New Street Research - Alicorp SA (ALICORI1) ... AMX (Buy, TP: $22, +49%) Q4 24 – Solid quarter

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New Street Research

Chris Hoare

EUR 9125.00 For Business Accounts Only

AMX (Buy, TP: $22, +49%) Q4 24 – Solid quarter

AMX reported a solid set of Q4 numbers yesterday after close. Both revenue and EBITDA beat consensus by 3.8% and 1.6% respectively.

12/02/2025 1 EN

Underlyings

Alicorp SA

Alicorp is engaged in the export, import and manufacture of products derived from cotton oil seeds; production of soaps; production of noodles; export and import of coffee to be processed; export and import of animal and vegetable concentrates; purchase, distribution, sale, import and export of food and hygiene products in general, and sale of cosmetics, flour, cookies, cooking oils, shortening, and margarine. Co. operates throughout Peru and exports to Chile, Bolivia, Colombia, Ecuador, Venezuela, Haiti, Guatemala, Costa Rica, United States, Dominican Republic, Nicaragua, Canada, Panama, Mauritania, Curazao, China, Bahamas and Honduras.

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PEP214005006 Lima Stock Exchange Peru

AMERICA MOVIL S A B DE C V

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US02390A1016 New York Stock Exchange Mexico

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Analysts

Chris Hoare

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AMX (Buy, TP: $22, +49%) Q4 24 – Solid quarter

AMX (Buy, TP: $22, +32%) Televisa (Neutral, TP: $3.5, +58%) Megacable (Neutral, TP: $55, +26%) Totalplay (NR, High Yield) Mexican Cable/FTTH - Q2 24: AMX and TPLAY strongest performers; TV hinting at deep value

AMX (Buy, TP: $22, +20%) AMX - Q2 24: EBITDA beat, trends high-end/above MT guide, strong Buy back

Tariffs. Figuring the right baseline to assess implications

NAB Preview: Policy to Drive Media Reshuffle

Charter Pre-1Q25 Model Update

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