America Movil combines a 414.5-million-line infrastructure moat, near-40% EBITDA margins, and 7.3% probability-weighted five-year annualized return potential despite emerging-market risks.
Overview
America Movil is a diversified telecommunications and ICT provider centered on Mexico, Brazil, and Colombia, with additional operations in Austria and Eastern Europe through its 60.9% interest in Telekom Austria. It serves consumers and enterprises through wireless, fixed broadband, voice, Pay TV, cloud, cybersecurity, data centers, equipment, and bundled multi-play offerings. **The investment case rests on scale and infrastructure:** the company has 414.5 million access lines, dense fiber and 5G networks, and leading positions in its largest Latin American markets. Q2 2026 revenue rose 3.1% year over year to MXN 241,071 million, service revenue increased 3.4% to MXN 205,919 million, and EBITDA grew 3.8% to MXN 95,908 million with a 39.8% margin. First-half FCF more than doubled to MXN 43,021 million, supporting approximately $7.0 billion of CapEx, a 2.51% dividend yield, and MXN 21,042.6 million of buyback capacity. The ADR trades at approximately 10.2x–12.5x forward P/E and 4.53x–6.19x EV/EBITDA. Near-term catalysts include postpaid additions, fiber integration, 5G monetization, and the Desktop and WOW acquisitions; risks include the Q2 EPS miss, currencies, Brazilian competition, and Mexican regulation.