New Street Research - America Movil S.A.B. de C.V. ADS (AMX) ... AMX (Buy, TP: $27, +23%) America Movil Q2 23 - Small revenue/EBITDA miss, net income beat thanks to FX; low Q2 buy back

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New Street Research

Soomit Datta

EUR 9284.00 For Business Accounts Only

AMX (Buy, TP: $27, +23%) America Movil Q2 23 - Small revenue/EBITDA miss, net income beat thanks to FX; low Q2 buy back

AMX reported Q2s after close last night. Both revenue and EBITDA slightly missed consensus and our forecasts, but net income beat expectations thanks to FX gains. Ultimately trends are robust, still supported by 1 month of Oi (on a y/y basis), though if there's an area of disappointment for our positive stance it's the still low level of buy back.

12/07/2023 1 EN

Underlyings

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

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US02364W1053 New York Stock Exchange Mexico

AMERICA MOVIL SAB DE CV

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ARDEUT112646 Buenos Aires Stock Exchange Mexico

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Analysts

Soomit Datta

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AMX (Buy, TP: $27, +23%) America Movil Q2 23 - Small revenue/EBITDA miss, net income beat thanks to FX; low Q2 buy back

AMX (Buy, TP: $24, +25%) Why a seemingly (quite) healthy Telco just filed for Chapter 11. Twice.

AMX(Buy, TP: $24, +24%) Televisa (Neutral, $3.5, +11%) Megacable (Neutral, MXN55, +9%) Mexican FTTH/Cable - Megacable to Neutral on Valuation, AMX top pick into Investor Day

AMX (Buy, TP: $24, +40%) AMX - Q1 24: Accelerating revenue and EBITDA trends

Autumn for Broadband 1Q24

Frontier Model Update

FYBR: quick thoughts following the call Part 2

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