Analyst Note| Michael Hodel, CFA |
We found America Movil’s first-quarter results modestly disappointing in a couple of areas, notably revenue growth in Mexico. But profitability was impressive across most markets. The firm still expects the Tracfone sale to Verizon to close in the third quarter and the Oi carve up to win regulatory approval this year. The wireless tower spin-off is still in the early planning stages. We are maintaining our $18 fair value estimate.