There were no surprises, and no particular developments to report. In broad terms, the company's operations remain quite similar to the performance observed at the same time last year. 

America Movil's sales fluctuate quite dramatically, as a result of hyperinflation and the instability of South American currencies. In this respect, sales in Mexican pesos rise modestly over the decade 2012-2022, while in US dollars they decline by almost a third, from $60 to $43 billion.

Perhaps it's Carlos Slim's trademark, but just like Telekom Austria  - America Movil maintains a lower net debt than the major international telcos. This conservative management is all the more necessary as the group often borrows in dollars, while invoicing in South American currencies.

Its other original feature is to return as much capital to shareholders via share buy-backs as via traditional dividend distributions. Here too, we can see the hand of a major shareholder, who intends to consolidate his ownership of the Group in this way.

In US dollars, over the period 2012-2022, America Movil will distribute $13 billion in dividends and buy back $15 billion of its own shares. It is therefore returning a total of $28 billion to its shareholders, for a current market capitalization approaching $70 billion.

The market is clearly placing a valuation premium here over European operators - notably Telekom Austria and Vodafone - no doubt due to the Mexican company's strong presence in markets perceived as emerging, and therefore with high growth potential.