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- Soomit Datta
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Empresa Nacional de Telecomunicaciones S.A. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 11 November 2024 in which we reassessed the appropriateness of ...
- Soomit Datta
- Soomit Datta
- Soomit Datta
AMX(Buy, TP: $22, +34%) America Movil - Q3 24: Accelerating growth, 4...
AMX reported a good set of Q3 numbers yesterday after close. Both revenue and EBITDA beat consensus by ~4%. Service revenue growth accelerated to 5.5% in Q3 vs. 4.7% last quarter and EBITDA growth accelerated to 7.3% from 6.9% in Q2. Almost all geographies beat.
- Soomit Datta
AMX (Buy, TP: $22, +32%) Televisa (Neutral, TP: $3.5, +58%) Megacable ...
AMX and Totalplay emerged as the strong performers in Q2, in terms of KPIs (Telmex the highest BB subs again) and financials (TPLAY 16% EBITDA y/y growth). MEGA continued good momentum, slowing perhaps a touch (and with weaker Corporate). Izzy (Televisa) continues to back off from chasing growth and focus more on FCF - helped by a cut in Cable capex (from $630m to $590m, or 22% of sales to 20%) and with deal synergies to come (MXN400m per Q).
- Soomit Datta
TV US (Neutral, TP: $3.5,) Televisa Q2 24 - Cost (and maybe capex?) t...
Televisa reported Q2’s after close. Trends were broadly as expected, with focus on FCF rather than growing the base, meaning revenue momentum slipped further (-6% y/y from -5% in Q1) on the back of limited broadband adds (in contrast to peers like AMX) as well as a video subs disconnection. Operating segment income improved a touch (still down 8% y/y) and with the prospect of DTH/cable synergies coming through from Q3.
- Soomit Datta
AMX (Buy, TP: $22, +20%) AMX - Q2 24: EBITDA beat, trends high-end/ab...
AMX reported robust Q2 numbers after close, coming in ~3% ahead of consensus EBITDA. Revenue growth of 4.7% is toward the top of the mid-term guide, EBITDA at 6.9% is ahead. Brazil was the standout business (with Claro likely to be performing ahead of TIM and Vivo) whilst Mexico was solid (though holding price flat isn’t helping near-term revenue momentum)
- Soomit Datta
LatAm Fintech into Q2s: FX, rates and Mexico in focus: MELI/NU/DLO/PAG...
It’s a difficult reporting season for US$ reporters when regional FX slips so much: sell-side is generally slow to update (and often updates the immediate quarter, but not FYs). We see FY 24 needing to come down at NU (Neutral) and MercadoLibre (Neutral). DLO (BUY) is also exposed though a Q2 share price collapse, significant de-rating as well as a better H2 should underpin the stock.
- Soomit Datta
Liberty LA (Buy, TP: $13, +45%) cements Chile exit, longer road for AM...
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.
- Soomit Datta
- Soomit Datta
AMX (Buy, TP: $24, +25%) Why a seemingly (quite) healthy Telco just f...
WOM Chile filed for Chapter 11 last month (April 1), followed a couple of weeks later by a local filing for WOM Colombia. Two filings in one month. Colombia’s relatively modest financing difficulties were likely sealed by the Chilean filing and we review events in Chile to work out how a seemingly successful scaled wireless operator (close to 25% market share of service revenue, 37% EBITDA margins) ended up here.
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