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LIBERTY LATIN AMERICA LTD.

(LILA)
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America Movil Q3 net profit dips 16.4%, falling short of expectations

10/19/2021 | 05:39pm EST

MEXICO CITY, Oct 19 (Reuters) - Mexican telecommunications giant America Movil on Tuesday reported a 16.4% dip in third-quarter net profit compared with the same period a year earlier, falling short of some analyst expectations.

The company, which is controlled by the family of Mexican billionaire Carlos Slim, posted net profit of 15.8 billion pesos ($766 million), compared with 18.9 billion pesos a year earlier, below the estimates of Itau BBA for 21.3 billion pesos and Barclays for 23.48 billion pesos.

Local bank Banorte, however, predicted a steeper drop to 12.03 billion pesos due to losses from a 3.5% depreciation of the peso currency during the quarter, versus an appreciation of 3.8% in the year-earlier period.

America Movil's revenue dipped to 253.4 billion pesos, from 260.2 billion pesos during the year-ago quarter. That still beat the Refinitiv forecast of 244.32 billion pesos.

EBITDA was 87.6 billion pesos, an increase of 1.3% in nominal terms from a year ago.

"The EBITDA margin increased 1.3 percentage points to 34.6% and was our highest EBITDA margin in nine years," the company said in its filing with the Mexican stock exchange.

America Movil said it added 4.2 million wireless subscribers in the quarter, including 2.2 million postpaid customers. The company also reported 252,000 new broadband additions.

Shareholders last month overwhelmingly approved the company's plan to spin off its towers business in Latin America https://www.reuters.com/business/media-telecom/america-movil-says-shareholders-approve-plan-towers-spin-off-2021-09-29/#:~:text=MEXICO%20CITY%2C%20Sept%2029%20(Reuters,telecoms%20company%20said%20on%20Wednesday. The spinoff will create a new company called Sitio Latinoamerica, which will own 36,000 telecommunications towers across the region, the company said.

America Movil and Liberty Latin America announced in September they would combine Chilean operations to form a joint venture https://www.reuters.com/article/mexico-americamovil-liberty-idCNL1N2QV1FE in a move aimed at expanding fixed fiber operations and speeding up the launch of 5G services.

The two companies also reached a deal in which America Movil would sell 100% of its Claro Panama unit to Cable & Wireless Panama, a unit of Liberty Latin America.

Both deals excluded America Movil's telecoms towers in Chile and Panama. ($1= 20.642 pesos at end-September) (Reporting by Cassandra Garrison and Noe Torres in Mexico City Additional reporting by Jake Kincaid in Mexico City Editing by Richard Pullin and Matthew Lewis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMÉRICA MÓVIL, S.A.B. DE C.V. 2.04% 19.47 End-of-day quote.34.37%
GRUPO FINANCIERO BANORTE, S.A.B. DE C.V. 4.80% 134.87 End-of-day quote.22.69%
LIBERTY LATIN AMERICA LTD. 2.97% 11.43 Delayed Quote.-0.27%
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Financials (USD)
Sales 2021 4 764 M - -
Net income 2021 243 M - -
Net Debt 2021 6 431 M - -
P/E ratio 2021 19,9x
Yield 2021 -
Capitalization 2 625 M 2 625 M -
EV / Sales 2021 1,90x
EV / Sales 2022 1,96x
Nbr of Employees 11 900
Free-Float 84,6%
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Number of Analysts 5
Last Close Price 11,43 $
Average target price 15,40 $
Spread / Average Target 34,7%
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Managers and Directors
Balan Nair President, Chief Executive Officer & Director
Christopher Noyes Chief Financial Officer & Senior Vice President
Michael Thomas Fries Executive Chairman
Christine Weber Chief Information & Technology Officer
Alfonso de Angoitia Noriega Independent Director
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