Financials América Móvil, S.A.B. de C.V. Nyse

Equities

AMX

US02364W1053

Integrated Telecommunications Services

End-of-day quote Nyse Other stock markets 18:00:00 2024-02-04 EST			5-day change	1st Jan Change
17.6 ^USD	-2.55%		-2.92%	-4.97%

05-02	ETF of the week: Mexico's future looks golden
04-29	Goldman Sachs Upgrades America Movil to Buy From Neutral, Adjusts PT to $22 From $21	MT

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	1,033,879	-	-
Enterprise Value (EV) ¹	1,553,564	1,507,150	1,909,039	1,642,626	1,508,456	1,594,051	1,516,888	1,481,635
P/E ratio	14.8 x	21 x	7.3 x	14.9 x	13 x	12.2 x	10.2 x	9.64 x
Yield	2.32%	2.62%	2.03%	-	2.92%	2.91%	3.08%	3.02%
Capitalization / Revenue	0.99 x	0.95 x	1.39 x	1.33 x	1.2 x	1.25 x	1.2 x	1.16 x
EV / Revenue	1.54 x	1.48 x	1.89 x	1.95 x	1.85 x	1.93 x	1.76 x	1.66 x
EV / EBITDA	4.95 x	4.57 x	5.81 x	4.99 x	4.83 x	4.87 x	4.43 x	4.14 x
EV / FCF	15.3 x	8.77 x	17 x	24.1 x	14 x	7.69 x	11.2 x	10 x
FCF Yield	6.52%	11.4%	5.88%	4.15%	7.13%	13%	8.94%	9.99%
Price to Book	5.6 x	4.06 x	3.15 x	2.57 x	2.7 x	2.63 x	2.54 x	2.65 x
Nbr of stocks (in thousands)	66,004,515	66,877,561	64,690,445	63,335,000	62,450,000	61,946,000	-	-
Reference price ²	15.10	14.49	21.69	17.68	15.74	16.69	16.69	16.69
Announcement Date	20-02-12	21-02-09	22-02-08	23-02-14	24-02-13	-	-	-

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	825,797	863,896	894,289
EBITDA ¹	313,756	329,599	328,778	329,505	312,361	327,094	342,053	357,892
EBIT ¹	154,841	165,355	166,132	170,871	167,784	171,932	189,716	202,511
Operating Margin	15.37%	16.26%	16.48%	20.23%	20.56%	20.82%	21.96%	22.64%
Earnings before Tax (EBT) ¹	121,365	67,680	120,402	134,269	115,334	126,109	154,966	171,142
Net income ¹	67,731	46,853	196,025	76,159	76,111	86,688	100,321	106,926
Net margin	6.72%	4.61%	19.45%	9.02%	9.33%	10.5%	11.61%	11.96%
EPS ²	1.020	0.6900	2.970	1.190	1.210	1.366	1.629	1.731
Free Cash Flow ¹	101,221	171,920	112,252	68,213	107,609	207,317	135,619	147,986
FCF margin	10.05%	16.91%	11.14%	8.08%	13.19%	25.11%	15.7%	16.55%
FCF Conversion (EBITDA)	32.26%	52.16%	34.14%	20.7%	34.45%	63.38%	39.65%	41.35%
FCF Conversion (Net income)	149.45%	366.94%	57.26%	89.57%	141.38%	239.15%	135.19%	138.4%
Dividend per Share ²	0.3500	0.3800	0.4400	-	0.4600	0.4860	0.5147	0.5039
Announcement Date	20-02-12	21-02-09	22-02-08	23-02-14	24-02-13	-	-	-

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	204,859	209,503	216,711	220,515	224,447
EBITDA ¹	74,584	81,144	82,677	83,212	84,755	82,708	78,699	78,898	76,656	80,584	80,075	82,504	85,630	84,891	86,050
EBIT ¹	33,036	39,839	40,961	43,571	44,685	44,125	40,308	41,543	41,808	40,758	41,648	43,196	46,632	46,769	51,160
Operating Margin	13.02%	18.86%	18.84%	20.32%	20.69%	21.12%	19.9%	20.38%	20.83%	20.05%	20.33%	20.62%	21.52%	21.21%	22.79%
Earnings before Tax (EBT) ¹	31,050	47,162	22,890	27,154	34,525	43,916	-	9,684	24,558	-	23,724	31,934	37,607	-	-
Net income ¹	135,589	30,797	13,683	17,969	13,710	30,146	25,875	2,028	18,062	13,494	15,178	20,624	24,943	-	-
Net margin	53.44%	14.58%	6.29%	8.38%	6.35%	14.43%	12.78%	1%	9%	6.64%	7.41%	9.84%	11.51%	-	-
EPS ²	2.060	0.4800	0.2100	0.2800	0.2100	0.4800	0.4100	0.0300	0.2900	0.2200	0.3355	0.3516	0.4234	0.3808	0.4362
Dividend per Share ²	0.4400	-	-	-	-	-	-	0.2300	0.2300	-	-	0.2418	0.2429	-	-
Announcement Date	22-02-08	22-04-26	22-07-12	22-10-18	23-02-14	23-04-25	23-07-12	23-10-17	24-02-13	24-04-16	-	-	-	-	-

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	560,173	483,009	447,756
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.775 x	1.632 x	1.54 x	1.586 x	1.682 x	1.713 x	1.412 x	1.251 x
Free Cash Flow ¹	101,221	171,920	112,252	68,213	107,609	207,317	135,619	147,986
ROE (net income / shareholders' equity)	28.7%	20.2%	18.3%	17.1%	20.6%	21.9%	26.3%	24.3%
ROA (Net income/ Total Assets)	4.57%	3.08%	11.8%	4.6%	4.78%	5.2%	6.18%	6.44%
Assets ¹	1,480,588	1,519,327	1,656,176	1,653,874	1,591,144	1,667,078	1,622,922	1,659,823
Book Value Per Share ²	2.700	3.560	6.880	6.880	5.830	6.350	6.580	6.290
Cash Flow per Share ²	3.530	4.240	3.910	-	3.800	3.670	3.790	3.910
Capex ¹	132,874	108,907	145,930	159,798	131,102	133,748	137,836	141,549
Capex / Sales	13.19%	10.71%	14.48%	18.92%	16.07%	16.2%	15.96%	15.83%
Announcement Date	20-02-12	21-02-09	22-02-08	23-02-14	24-02-13	-	-	-

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

16.69 MXN

Average target price

19.39 MXN

Spread / Average Target

+16.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+7.72%	195B
VERIZON COMMUNICATIONS	+4.27%	166B
DEUTSCHE TELEKOM AG	-0.14%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-1.45%	93.05B
CHINA TELECOM CORPORATION LIMITED	+13.90%	70.99B
SAUDI TELECOM COMPANY	-7.18%	50.24B
CHARTER COMMUNICATIONS, INC.	-31.05%	39.1B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-17.72%	38.12B
BCE INC.	-12.00%	30.63B

Other Integrated Telecommunications Services