Financials América Móvil, S.A.B. de C.V. Buenos Aires S.E.

Equities

AMXD

ARDEUT112646

Integrated Telecommunications Services

End-of-day quote Buenos Aires S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
23,152 ^USD	+1.92%		-.--%	+113,392.65%

Jul. 17	Mexico's America Movil says Chile venture to be fully capitalized by end of 2024	RE
Jul. 17	Transcript : América Móvil, S.A.B. de C.V., Q2 2024 Earnings Call, Jul 17, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	996,774	969,321	1,402,819	1,120,017	982,963	984,256	-	-
Enterprise Value (EV) ¹	1,553,564	1,507,150	1,909,039	1,642,626	1,508,456	1,544,649	1,495,984	1,458,447
P/E ratio	14.8 x	21 x	7.3 x	14.9 x	13 x	14 x	10.7 x	9.24 x
Yield	2.32%	2.62%	2.03%	-	2.92%	3.03%	3.2%	3.39%
Capitalization / Revenue	0.99 x	0.95 x	1.39 x	1.33 x	1.2 x	1.18 x	1.12 x	1.08 x
EV / Revenue	1.54 x	1.48 x	1.89 x	1.95 x	1.85 x	1.85 x	1.7 x	1.59 x
EV / EBITDA	4.95 x	4.57 x	5.81 x	4.99 x	4.83 x	4.69 x	4.32 x	4.04 x
EV / FCF	15.3 x	8.77 x	17 x	24.1 x	14 x	28.1 x	12.3 x	11 x
FCF Yield	6.52%	11.4%	5.88%	4.15%	7.13%	3.56%	8.13%	9.07%
Price to Book	5.6 x	4.06 x	3.15 x	2.57 x	2.7 x	2.26 x	2.52 x	2.65 x
Nbr of stocks (in thousands)	66,004,515	66,877,561	64,690,445	63,335,000	62,450,000	61,593,000	-	-
Reference price ²	15.10	14.49	21.69	17.68	15.74	15.98	15.98	15.98
Announcement Date	2/12/20	2/9/21	2/8/22	2/14/23	2/13/24	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,007,348	1,016,887	1,007,787	844,501	816,013	834,095	878,182	914,559
EBITDA ¹	313,756	329,599	328,778	329,505	312,361	329,161	346,686	361,394
EBIT ¹	154,841	165,355	166,132	170,871	167,784	172,388	188,980	201,905
Operating Margin	15.37%	16.26%	16.48%	20.23%	20.56%	20.67%	21.52%	22.08%
Earnings before Tax (EBT) ¹	121,365	67,680	120,402	134,269	115,334	127,625	151,291	157,534
Net income ¹	67,731	46,853	196,025	76,159	76,111	71,083	89,695	98,594
Net margin	6.72%	4.61%	19.45%	9.02%	9.33%	8.52%	10.21%	10.78%
EPS ²	1.020	0.6900	2.970	1.190	1.210	1.138	1.492	1.729
Free Cash Flow ¹	101,221	171,920	112,252	68,213	107,609	54,997	121,682	132,232
FCF margin	10.05%	16.91%	11.14%	8.08%	13.19%	6.59%	13.86%	14.46%
FCF Conversion (EBITDA)	32.26%	52.16%	34.14%	20.7%	34.45%	16.71%	35.1%	36.59%
FCF Conversion (Net income)	149.45%	366.94%	57.26%	89.57%	141.38%	77.37%	135.66%	134.12%
Dividend per Share ²	0.3500	0.3800	0.4400	-	0.4600	0.4843	0.5114	0.5422
Announcement Date	2/12/20	2/9/21	2/8/22	2/14/23	2/13/24	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	253,719	211,225	217,392	214,466	215,962	208,926	202,532	203,842	200,713	203,298	205,524	209,750	214,406	217,207	224,447
EBITDA ¹	74,584	81,144	82,677	83,212	84,755	82,708	78,699	78,898	76,656	80,584	83,114	82,976	84,778	86,819	87,849
EBIT ¹	33,036	39,839	40,961	43,571	44,685	44,125	40,308	41,543	41,808	40,758	45,508	43,050	45,587	45,386	51,160
Operating Margin	13.02%	18.86%	18.84%	20.32%	20.69%	21.12%	19.9%	20.38%	20.83%	20.05%	22.14%	20.52%	21.26%	20.9%	22.79%
Earnings before Tax (EBT) ¹	31,050	47,162	22,890	27,154	34,525	43,916	-	9,684	24,558	-	4,154	25,845	33,978	-	-
Net income ¹	135,589	30,797	13,683	17,969	13,710	30,146	25,875	2,028	18,062	13,494	-1,093	16,552	22,556	-	-
Net margin	53.44%	14.58%	6.29%	8.38%	6.35%	14.43%	12.78%	1%	9%	6.64%	-0.53%	7.89%	10.52%	-	-
EPS ²	2.060	0.4800	0.2100	0.2800	0.2100	0.4800	0.4100	0.0300	0.2900	0.2200	-0.0200	0.3516	0.4234	0.3808	0.4362
Dividend per Share ²	0.4400	-	-	-	-	-	-	0.2300	0.2300	-	-	0.2418	0.2429	-	-
Announcement Date	2/8/22	4/26/22	7/12/22	10/18/22	2/14/23	4/25/23	7/12/23	10/17/23	2/13/24	4/16/24	7/16/24	-	-	-	-

¹MXN in Million²MXN

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	556,790	537,829	506,220	522,609	525,493	560,393	511,728	474,191
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.775 x	1.632 x	1.54 x	1.586 x	1.682 x	1.702 x	1.476 x	1.312 x
Free Cash Flow ¹	101,221	171,920	112,252	68,213	107,609	54,997	121,682	132,232
ROE (net income / shareholders' equity)	28.7%	20.2%	18.3%	17.1%	20.6%	16.3%	24.8%	23.4%
ROA (Net income/ Total Assets)	4.57%	3.08%	11.8%	4.6%	4.78%	4.6%	5.63%	6.04%
Assets ¹	1,480,588	1,519,327	1,656,176	1,653,874	1,591,144	1,546,464	1,592,037	1,633,430
Book Value Per Share ²	2.700	3.560	6.880	6.880	5.830	7.080	6.350	6.030
Cash Flow per Share ²	3.530	4.240	3.910	-	3.800	3.840	3.930	4.370
Capex ¹	132,874	108,907	145,930	159,798	131,102	131,877	136,172	139,678
Capex / Sales	13.19%	10.71%	14.48%	18.92%	16.07%	15.81%	15.51%	15.27%
Announcement Date	2/12/20	2/9/21	2/8/22	2/14/23	2/13/24	-	-	-

¹MXN in Million²MXN

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for América Móvil, S.A.B. de C.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.98 MXN

Average target price

19.36 MXN

Spread / Average Target

+21.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+17.59%	216B
VERIZON COMMUNICATIONS	+11.49%	174B
DEUTSCHE TELEKOM AG	+10.53%	128B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-6.79%	83.35B
CHINA TELECOM CORPORATION LIMITED	+27.81%	76.7B
SAUDI TELECOM COMPANY	-4.08%	51.7B
CHARTER COMMUNICATIONS, INC.	-15.02%	47.16B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-17.62%	38.31B
SINGAPORE TELECOMMUNICATIONS LIMITED	+24.19%	37.44B

Other Integrated Telecommunications Services