America Movil NYSE: AMX
December 19, 2008 - 3:03pm EST by
flubber926
2008 2009
Price: 32.56 EPS
Shares Out. (in M): 0 P/E
Market Cap (in $M): 54,255 P/FCF
Net Debt (in $M): 0 EBIT 0 0
TEV ($): 0 TEV/EBIT

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Description

AMX

 

Thesis

 

We are recommending a great value opportunity with upside of between 75 and 120% based on our DCF Valuation on America Movil, the largest telecom provider in Latin America and one of the top 5 global wireless operators by subscribers… America Movil dominates Mexico’s mobile telephony market with more than 73% of the market share and is an important player in the all the region’s countries. Its large scale allows AMX to make significant cost efficiencies, translated into great FCF generation and cash returns to shareholders. Its competitive advantages had leaded the company to the highest levels of profitability in the world industry and should allow it to continue to deliver attractive returns on capital. Additionally AMX is the best positioned company to take advantage of the growth that the region is facing over the next years, as it has: the best network, great spectrum position in all of its countries, already has a dominant market position in all Latin America and financial strength to seize opportunities that may arise.

 

The Business

 

America Movil is the largest wireless provider in Latin America, reaching about 176 million subscribers and covering almost all of Latin America: 16 Latam countries in addition to the US. And it is the fourth biggest mobile company in the world, by subscribers. It also provides fixed-line services in some of its markets to 3.8 million users. Historically AMX has dominated the Mexican wireless market, and still continues controlling more than 73% of the subscriber base.

 

Equity subscribers (mill)

China Mobile

415

Vodafone

269

China Unicom

171

AMX

165

Telefónica

144

T-Mobile

125

As of June 30, 2008

 

 

 

Latam Equity subscribers (mill)

AMX

158

Telefonica

77

Telecom Italia

25

Millicom

12

 

 

As well the company has built a solid record of buying troubled companies, transforming them into important players in their markets and making them profitable, through management restructures and improving operations. As a result AMX has a leading position in most of its markets.

 

 

 

 

                                                                       

 

Revenue Breakdown 3Q08

 

AMX Mkt Position

Mexico

40%

 

Mexico

#1

Brazil

20%

 

Colombia

#1

Colombia

9%

 

Argentina

#1

Arg/Urug/Para

7%

 

Ecuador

#1

Central America

5%

 

Brazil

#2

US

5%

 

Peru

#2

Ecuador

4%

 

Central America

#2

Caribbean

7%

 

Chile

#3

Peru

2%

 

 

 

Chile

2%

 

 

 

 

The company’s Mexican operations generate some of the highest margins in the world wireless industry, reaching a mid 50’s EBITDA margin. Profitability in its foreign markets is much lower than Mexico’s, this because of the higher cost of service, however its overall margin remains on the 40’s, making the whole company one of the most profitable companies in the global industry.

 

Investment highlights

 

  1. The Industry.  In the last years the Latin American telecom industry has followed the world trend of migrating from fixed-line to wireless services. In 2004 there were 91 millions of fixed-lines and 166 millions of mobile lines in all Latin America; as for 2007 the number of fixed-lines remained practically flat in 98 million and the wireless services grew at a 30% CAGR to 357 million lines, in these same period AMX subs base grew at a 36% CAGR.

Despite the sustained growth in mobile lines, the region still is under penetrated as the average penetration rate of the zone remains at 69% and its main markets, Mexico and Brazil, are under the average Latam level. The company management estimates that its main countries will reach a 90% penetration by 2010, implying a net addition of 50 million subs for AMX.

 

 

Wireless penetration

 

India

21%

 

China

41%

 

Mexico

64%

 

Brazil

65%

 

Latam Avg

69%

AMX Region

Colombia

70%

 

Chile

85%

 

Argentina

99%

 

US

84%

 

EU

94%

 

Russia

107%

 

 

 

Market Share. America Movil controls the overall Latin American wireless market with 42% of the total subscribers followed by Telefonica with 31% and Telecom Italia’s 14%. In its main markets AMX is one of the most important players: controlling the Mexican market with more than 73% and occupying the second place in Brazil.

 

  1. AMX competitive Advantages. Its large scale has helped AMX to lower its operating costs; allowing the firm to avoid high interconnection rates (one of the sector main costs) and giving it negotiation power on equipment prices, as it is one of the mayor buyers of network infrastructure and handsets on global basis. Because of this the company has been able to generate better margins than global operators, especially in Mexico.

