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Cesar Medina

Vice President and Equity Analyst at Morgan Stanley

New York, NY, US

Cesar Medina is a Vice President and Equity Analyst at Morgan Stanley, specializing in Latin America technology, media, and telecom equities. He covers companies such as Millicom International Cellular, Vtex, Grupo Televisa, Telefonica Brasil, and CI&T, and has issued 51 ratings with a success rate of 40% and an average return per rating of -6.4% over the past year, with some calls like Grupo Televisa and Vtex generating notable returns above 56%. Medina began his analyst career at Morgan Stanley in 2018 and currently focuses on US and UK-listed shares, with prior experience not publicly documented. He holds professional credentials in securities analysis and equity research, with licensure and regulatory registrations consistent with his role at a major investment bank.

Cesar Medina's questions to AMERICA MOVIL SAB DE CV/ (AMX) leadership

Question · Q4 2025

César Medina from Morgan Stanley questioned the overall impact of foreign exchange (FX) fluctuations, particularly the strong Mexican peso, on América Móvil's results and cash flow, given its exposure to multiple currencies.

Answer

CFO Carlos García Moreno and CEO Daniel Hajj explained that managing diverse operating and debt exchange rates is complex, necessitating reporting at constant exchange rates to mitigate noise. They highlighted that FX movements significantly influence the net debt to EBITDA ratio and reiterated that capital allocation balances debt reduction, shareholder returns, and readiness for regional M&A opportunities.

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Question · Q4 2025

César Medina asked about the overall impact of foreign exchange (FX) on América Móvil's results, particularly the strength of the Mexican peso, and its net effect on cash flow given exposure to various currencies for revenue, debt, and CapEx.

Answer

Carlos García Moreno (CFO) highlighted the complexity of managing multiple operating exchange rates for revenue and debt, emphasizing the use of constant exchange rates in reporting to filter out FX noise. He reiterated the need to balance capital allocation between distributions, share buybacks, and adjusting the leverage ratio, which is significantly influenced by exchange rate movements. Daniel Hajj (CEO) reinforced this balanced capital allocation strategy.

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Cesar Medina's questions to VTEX (VTEX) leadership

Question · Q3 2024

Cesar Medina from Morgan Stanley asked for more context on the company's strong new contract signature momentum, seeking color on the drivers, sectors, and regional mix behind the acceleration.

Answer

Mariano Gomide de Faria, Founder and Co-CEO, attributed the momentum to VTEX's low TCO and flexible platform, which is attracting legacy and homegrown system migrations in Brazil, like Fast Shop and Bemol. He also cited B2B growth and expansion in the U.S. and Europe with clients like Hearst and Colgate. Ricardo Sodre, CFO, added that while the increase in deferred revenue reflects this momentum, a longer contract duration meant the duration-adjusted increase was more modest, though still solid.

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