VZ - The Simple Logic Of América Móvil Spin Off

• Growth of the telco business of América Móvil is back after a temporary deceleration in the pandemic.
• Big news is that the spin-off of 36,000 cell towers in a separate tower company was approved in an extraordinary general shareholder meeting on September 29th.
• The América Móvil shareholders will receive the same number of shares in the new infra company named Sitios Latinoamérica. In general, tower companies have higher valuation multiples than telcos.
• The upcoming cell tower spin-off offers capital gains potential and América Móvil is an attractive diversification over the Latin American geographies.

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