America Movil SAB de CV: Cash Flows Move Higher

Research evidence excerpt

America Movil SAB de CV: Cash Flows Move Higher

IdeaM

RiskRisk RewardReward– America- AmericaMovil SAB deMovilCV (AMX.N)SAB de CV (AMX.N)

Market Share Gains

PRICE TARGET US$30.00 OVERWEIGHT THESIS

Derived from our DCF, which includes a WACC of 11.0% and a perpetual FCF growth of 4.0% ▪Potential for market share gains as TEF

(both in peso terms). At our target, AMX would trade on ~6.0x EV/NTM EBITDA by mid- accelerates their departure from Latam ex-

2027e. Brazil

growth and robust balance sheet to US$25.16 ▪FCF

support acceleration in shareholder

Consensus Price Target Distribution US$21.80 US$32.37 remuneration. MS PT

recent rebound, improvedSource: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates ▪Despite

regulatory risks and more stable

competition, valuation remains below 2022-

25 average.

RISK REWARD CHART AND OPTIONS IMPLIED PROBABILITIES (12M)

Consensus Rating Distribution

USD

64% Overweight

36% Equal-weight

48 0% Underweight

US$35.00(+34.77%)US$35.00US$35.00(+34.77%)(+34.77%) ProbProbProb (>35.00)~9.0%(>35.00)~9.0%(>35.00)~9.0% MS Rating

36 Source: Refinitiv, Morgan Stanley Research

US$30.00(+15.52%)US$30.00US$30.00(+15.52%)(+15.52%)

ProbProbProb (>30.00)~26.1%(>30.00)~26.1%(>30.00)~26.1%

US$25.97US$25.97US$25.97 Risk Reward Themes 24

Pricing Power: Positive

US$22.00(-15.29%)US$22.00US$22.00(-15.29%)(-15.29%) ProbProbProb (<22.00)~25.5%(<22.00)~25.5%(<22.00)~25.5% View descriptions of Risk Rewards Themes here

MAY '25 NOV '25 MAY '26 MAY '27

Key: Historical Stock Performance Current Stock Price Price Target

Source: Refinitiv, Morgan Stanley Research, Morgan Stanley Institutional Equities Division. The probabilities of our Bull,

Base, and Bear case scenarios playing out were estimated with implied volatility data from the options market as of 27