AMT’s $4.8 billion acquisition of Global Tower Partners is astoundingly expensive – the 2014 EBITDA multiple appears to be about 19x. AMT expects that its net leverage ratio will be 5.8x after the acquisition. Management says that they expect to rapidly de-lever afterward. We question how rapidly… more
AMT recently announced that it had agreed to acquire a total of 4,456 towers from NII Holdings, Inc. (NASDAQ: NIHD) for approximately $811 million, which is a blended average price of $182,000 per tower. This valuation is in the range of 15x to 21x EBITDA, even the low end of which is a worryingly… more
AMT’s Q2 2013 results show the cracks in the façade of its international business, with international EBITDA flat for the past three quarters, and international operating profit margin down 470 bps from Q2 2012. Certain of the issues we detailed in our July 17th report are at least partly responsib… more
Muddy Waters rates American Tower Corporation (NYSE: AMT) shares a Strong Sell. In this latest report Muddy Waters highlights how: We rate American Tower Corp. (NYSE: AMT) a Strong Sell and value it at $44.57 per share, representing downside of 40%. AMT has serious challenges domestically and in… more
Muddy Waters rates American Tower Corporation (NYSE: AMT) shares a Strong Sell. In this latest report Muddy Waters highlights how: We rate American Tower Corp. (NYSE: AMT) a Strong Sell and value it at $44.57 per share, representing downside of 40%. AMT has serious challenges domestically and in… more