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American Tower Corp AMT

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Stock XNYS Rating as of
$171.00 −1.02 (0.59%)
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As of Delayed Price Pre-Open: $170.70 −0.30
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Company Report

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The Move Out of India Reduces the Differentiation Between American Tower and Its Peers

Matthew Dolgin

We think American Tower's strategy to diversify its tower portfolio globally is a good one, as the firm is primed to benefit from the continually increasing demand in mobile data worldwide. However, we think the firm “sold low” in agreeing to divest its India business and will miss out on significant potential in that country. We also don’t think the firm will be helped by veering into the data center business as it did in 2022.

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Price vs Fair Value

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AMT is trading at a 20% discount.
Price
$171.00
Fair Value
$921.00
Uncertainty
Medium
1-Star Price
$519.86
5-Star Price
$173.20
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Carrier investment in towers must continue as mobile data usage continues growing rapidly. Greater use of Internet of Things (internet-connected kitchen appliances, for example), 5G, and video content should keep this trend in place for years.

Bears

Technological advances and the move to 5G will allow carriers to use fewer towers. Sales growth could slow relative to historical results because of the rolling off of Sprint contracts and further carrier consolidation internationally.

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Trading Information

Previous Close Price
$172.02
Day Range
$170.67–174.06
52-Week Range
$154.58–219.10
Bid/Ask
$165.00 / $171.80
Market Cap
$79.85 Bil
Volume/Avg
21 / 2.5 Mil

Key Statistics

Price/Earnings (Normalized)
33.86
Price/Sales
7.17
Dividend Yield (Trailing)
3.81%
Dividend Yield (Forward)
3.79%
Total Yield
3.81%

Company Profile

American Tower owns and operates more than 220,000 cell towers throughout the U.S., Asia, Latin America, Europe, and Africa. It also owns and/or operates 28 data centers in 10 U.S. markets after acquiring CoreSite. On its towers, the company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. The company operates more than 40,000 towers in the U.S., which accounted for almost half of the company's total revenue in 2023. Outside the U.S., American Tower operates over 75,000 towers in India, almost 50,000 towers in Latin America (dominated by Brazil), 30,000 towers in Europe, and nearly 25,000 towers in Africa. American Tower operates as an REIT.
Sector
Real Estate
Industry
REIT - Specialty
Stock Style Box
Large Core
Total Number of Employees
5,643
Website
https://www.americantower.com

Competitors

Valuation

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Metric
AMT
SBAC
CCI
Price/Earnings (Normalized)
 33.8637.7423.03
Price/Book Value
 18.99—6.79
Price/Sales
 7.177.875.98
Price/Cash Flow
 14.4314.4212.03
Price/Earnings
AMT
SBAC
CCI

Financial Strength

Metric
AMT
SBAC
CCI
Quick Ratio
 0.420.300.27
Current Ratio
 0.510.360.40
Interest Coverage
 1.992.222.84
Quick Ratio
AMT
SBAC
CCI

Profitability

Metric
AMT
SBAC
CCI
Return on Assets (Normalized)
 4.50%8.37%4.56%
Return on Equity (Normalized)
 60.17%—25.50%
Return on Invested Capital (Normalized)
 7.01%12.89%7.24%
Return on Assets
AMT
SBAC
CCI
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