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- 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
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
- Soomit Datta
AMX (Buy, TP: $24, +40%) AMX - Q1 24: Accelerating revenue and EBITDA...
AMX reported strong Q1 numbers after close, coming in ~2% ahead of consensus revenue and EBITDA. Growth accelerated (to 5% y/y from 3.7% in Q4) coming from Mexico and Brazil, and both fixed and wireless. Brazil EBITDA also saw strong support on the cost side. Capex was down y/y in Q1, in keeping with the FY 24 guide (~$7 billion, down from $8.8 billion in 2023); we expect mid-term capex to be provided at the upcoming May 7th Investor Day, and see potential for consensus estimates to come down he...
- Soomit Datta
- Soomit Datta
AMX (Buy, TP: $24, +40%) AMX Q3s - Broadly solid Q3, Buy back acceler...
AMX reported broadly solid Q3s after close last night, with revenue 1% ahead (supported by a towers sale) while EBITDA slightly missed (0.5%). However, this miss in EBITDA was driven by “Other” which tends to be a little volatile, whilst Mexico, Brazil and Colombia were slightly ahead.
Moody's assigns Baa1 rating to America Movil's proposed notes; stable...
Moody's Investors Service ("Moody's") today assigned a Baa1 rating to America Movil, S.A.B. de C.V.'s ("America Movil") proposed up to MXN20,000 million ($1.1 billion) in senior unsecured notes due 2031. America Movil's existing ratings remain unchanged. The outlook is stable. The proposed notes wi...
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