America Movil SAB de CV ADR - Series B

AMX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$16.00	Fclycr	Hnkshnrlhs

America Movil Earnings: Solid Mexican Results Balance Out Weakness Elsewhere

Michael Hodel

Apr 26, 2023

The Mexican peso’s strength continues to weigh on America Movil. Total service revenue for the first quarter declined 2.2% year over year but would have increased about 6% excluding currency movements. The Mexican business (nearly 40% of consolidated revenue) produced solid results while Colombia remains challenging. We are maintaining our fair value estimate at $21 per ADR and view the shares as fairly valued.

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