property Items.CellValue([Item as Variant], [ColIndex as Variant]) as Variant

Specifies the cell's value.

TypeDescription
Item as Variant A long expression that indicates the item's handle.
ColIndex as Variant A long expression that indicates the cell's handle or the column's index, a string expression that indicates the column's caption or the column's key.  If the Item parameter is missing or it is zero ( 0 ), the ColIndex parameter is the handle of the cell being accessed.
Variant A variant expression that indicates the cell's value or content. The cell's value supports built-in HTML format if the CellValueFormat property is exHTML.

Use the CellValue property to specify the value or the content for cells in the second, third columns and so on. The CellValueFormat property indicates the way the cell displays its content. The Def(exCellValueFormat) property indicates the format for all cells within the column. 

The cell shows its text based on the CellValueFormat property as follows:

The CellValue property of the cell is being shown as:

Use the CellData property to associate an user data to a cell. The CellSortData property specifies the value being sorted if the SortType property is SortCellData or SortCellDataString. The AddItem or InsertItem  method may specify the value for the first cell. Use the LockedItemCount property to lock or unlock items to the top or bottom side of the control. Use the ItemCell property to get the cell's handle based on the item and the column. Use the CellItem property to get the handle of the item that's the owner of the cell. Use the SplitCell property to split a cell.