Strong FCF generation due to low CAPEX needs in comparison with its global peers. Has given AMX the capacity to internally finance its growth, acquire last technologies and make acquisitions while returning cash to shareholders.

As well AMX has the only high-quality integrated network in Latin America as it is the only operator that offers 3G services in all its 16 countries; while its larger competitor, Telefonica, offers 3G services only in 3 countries.

   

  1. Migration to contract users. Contrary to other wireless providers strategies (targeting post-paid users as they generate much higher average revenue per user ARPUs) America Movil’s strategy has been focused on prepaid users, this has shown to be the best strategy for the past years in the AMX region and has resulted in higher penetration and an impressive subscriber growth, as a result, 89% of AMX’s subs are pre-paid users. The 11% contract users contribute approximately 35% of the total revenue. The migration to a contract base should increase ARPUs significantly, giving the company more room for future growth. In the short term the post-paid customer additions will be seen in more developed markets like Mexico and Brazil.

 

  1. Mexico: more competition ahead? We think not. Since Telefonica started its operations in Mexico the market has shown a more competitive environment and local ARPMs (average revenue per minute) have been declining. Telefonica-Movistar Mexico is approaching its management market share goal of 23-25% (actual 20%), and is still far from its EBITDA margin goal of 35-40% (vs. its actual 23%). This shows that wile local competition will remain, it will be less aggressive. We are starting to see Movistar changing its strategy focusing more on profitability than subscriber growth: add-campaigns are turning from pricing strategies to customer services like coverage. This is also shown when analyzing the Telefonica’s ARPM trend, which in 2008 stopped its contraction and has stabilized with AMX ARPMs.  

 

  1. 3G. AMX is migrating to a 3G network in all of its Latam countries, this will benefit the company in many ways: i) it will improve margins as the operations of a 3G network are cheaper than the older one, ii) it will increase its data revenues, and will help AMX maintain ARPUs as pricing in voice service becomes more competitive, iii) it will give the company the ability to offer value added services to attract contract users.

Being the only large 3G provider in most of its countries will give AMX an important competitive position.

 

  1. Low CAPEX needs = great FCF generation. AMX has relatively lower CAPEX needs than its global peers because of two main factors: i) Higher rates of urbanization in Latin America relatively to other emerging countries (low rural CAPEX), ii) Good spectrum position in its entire region. As the network already has been upgraded to 3G, we see lower CAPEX increasing risk for the coming years than its peers. As a result AMX has an unique combination of “developed country” wireless company CAPEX needs and the room for growth of an “emerging market” operator.

 

FCF and FCF Yield.  At current prices the great cash flow generation of the company traduces on a FCF Yield well above global peers.  

 

 

 

CAPEX to Revenues

FCF Yield

 

America Movil

10.7%

12.0%

 

VIVO Part

17.4%

12.0%

Latam

TIM Part

32.1%

NA

 

Teleming Part

13.7%

NA

 

NII

18.5%

1.3%

 

 

 

 

 

AT&T

16.5%

7.3%

 

Millicom

36.6%

NA

 

Vodafone

13.4%

12.3%

 

China Mobile

42.3%

1.2%

 

 

  1. Profitability. Great comparative margins and ROE above 40’s over time places AMX as an impressive profitability story.

 

ROE

2002

2003

2004

2005

2006

2007

TTM

AMX

8%

26%

23%

39%

44%

50%

44%

 

 

 

EBITDA Margin

Net Margin

ROE

AMX

41%

19%

44%

NII

28%

11%

24%

VIVO Part

26%

3%

2%

TIM  Part

22%

1%

1%

Vodafone

37%

18%

7%

AT&T

36%

12%

12%

China Mobile

54%

28%

28%

 

AMX Mexican operations are one of the most profitable around the world with an EBITDA margin around mid 50’s.

 

  1. Cash returned to Shareholders. AMX has provided equity investors with a rare combination of substantial growth and increasing dividends. In the last 5 years the company has returned to its shareholders more than US $8.8 billion in the form of dividends and stock repurchases, representing 15% of its current market cap. It is expected that the company will continue with its aggressive cash refunding to shareholders in the coming years. The only factor that could slowdown the returns to investors could be a potential acquisition.

