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{{Infobox company
 
| name = American Tower Corporation
== Summary ==
| logo = American Tower Corporation logo.svg
| type = [[Public company]]
| traded_as = {{ubl|{{NYSE|AMT}}|[[S&P 100]] component|[[S&P 500]] component}}
| founded = {{start date and age|1995}}
| hq_location_city = [[Boston]], Massachusetts
| hq_location_country = United States
| key_people = Tom Bartlett ([[Chairman]], [[CEO]] and [[President (corporate title)|President]])
| industry = {{ubl|[[Real estate investment trust]]|Communication services}}
| revenue = {{increase}} {{US$|9.4 billion|link=yes}} (2021)
| operating_income = {{increase}} US$3.1 billion (2021)
| net_income = {{increase}} US$2.6 billion (2021)
| assets = {{increase}} US$69.9 billion (2021)
| equity = {{increase}} US$9.1 billion (2021)
| num_employees = 6,378 (2021)
| subsid = [[CoreSite]]
| website = {{URL|americantower.com}}
| footnotes = <ref name="10K">{{Cite web |title=American Tower Corporation 2021 Form 10-K Annual Report |url=https://sec.report/Document/0001053507-22-000017/ |publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}


American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites.
American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites.


== Pitch ==
[https://youtu.be/35pTTwcWh9k AMT Stock Pitch - Sprint 4]


== Team ==
== Team ==
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!Career Path
!Career Path
|-
|-
|[[File:Tom Bartlett.png|thumb|'''Tom Bartlett''']]
|'''Tom Bartlett'''  
|'''President and Chief Executive Officer'''
|'''President and Chief Executive Officer'''
|
|
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* Affiliations: Member of the World Economic Forum’s Information and Communications Technologies (ICT) Board of Governors, NAREIT Executive Committee, and the Business Roundtable
* Affiliations: Member of the World Economic Forum’s Information and Communications Technologies (ICT) Board of Governors, NAREIT Executive Committee, and the Business Roundtable
|-
|-
|[[File:Ruth Dowling.png|thumb|'''Ruth Dowling''']]
|'''Ruth Dowling'''
|'''Executive Vice President, Chief Administrative Officer, General Counsel and Secretary'''
|'''Executive Vice President, Chief Administrative Officer, General Counsel and Secretary'''
|
|
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* Led American Tower’s Global Remobilization Project Team during the pandemic
* Led American Tower’s Global Remobilization Project Team during the pandemic
|-
|-
|[[File:Sanjay Goel.png|thumb|'''Sanjay Goel''']]
|'''Sanjay Goel'''
|'''Executive Vice President and President, Asia-Pacific'''
|'''Executive Vice President and President, Asia-Pacific'''
|
|
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* March 2021: Joined American Tower as Executive Vice President and President, Asia-Pacific
* March 2021: Joined American Tower as Executive Vice President and President, Asia-Pacific
|-
|-
|[[File:Edward Knapp.png|thumb|'''Edward Knapp''']]
|'''Edward Knapp'''  
|'''Senior Vice President and Chief Technology Officer'''
|'''Senior Vice President and Chief Technology Officer'''
|
|
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* Holds five granted U.S. patents and one pending application
* Holds five granted U.S. patents and one pending application
|-
|-
|[[File:Anthony Noble.png|center|thumb|'''Anthony Noble''']]
|'''Anthony Noble'''  
|'''Senior Vice President and Chief Strategy Officer'''
|'''Senior Vice President and Chief Strategy Officer'''
|
|
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* Involved in counselling and securing zoning approvals for various developments
* Involved in counselling and securing zoning approvals for various developments
|-
|-
|[[File:Colleen Richards Powell.png|thumb|'''Colleen Richards Powell''']]
|'''Colleen Richards Powell'''
|'''Senior Vice President and Chief Diversity, Equity and Inclusion Officer'''
|'''Senior Vice President and Chief Diversity, Equity and Inclusion Officer'''
|
|
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* Active in various leadership and advisory roles
* Active in various leadership and advisory roles
|-
|-
|[[File:Olivier Puech.png|thumb|'''Olivier Puech''']]
|'''Olivier Puech'''
|'''Executive Vice President and President, Latin America and EMEA'''
|'''Executive Vice President and President, Latin America and EMEA'''
|
|
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* October 2018: Appointed as Executive Vice President and President, Latin America and EMEA
* October 2018: Appointed as Executive Vice President and President, Latin America and EMEA
|-
|-
|[[File:Rod Smith.png|thumb|'''Rod Smith''']]
|'''Rod Smith'''
|'''Executive Vice President, Chief Financial Officer and Treasurer'''
|'''Executive Vice President, Chief Financial Officer and Treasurer'''
|
|
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* Also held leadership positions at Nextel Communications
* Also held leadership positions at Nextel Communications
|-
|-
|[[File:Steven O. Vondran.png|thumb|'''Steven O. Vondran''']]
|'''Steven O. Vondran'''
|'''Executive Vice President and President, U.S. Tower Division'''
|'''Executive Vice President and President, U.S. Tower Division'''
|
|
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* August 2018: Appointed Senior Vice President and General Counsel for U.S. Tower Division
* August 2018: Appointed Senior Vice President and General Counsel for U.S. Tower Division
|}
|}
All the images and data has been taken from the AMT website.[https://www.americantower.com/company/leadership-team/index.html <sup><nowiki>[5]</nowiki></sup>]


