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 9291.00 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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Pan European Telecom Services and Cable

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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

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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