 

 

2003

2004

2005

2006

2007

TTM 08

2008E

2009E

2010E

Repurchase + Dividends Yield

0.3%

3.7%

2.4%

1.7%

9.0%

13.6%

12.1%

11.0%

10.9%

  

 

  1. Debt position. America Movil has a very healthy balance sheet with a 0.78x Net Debt/EBITDA ratio. As well AMX has a considerable lower debt outstanding than its peers.

 

Total Debt Outstanding / Mkt. Cap

AMX

10%

Telecom Italia

217%

Deutche Telekom

84%

British  Telecom

82%

France Telecom

76%

Telefonica

58%

Vodafone

38%

                                               

 

Risks

 

The company is subject to regulatory risks, in Mexico the government has stated its intention of looking into the telecom market for anticompetitive behavior.

America Movil has a significant amount of its debt denominated in US dollars. Depreciation of its operating currencies against US dollar could result in higher debt.

Deeper than expected economic slowdown. 

 

 

Valuation

 

AMX has a great record for of FCF growth over the past years. In our valuation we suppose a growth scenario in witch the company’s FCF will have a 10% annual growth rate for the first 5 years and of 5% in the next 5. These estimates are conservative in our view as its low CAPEX needs and strong market position will let the company continue generating strong FCF growth.

 

 

 

2003

2004

2005

2006

2007

TTM 2008

Free Cash Flow

$714.8

$1,631.0

$1,179.3

$2,555.6

$5,654.2

$6,868.7

 

 

 

 

 

 

 

FCF growth rate

 

128.2%

(27.7%)

116.7%

121.2%

21.5%

FCF CAGR (5 years)

 

 

 

 

57.2%

 

 

We have modeled 2 simple DCF exercises, in witch we included our FCF growth estimates for 10 years and the sale of the business at 15x and 10x FCF. This threw us an upside range between 119% and 76%. We see the higher valuation as more rational for a business like AMX; however a more conservative valuation is in order as we wanted to expand our margin of safety.

 

 

 

 

 

 

 

 

Sale of the business at 15x in the 10th year.

 

 

Free Cash Flow (US $m)

Nominal Growth

2008

6,869

 

1

7,556

10%

2

8,311

10%

3

9,142

10%

4

10,056

10%

5

11,062

10%

6

11,615

5%

7

12,196

5%

8

12,806

5%

9

13,446

5%

10

211,776

5%

 

 

 

 

 

 

 

PV Cash Flows

$133,957

 

Net Debt

$9,681

 

Mkt Cap

$124,276

 

Shares Outstanding

1,687

 

 

 

 

Price Tgt

73.7

 

Price (Dec-17-08)

33.6

 

Upside

119%

 

 

Sale of the business at 10x in the 10th year.

 

 

Free Cash Flow (US $m)

Nominal Growth

2008

6,869

 

1

7,556

10%

2

8,311

10%

3

9,142

10%

4

10,056

10%

5

11,062

10%

6

11,615

5%

7

12,196

5%

8

12,806

5%

9

13,446

5%

10

141,184

5%

 

 

 

 

 

 

 

PV Cash Flows

$109,215

 

Net Debt

$9,681

 

Mkt Cap

$99,534

 

Shares Outstanding

1,687

 

 

 

 

Price Tgt

59.0

 

Price (Dec-17-08)

33.6

 

Upside

76%

 

Multiples vs Peers.

 

 

 

P/E

EV/EBITDA

P/BV

 

America Movil

12.8x

6.5x

6.1x

 

VIVO Part

65.4x

5.0x

1.5x

Latam

TIM Part

143.5x

3.6x

1.2x

 

Teleming Part

5.7x

1.4x

0.9x

 

NII

6.9x

3.4x

1.4x

 

 

 

 

 

 

AT&T

12.4x

5.4x

1.5x

 

Millicom

8.5x

4.4x

2.9x

 

Vodafone

12.6x

5.6x

0.9x

 

China Mobile

14.2x

6.1x

3.6x

 

Catalyst

FCF generation resulting in extraordinary dividends or additional stock buybacks.
Valuation itself.
    sort by   Expand   New

    Description

    AMX

     

    Thesis

     

    We are recommending a great value opportunity with upside of between 75 and 120% based on our DCF Valuation on America Movil, the largest telecom provider in Latin America and one of the top 5 global wireless operators by subscribers… America Movil dominates Mexico’s mobile telephony market with more than 73% of the market share and is an important player in the all the region’s countries. Its large scale allows AMX to make significant cost efficiencies, translated into great FCF generation and cash returns to shareholders. Its competitive advantages had leaded the company to the highest levels of profitability in the world industry and should allow it to continue to deliver attractive returns on capital. Additionally AMX is the best positioned company to take advantage of the growth that the region is facing over the next years, as it has: the best network, great spectrum position in all of its countries, already has a dominant market position in all Latin America and financial strength to seize opportunities that may arise.

