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American Tower

AMT is one of the largest global tower operators and the largest in the US. AMT buys or leases land on which it builds multi-tenant towers and then sells space to customers (mainly wireless) through long-term leases. 99% of revenue comes from leasing and 1% services. AMT was founded in '95. Between '99-'02, M&A & the '02 liquidity crisis pushed AMT close to bankruptcy. Since then, FCF growth has helped AMT de-lever while remaining acquisitive. Deleveraging lead to an upgrade to IG in '09. AMT became a REIT on 1/1/12. In '13, AMT closed a deal in which it paid VZ $5.1 bn to acquire 165 towers and rights to 11.3k towers. Financing was 75% equity, showing AMT's commitment to IG ratings. US comprised 54% of LTM rental revenue, with ~90% of that revenue coming from the 4 carriers. AMT has 3 holistic MLAs with S/T/TMUS and a non-holistic MLA with VZ. International comprised 45% of LTM rental revenue. AMT's largest international regions are India, Brazil, & Mexico. Large tenants include Airtel, Telefonica, and Vodafone. International M&A has been a focus, with AMT looking to diversify customers & their stages in the upgrade cycle. (17 Sep 2018)

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American Tower 3Q18: Ta-Ta Tata!

Earnings Note: 30 Oct 2018, 9:41 PM ET - American Tower's results continue to be impacted by Indian carrier churn, with Tata exiting the majority of its contracts with the towerco after quarter end. India headwinds continue to overshadow solid US results, in our view.

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American Tower 2Q18: There’s No Place Like Home

Earnings Note: 07 Aug 2018, 7:55 PM ET - American Tower's Domestic segment was a clear highlight in 2Q18, as the towerco saw increased leasing activity from all four major carriers. However, Indian carrier churn continued to weigh heavily on results. 

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US IG Telco/Cable: Relative Value Update

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Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 
Focused

American Tower 1Q18: Playing Defense

Earnings Note: 01 May 2018, 5:56 PM ET - American Tower played defense during its earnings call, as management looked to ease concerns of the impacts of the proposed Sprint/T-Mobile merger. Meanwhile, the Indian churn headwind has worsened, lowering 2018's outlook.
Focused

AMT & CCI: Quick Take on S/TMUS Merger Impact

Company Spotlight: 30 Apr 2018, 1:55 PM ET - Sprint and T-Mobile aim to reduce their total tower count by 35k with their proposed merger. We provide our quick take on how Sprint & T-Mobile may impact American Tower and Crown Castle.

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

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