America Movil Posts Strong Fourth-Quarter Customer Growth; Pricing Power in Mexico Constrained
Narrow-moat America Movil’s fourth-quarter financial results were roughly in line with our expectations, with reported revenue declining 1% year over year. Excluding currency movements, revenue would have increased 3%. Customer growth was particularly strong in several areas, including the Mexican wireless and fixed-line businesses and the Brazilian wireless segment. On the downside, management seems content with average monthly revenue per Mexican wireless customer in the MXN 150 range. We have...
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