     

    The Business

     

    America Movil is the largest wireless provider in Latin America, reaching about 176 million subscribers and covering almost all of Latin America: 16 Latam countries in addition to the US. And it is the fourth biggest mobile company in the world, by subscribers. It also provides fixed-line services in some of its markets to 3.8 million users. Historically AMX has dominated the Mexican wireless market, and still continues controlling more than 73% of the subscriber base.

     

    Equity subscribers (mill)

    China Mobile

    415

    Vodafone

    269

    China Unicom

    171

    AMX

    165

    Telefónica

    144

    T-Mobile

    125

    As of June 30, 2008

     

     

     

    Latam Equity subscribers (mill)

    AMX

    158

    Telefonica

    77

    Telecom Italia

    25

    Millicom

    12

     

     

    As well the company has built a solid record of buying troubled companies, transforming them into important players in their markets and making them profitable, through management restructures and improving operations. As a result AMX has a leading position in most of its markets.

     

     

     

     

                                                                           

     

    Revenue Breakdown 3Q08

     

    AMX Mkt Position

    Mexico

    40%

     

    Mexico

    #1

    Brazil

    20%

     

    Colombia

    #1

    Colombia

    9%

     

    Argentina

    #1

    Arg/Urug/Para

    7%

     

    Ecuador

    #1

    Central America

    5%

     

    Brazil

    #2

    US

    5%

     

    Peru

    #2

    Ecuador

    4%

     

    Central America

    #2

    Caribbean

    7%

     

    Chile

    #3

    Peru

    2%

     

     

     

    Chile

    2%

     

     

     

     

    The company’s Mexican operations generate some of the highest margins in the world wireless industry, reaching a mid 50’s EBITDA margin. Profitability in its foreign markets is much lower than Mexico’s, this because of the higher cost of service, however its overall margin remains on the 40’s, making the whole company one of the most profitable companies in the global industry.

     

    Investment highlights

     

    1. The Industry.  In the last years the Latin American telecom industry has followed the world trend of migrating from fixed-line to wireless services. In 2004 there were 91 millions of fixed-lines and 166 millions of mobile lines in all Latin America; as for 2007 the number of fixed-lines remained practically flat in 98 million and the wireless services grew at a 30% CAGR to 357 million lines, in these same period AMX subs base grew at a 36% CAGR.

    Despite the sustained growth in mobile lines, the region still is under penetrated as the average penetration rate of the zone remains at 69% and its main markets, Mexico and Brazil, are under the average Latam level. The company management estimates that its main countries will reach a 90% penetration by 2010, implying a net addition of 50 million subs for AMX.

     

     

    Wireless penetration

     

    India

    21%

     

    China

    41%

     

    Mexico

    64%

     

    Brazil

    65%

     

    Latam Avg

    69%

    AMX Region

    Colombia

    70%

     

    Chile

    85%

     

    Argentina

    99%

     

    US

    84%

     

    EU

    94%

     

    Russia

    107%

     

     

     

    Market Share. America Movil controls the overall Latin American wireless market with 42% of the total subscribers followed by Telefonica with 31% and Telecom Italia’s 14%. In its main markets AMX is one of the most important players: controlling the Mexican market with more than 73% and occupying the second place in Brazil.

     

    1. AMX competitive Advantages. Its large scale has helped AMX to lower its operating costs; allowing the firm to avoid high interconnection rates (one of the sector main costs) and giving it negotiation power on equipment prices, as it is one of the mayor buyers of network infrastructure and handsets on global basis. Because of this the company has been able to generate better margins than global operators, especially in Mexico.

    Strong FCF generation due to low CAPEX needs in comparison with its global peers. Has given AMX the capacity to internally finance its growth, acquire last technologies and make acquisitions while returning cash to shareholders.

    As well AMX has the only high-quality integrated network in Latin America as it is the only operator that offers 3G services in all its 16 countries; while its larger competitor, Telefonica, offers 3G services only in 3 countries.

