LILA (Buy, TP: $14, +66%) AMX (Buy, TP: $27, 22%) Liberty LA/AMX - VTR Q1s: Margins drop in Chile, Signs of recovery in ARPU
VTR in Chile – LILA’s contribution to the ClaroVTR JV with AMX but which excludes Claro - last night disclosed Q1s. On the plus side, fixed service revenue looks to have almost stabilized given an increase in sequential ARPU, though EBITDA margins continued to fall – to 15% in the quarter – on rising cost.
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