Millicom International Cellular (TIGO) is rated BUY, supported by robust cash flow, strategic LatAm acquisitions, and strong operating margins. TIGO delivered FY25 adjusted EBITDA of $2.75B (47.2% margin) and equity free cash flow of $916M, exceeding guidance. Recent acquisitions in Colombia, Chile, Ecuador, and Uruguay expand TIGO's footprint, targeting $2.2B incremental revenue and 15% EFCF-to-revenue from new businesses.