Millicom International Cellular SA

We remain in Stage 2 advancing with persistent higher highs and higher lows confirming sustained demand. The long-term uptrend is intact, supported by rising EMAs and strong relative strength. Price is currently extended above EMAs in extreme overbought territory, reducing immediate execution favorability. Best to stalk for a pullback into the 9 and 21 EMA confluence around 95–96 to align with the medium-term bullish bias before committing.

• ↑Service revenue grew 45% YoY to $1.9 B in Q1 2026, driven by Coltel integration.
• ↑Adjusted EBITDA margin hit 43.2% on acquisition synergies.
• ↓Shares trade 181% above fair value estimate of $33.65, suggesting overvaluation.