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American Tower Corp AMT Stock Quote

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Morningstar‘s Stock Analysis AMT

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American Tower’s Underlying Business Remains Strong Amid Peripheral Headwinds

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

Organic leasing growth was strong during American Tower's third quarter, and the firm slightly raised its 2022 outlook for property revenue and adjusted EBITDA despite factoring in a negative impact from currencies and a customer in India that is having financial difficulties. However, the outperformance in the underlying business was not significant enough to make us change our organic leasing expectations for next year or longer term, and the macroeconomic environment contributes to greater uncertainty in 2023 than we think is typical. We are not making material changes to our forecast and are maintaining our $210 fair value estimate.

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Key Statistics AMT

Company Profile AMT

Business Description

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 25 data centers in eight 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 more than half of its total revenue in 2021. Outside the U.S., American Tower’s greatest presence is in India and Brazil, where it operates roughly 75,000 and 19,000 towers, respectively. American Tower operates as a real estate investment trust.

116 Huntington Avenue, 11th Floor
Boston, MA, 02116
T +1 617 375-7500
Industry REIT - Specialty
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 6,378

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