New Street Research - America Movil S.A.B. de C.V. ADS (AMX) ... AMX US (Buy, TP: $27, +23%) LILA US (Buy, TP: $14 (from $15), +85%) AMX/LILA - Chile shareholder loans: Still no positive Equity value, AMX set to take control

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New Street Research

Soomit Datta

EUR 9543.00 For Business Accounts Only

AMX US (Buy, TP: $27, +23%) LILA US (Buy, TP: $14 (from $15), +85%) AMX/LILA - Chile shareholder loans: Still no positive Equity value, AMX set to take control

VTR in Chile has disclosed the contribution of a convertible shareholder loan of $600m for AMX and LILA’s Chilean JV (ClaroVTR). It’s not clear that LILA has contributed its pro rata share (we’ll know at the Q2s) and the release suggests that conversion of the loans might not be in proportion to current equity levels (50/50) paving the way we think for AMX to take control of the JV over time.

31/05/2023 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

Liberty Latin America Ltd

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New Street Research

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Analysts

Soomit Datta

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AMX US (Buy, TP: $27, +23%) LILA US (Buy, TP: $14 (from $15), +85%) AMX/LILA - Chile shareholder loans: Still no positive Equity value, AMX set to take control

America Movil, S.A.B. de C.V.: Update following rating affirmation

America Movil, S.A.B. de C.V. - September 2024 (LTM): Peer Snapshot

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

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflecting; Q3 24 review

EOLO Q2 25: Evolving churn and ARPU levels

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