaling $1.37 billion compared to the anticipated $1.4 billion. Despite a 5.9% decline in revenue from the previous year, Millicom noted a 1.9% growth on an organic basis. The quarterly performance was bolstered by approximately $590 million in net profit from infrastructure transactions, contributing to a total net profit of $676 million. Additionally, Millicom announced a strategic agreement with Empresas Públicas de Medellín (EPM) to advance its plans for integrating Tigo-UNE and Colombia Telecomunicaciones operations in Colombia. As part of this agreement, Millicom has committed to presenting an offer in EPM’s Law 226 sale process at a minimum price of COP$418,741 per share for Tigo-UNE, representing around $520 million in total. These developments reflect Millicom’s ongoing strategic initiatives and financial performance.
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