UBS maintains a positive credit view on America Movil following solid 4Q25 results and robust fundamental indicators. The analyst favors the AMX 2.875% 2030 USD bond for long-term investors.
Key Takeaways
- 1.America Movil is the largest wireless operator in Latin America with a strong presence in 17 countries and 331.2 million subscribers.
- 2.The company delivered strong 4Q25 results with net revenues and EBITDA growing 13.4% and 14.4% YoY respectively in USD terms.
- 3.Credit fundamentals are robust with a sustainable leverage ratio of 2.1x and low refinancing risk due to strong liquidity.
Table of Contents
- Broad footprint
- Good 4Q25
- Sound debt indicators...
- ... and low refinancing risk
- Credit ratings
- Risk factors
- Our bottom line
- Required disclosures
- UBS CIO risk views
- UBS CIO valuation views
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Authors
Donald McLauchlan
Securities
AMX
Themes
Emerging Market Corporate ResilienceOperational Scale and Market Dominance
Regions
Latin AmericaEuropeMexicoBrazilArgentina