New Street Research - AMERICA MOVIL S A B DE C V (AMX) America Movil (Buy, TP: $22, +30%) Q1 25 – Slower but decent; FY25 capex expected at $6.7bn

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New Street Research

Chris Hoare

EUR 8843.00 For Business Accounts Only

America Movil (Buy, TP: $22, +30%) Q1 25 – Slower but decent; FY25 capex expected at $6.7bn

AMX reported a slower but decent set of Q1 numbers yesterday after the close. Both revenue and EBITDA came in line with consensus with Brazil coming in above expectations but Mexico below. Given the slowdown in Mexican trends, the company has announced that capex this year is expected to be ~$6.7bn

01/05/2025 1 EN

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AMERICA MOVIL S A B DE C V

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US02390A1016 New York Stock Exchange Mexico

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Chris Hoare

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Mexican Cable/FTTH MEGA and AMX the strongest performers, TV pt to $2.3; Q4 24 review

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America Movil (Buy, TP: $22, +30%) Q1 25 – Slower but decent; FY25 capex expected at $6.7bn

LatAm Telcos Quick Hit: AMX cuts capex guidance by 10% - implications across the LatAm telco space. Brief thoughts

Mexican Cable/FTTH MEGA and AMX the strongest performers, TV pt to $2.3; Q4 24 review

Microsoft 3FQ25: AI re-platforming delivers results. Buy $550 TP.

CCI 1Q25 Quick Take: Strong results; upgrade to Buy

Pentagon Floats Spectrum Plan

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