2024-04-18 08:29:44 ET
Summary
- Q1 earnings for America Movil were disappointing, with revenue and EBITDA growth falling below my expectations.
- AMX's strategy is not gaining momentum, with ARPU falling below inflation and unimpressive volume gains in nearly every market.
- Management's inability to make any headway on margin expansion and the negative impact of macro factors on net income have led me to lack of confidence in a financial turnaround.
- With a price target of $15, 15% downside from today, I am lowering my rating from hold to sell.
I am updating my previous analysis of America Movil ( AMX ) in light of Q1 2024 earnings....
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America Movil: Disappointing Q1 Earnings, Downgrading To Sell