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America Movil SAB de CV ADR AMX

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America Movil Ramps up Mexican Broadband; Fair Value Estimate up to $19

Analyst Note

| Michael Hodel, CFA |

Mexico was a strong point for America Movil during the third quarter, with fixed-line service revenue returning to growth for the first time since at least 2016 on solid broadband customer growth. Results elsewhere were generally solid as well, though the Brazilian fixed-line business continues to struggle, and Colombian wireless growth has dropped sharply amid competitive entry. We believe Movil is performing well, and we like the moves it has made to exit Panama, where it is subscale, and combine assets with Liberty Global in Chile, creating a converged fixed-line and wireless player. We’re increasing our fair value estimate slightly to $19 from $18 on increased growth expectations in Mexico and several smaller changes to our forecast.

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Company Profile

Business Description

America Movil is the largest telecom carrier in Latin America, serving about 270 million wireless customers across the region. It also provides fixed-line phone, Internet access, and television services in most of the countries it serves. Mexico is the firm’s largest market, providing about 30% of revenue. Movil dominates the Mexican wireless market with about 63% customer share and also serves about half of fixed-line Internet access customers in the country. Brazil, its second most important market, provides about 20% of revenue. Movil has agreed to sell its low-margin wireless resale business in the U.S., which operates under the Tracfone and Straight Talk brands, to Verizon. The firm holds a 51% stake in Telekom Austria and a 20% stake in Dutch carrier KPN.

Lago Zurich 245, Plaza Carso / Edificio Telcel, Colonia Ampliacion Granada
Mexico, DF, 11529, Mexico
T +52 5525813700
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 186,851