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 8824.00 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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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

eir Q1 25: Solid quarter and guidance reiterated

Iliad Q1 25: Solid results, but focus on M&A in Italy and France

OpenAI buying out John Ive’s io Don’t underestimate the move

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