New Street Research - AMERICA MOVIL S A B DE C V (AMX) ... AMX (Buy, TP: $24, +30%) America Movil - Capex driving FCF inflection; FY model update

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New Street Research

Soomit Datta

EUR 9484.00 For Business Accounts Only

AMX (Buy, TP: $24, +30%) America Movil - Capex driving FCF inflection; FY model update

We highlight how a significant decline in capex is driving up FCF in FY 24 which in turn should drive better cash returns.

21/02/2024 1 EN

Underlyings

AMERICA MOVIL S A B DE C V

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US02390A1016 New York Stock Exchange Mexico

America Movil S.A.B. de C.V. ADS

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US02364W1053 New York Stock Exchange Mexico

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Analysts

Soomit Datta

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AMX (Buy, TP: $24, +30%) America Movil - Capex driving FCF inflection; FY model update

VIVT3 (Buy, TP: R$61, +15%) TIMS3 (Buy, TP: R$23, +43%) AMX (Buy, TP: $22, +37%) Vivo (BUY) and Brazil Q3 wrap - TIM lagging in wireless. NuCel the perceived overhang

Mexican Cable/FTTH - Q3 24: MEGA and TPLAY the strongest performers; TV still under pressure

AMX(Buy, TP: $22, +34%) America Movil - Q3 24: Accelerating growth, 4% beat; buy-back should build into Q4

BILI 3Q24 Results: Gaming to Remain Resilient in 4Q

NTES 3Q24 Results: PC to Drive Near-Term Gaming Growth

JD 3Q24 Results: Outlook Remains Intact

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