Millicom International Cellular appears overvalued based on its price-to-earnings ratio. Despite promising future growth, this seems factored into the current share price. The stock may not be a good buy now, but its growth prospect is encouraging, suggesting a need to consider other factors for the next price drop.

The company's consistent ROCE and increased capital employed suggest low return on investments. Market pessimism indicates better opportunities may exist elsewhere.

Despite a rise in capital utilization, the company's returns remain stagnant. Market trends show investor doubt over a potential ROCE upswing, considering the significant dip in the company’s stock value in the past five years. Therefore, Millicom International Cellular falters to show potential multi-bagger traits as per analyzed metrics.