America Movil Reports in Line Organic First-Quarter Results, Though Revenue Hurt by Currencies
America Movil reported in line first-quarter results, and we are maintaining our $18 per ADR fair value estimate. While the firm reported revenue declined 3.7% year over year, this was due to the strengthening of the Mexican peso versus the other currencies America Movil operates in. On a constant currency basis the firm’s revenue grew 2.8% versus our full-year projection of 2.3%. We believe the shares are fairly valued.The firm ended the quarter with 362 million access lines, which is basicall...
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