New Street: AMX US (Neutral, TP: $21, +28%) AMX Q3s Quick Take: Strong Brazil/Mexican wireless, small EBITDA miss; expect Buy-back recovery in Q4
AMX reported Q3s after the close. Revenue and EBITDA were in-line with us though a shade below consensus. Service revenue growth picked up to 5.9% y/y from 4.9% (constant FX), of which 0.5% is coming from Oi. EBITDA is up 5.0% y/y. The standout business was Brazilian wireless growing 16.5% on an organic basis.
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