America Movil Posts Solid Results as Mexican Wireless Pricing Firms
America Movil posted solid local performances in Mexico, Brazil, and Colombia--its three largest markets--during the second quarter, but currency weakness and challenges in smaller countries, notably Argentina, continue to weigh on reported results. We don’t expect to change our $18 fair value estimate or narrow moat rating on the firm. While we believe Movil shares are undervalued, we prefer Millicom at current prices as a means of gaining exposure to Latin American telecom.As hoped, the Mexic...
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