Liberty LA (Buy, TP: $13, +45%) cements Chile exit, longer road for AMX (Buy, TP: $22 (from $24), +40%) ClaroVTR model update
Liberty LA announced this week that AMX will take control of their 50/50 JV in Chile. This isn’t surprising but still cements a good “exit” for Liberty LA (putting zero value on the residual 9% stake this implies a 15.5x exit on FY 23 VTR EBITDA) and requiring a long-term perspective from AMX in order to turnaround the business - though we note recent top line and KPIs look to be (finally) stabilising.
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