       

    1. Migration to contract users. Contrary to other wireless providers strategies (targeting post-paid users as they generate much higher average revenue per user ARPUs) America Movil’s strategy has been focused on prepaid users, this has shown to be the best strategy for the past years in the AMX region and has resulted in higher penetration and an impressive subscriber growth, as a result, 89% of AMX’s subs are pre-paid users. The 11% contract users contribute approximately 35% of the total revenue. The migration to a contract base should increase ARPUs significantly, giving the company more room for future growth. In the short term the post-paid customer additions will be seen in more developed markets like Mexico and Brazil.

     

    1. Mexico: more competition ahead? We think not. Since Telefonica started its operations in Mexico the market has shown a more competitive environment and local ARPMs (average revenue per minute) have been declining. Telefonica-Movistar Mexico is approaching its management market share goal of 23-25% (actual 20%), and is still far from its EBITDA margin goal of 35-40% (vs. its actual 23%). This shows that wile local competition will remain, it will be less aggressive. We are starting to see Movistar changing its strategy focusing more on profitability than subscriber growth: add-campaigns are turning from pricing strategies to customer services like coverage. This is also shown when analyzing the Telefonica’s ARPM trend, which in 2008 stopped its contraction and has stabilized with AMX ARPMs.  

     

    1. 3G. AMX is migrating to a 3G network in all of its Latam countries, this will benefit the company in many ways: i) it will improve margins as the operations of a 3G network are cheaper than the older one, ii) it will increase its data revenues, and will help AMX maintain ARPUs as pricing in voice service becomes more competitive, iii) it will give the company the ability to offer value added services to attract contract users.

    Being the only large 3G provider in most of its countries will give AMX an important competitive position.

     

    1. Low CAPEX needs = great FCF generation. AMX has relatively lower CAPEX needs than its global peers because of two main factors: i) Higher rates of urbanization in Latin America relatively to other emerging countries (low rural CAPEX), ii) Good spectrum position in its entire region. As the network already has been upgraded to 3G, we see lower CAPEX increasing risk for the coming years than its peers. As a result AMX has an unique combination of “developed country” wireless company CAPEX needs and the room for growth of an “emerging market” operator.

     

    FCF and FCF Yield.  At current prices the great cash flow generation of the company traduces on a FCF Yield well above global peers.  

     

     

     

    CAPEX to Revenues

    FCF Yield

     

    America Movil

    10.7%

    12.0%

     

    VIVO Part

    17.4%

    12.0%

    Latam

    TIM Part

    32.1%

    NA

     

    Teleming Part

    13.7%

    NA

     

    NII

    18.5%

    1.3%

     

     

     

     

     

    AT&T

    16.5%

    7.3%

     

    Millicom

    36.6%

    NA

     

    Vodafone

    13.4%

    12.3%

     

    China Mobile

    42.3%

    1.2%

     

     

    1. Profitability. Great comparative margins and ROE above 40’s over time places AMX as an impressive profitability story.

     

    ROE

    2002

    2003

    2004

    2005

    2006

    2007

    TTM

    AMX

    8%

    26%

    23%

    39%

    44%

    50%

    44%

     

     

     

    EBITDA Margin

    Net Margin

    ROE

    AMX

    41%

    19%

    44%

    NII

    28%

    11%

    24%

    VIVO Part

    26%

    3%

    2%

    TIM  Part

    22%

    1%

    1%

    Vodafone

    37%

    18%

    7%

    AT&T

    36%

    12%

    12%

    China Mobile

    54%

    28%

    28%

     

    AMX Mexican operations are one of the most profitable around the world with an EBITDA margin around mid 50’s.

     

    1. Cash returned to Shareholders. AMX has provided equity investors with a rare combination of substantial growth and increasing dividends. In the last 5 years the company has returned to its shareholders more than US $8.8 billion in the form of dividends and stock repurchases, representing 15% of its current market cap. It is expected that the company will continue with its aggressive cash refunding to shareholders in the coming years. The only factor that could slowdown the returns to investors could be a potential acquisition.

     

     

    2003

    2004

    2005

    2006

    2007

    TTM 08

    2008E

    2009E

    2010E

    Repurchase + Dividends Yield

    0.3%

    3.7%

    2.4%

    1.7%

    9.0%

    13.6%

    12.1%

    11.0%

    10.9%

      

     

    1. Debt position. America Movil has a very healthy balance sheet with a 0.78x Net Debt/EBITDA ratio. As well AMX has a considerable lower debt outstanding than its peers.

