AMX (Neutral, TP: $22, +10%) AMX Q4s - After the earnings Call: Capex, buy-back in focus
AMX numbers after close last night were relatively robust with a small miss at EBITDA (2%) coming from Colombia and "Other"; Mexico and Brazil were slightly ahead. Following today's call we heard more on capex whilst questions focused on the buy back. We await more clarity on the extent of the pension agreement (and to what degree this reduces the very large liability) - as things stand today we don't see the stock looking particularly cheap (6% EFCF yield).
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