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American Tower Corp AMT

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Morningstar’s Analysis

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First-Quarter Margins Strong at American Tower, but Currency Headwinds Weigh on Revenue

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

American Tower’s first-quarter revenue fell slightly below Visible Alpha consensus estimates, as currency headwinds were greater than anticipated. Adjusted funds from operations and EBITDA nonetheless came in well higher than consensus, largely due to cost savings. The firm slightly reduced its full-year revenue outlook while maintaining its assumption for organic tenant billings growth and raising its adjusted EBITDA and AFFO outlooks. We don’t expect to materially change our $190 fair value estimate, and although American Tower is the tower firm we’d be most interested in on an industrywide pullback, we think it’s too expensive at current levels.

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Company Profile

Business Description

American Tower owns and operates more than 180,000 cell towers throughout the U.S., Asia, Latin America, Europe, and the Middle East. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. 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 2020. 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
Sector Real Estate
Industry REIT - Specialty
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 5,618