COMPARE · Reviewed August 3, 2026
TIGO vs VEON
Verdict: Side-by-side breakdown using the Bull Rankings model. TIGO scored 58.0, VEON scored 60.1 — VEON leads.
Compare another set
TIGO
Millicom International Cellular S.A.
58
$94.30 · $15.8B
fundamentals as of
Score gap
2.1
VEON leads
VEON
VEON Ltd.
60.1
$53.12 · $3.7B
fundamentals as of
The model, pillar by pillar (0–100 each)
TIGO
stronger →← stronger
VEON
76
Qualityreturns · margins · balance sheet
78
38
Growthrevenue & earnings expansion
78
68
Valuevaluation vs sector peers
36
VEON is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
TIGO
VEON
$1.1bC+
FCF
$620mC+
+0.3%C
Rev
+9.9%B
3.75C
D/E
3.05C
12.8xA-
P/E
53.1xC
0.75A-
PEG
2.23C
Winner per row is the stronger grade in our model; a tie or a missing value shows no highlight.
Valuation · DCF cross-check
TIGO
VEON
43% below
Price vs fair valuelower is cheaper
58% below
~1%/yr
Growth the price implies10-yr FCF · lower = less priced in
~-10%/yr
+33%
1-yr DCF upside
+94%
+75%
5-yr DCF upside
+136%
+163%
10-yr DCF upside
+209%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
TIGO
Why this score
- Raising its dividend
VEON
No notable signals flagged.
The companies
TIGOMillicom International Cellular S.A.
Why now
Telecom Services · market cap $15.8b. 6% off the 52-week high of $100.75. PEG 0.75 — paying under fair value for the growth rate. 8 sell-side analysts rate this a Hold with a mean 1-yr target of $88.42 (implying -6% upside).
Moat
Net margin 23% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. ROE 38% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which.
Risk
D/E 3.75 is elevated — limits strategic flexibility and raises refinancing exposure if rates stay higher for longer.
VEONVEON Ltd.
Why now
Telecom Services · market cap $3.7b. 17% off the 52-week high of $64.00. 7 sell-side analysts rate this a Strong Buy with a mean 1-yr target of $82.87 (implying +56% upside).
Moat
Net margin 13% beats the market median by a meaningful margin — the company is keeping more of every revenue dollar than the average S&P constituent. ROE 36% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which. FCF converts 105% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
D/E 3.05 is elevated — limits strategic flexibility and raises refinancing exposure if rates stay higher for longer. Trailing P/E 53.1x prices in sustained high growth — any quarter that disappoints triggers sharp re-rating. Beta 1.61 implies above-market volatility — position-size to the drawdowns this name will produce in a market correction, not to its bull-case return.
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.