     

    Total Debt Outstanding / Mkt. Cap

    AMX

    10%

    Telecom Italia

    217%

    Deutche Telekom

    84%

    British  Telecom

    82%

    France Telecom

    76%

    Telefonica

    58%

    Vodafone

    38%

                                                   

     

    Risks

     

    The company is subject to regulatory risks, in Mexico the government has stated its intention of looking into the telecom market for anticompetitive behavior.

    America Movil has a significant amount of its debt denominated in US dollars. Depreciation of its operating currencies against US dollar could result in higher debt.

    Deeper than expected economic slowdown. 

     

     

    Valuation

     

    AMX has a great record for of FCF growth over the past years. In our valuation we suppose a growth scenario in witch the company’s FCF will have a 10% annual growth rate for the first 5 years and of 5% in the next 5. These estimates are conservative in our view as its low CAPEX needs and strong market position will let the company continue generating strong FCF growth.

     

     

     

    2003

    2004

    2005

    2006

    2007

    TTM 2008

    Free Cash Flow

    $714.8

    $1,631.0

    $1,179.3

    $2,555.6

    $5,654.2

    $6,868.7

     

     

     

     

     

     

     

    FCF growth rate

     

    128.2%

    (27.7%)

    116.7%

    121.2%

    21.5%

    FCF CAGR (5 years)

     

     

     

     

    57.2%

     

     

    We have modeled 2 simple DCF exercises, in witch we included our FCF growth estimates for 10 years and the sale of the business at 15x and 10x FCF. This threw us an upside range between 119% and 76%. We see the higher valuation as more rational for a business like AMX; however a more conservative valuation is in order as we wanted to expand our margin of safety.

     

     

     

     

     

     

     

     

    Sale of the business at 15x in the 10th year.

     

     

    Free Cash Flow (US $m)

    Nominal Growth

    2008

    6,869

     

    1

    7,556

    10%

    2

    8,311

    10%

    3

    9,142

    10%

    4

    10,056

    10%

    5

    11,062

    10%

    6

    11,615

    5%

    7

    12,196

    5%

    8

    12,806

    5%

    9

    13,446

    5%

    10

    211,776

    5%

     

     

     

     

     

     

     

    PV Cash Flows

    $133,957

     

    Net Debt

    $9,681

     

    Mkt Cap

    $124,276

     

    Shares Outstanding

    1,687

     

     

     

     

    Price Tgt

    73.7

     

    Price (Dec-17-08)

    33.6

     

    Upside

    119%

     

     

    Sale of the business at 10x in the 10th year.

     

     

    Free Cash Flow (US $m)

    Nominal Growth

    2008

    6,869

     

    1

    7,556

    10%

    2

    8,311

    10%

    3

    9,142

    10%

    4

    10,056

    10%

    5

    11,062

    10%

    6

    11,615

    5%

    7

    12,196

    5%

    8

    12,806

    5%

    9

    13,446

    5%

    10

    141,184

    5%

     

     

     

     

     

     

     

    PV Cash Flows

    $109,215

     

    Net Debt

    $9,681

     

    Mkt Cap

    $99,534

     

    Shares Outstanding

    1,687

     

     

     

     

    Price Tgt

    59.0

     

    Price (Dec-17-08)

    33.6

     

    Upside

    76%

     

    Multiples vs Peers.

     

     

     

    P/E

    EV/EBITDA

    P/BV

     

    America Movil

    12.8x

    6.5x

    6.1x

     

    VIVO Part

    65.4x

    5.0x

    1.5x

    Latam

    TIM Part

    143.5x

    3.6x

    1.2x

     

    Teleming Part

    5.7x

    1.4x

    0.9x

     

    NII

    6.9x

    3.4x

    1.4x

     

     

     

     

     

     

    AT&T

    12.4x

    5.4x

    1.5x

     

    Millicom

    8.5x

    4.4x

    2.9x

     

    Vodafone

    12.6x

    5.6x

    0.9x

     

    China Mobile

    14.2x

    6.1x

    3.6x

     

    Catalyst

    FCF generation resulting in extraordinary dividends or additional stock buybacks.
    Valuation itself.

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