== Market ==
== Market ==
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=== Competitors ===
=== Competitors ===
{| class="wikitable"
China Tower Corporation, Crown Castle International Corporation, Helios Towers Africa, T-Mobile Tower, SBA Communications, and Others.  
!Company Name
 
!Logo
<ref><nowiki>https://www.digitaljournal.com/pr/news/newsmantraa/telecom-towers-market-2023-is-booming-with-top-key-players-china-tower-corporation-american-tower-corporation-mer-sba-communications-crown-castle</nowiki> </ref> <ref><nowiki>https://www.coherentmarketinsights.com/market-insight/telecom-towers-market-2826#</nowiki>
!HQ
</ref>
!Founding Year
 
!No. of Towers (excl. Sites)
!Revenue (FY 2022)
!Market Cap.
!Operating Regions
|-
|American Tower
|[[File:American tower logo.png|thumb]]
|Boston, US
|1995
|245K
|$10.7B
|$89.5B
|Worldwide
|-
|SBA Communications
|[[File:Sba comms logo.png|thumb]]
|Boca Raton, US
|1989
|39K
|$2.6B
|$24.8B
|Americas, South Africa
|-
|Crown Castle
|[[File:Crown castle logo.png|thumb]]
|Houston, US
|1994
|40K
|$7B
|$49.5B
|USA
|-
|Helios Towers
|[[File:Helios towers logo.png|thumb]]
|London, GB
|2009
|13.8K
|$0.56B
|$0.88B
|Africa and Middle East
|-
|China  Tower
|[[File:China towers logo.png|thumb]]
|Beijing, CN
|1993
|2006K
|$12.8B (¥92.2B)
|$23.16B
|China
|}


==== Competitive Advantage: ====
American Towers is one of the only to provide data centre services in addition its tower-based infrastructure offerings. 


==== Occupancy Rate: ====
American Towers has an occupancy rate of 84.3%. This indicates the ratio of its assets which are currently being used, and the proportion of assets which are wasted/unused.
<ref>craft.co</ref> <ref><nowiki>https://www.digitaljournal.com/pr/news/newsmantraa/telecom-towers-market-2023-is-booming-with-top-key-players-china-tower-corporation-american-tower-corporation-mer-sba-communications-crown-castle</nowiki> </ref> <ref><nowiki>https://www.coherentmarketinsights.com/market-insight/telecom-towers-market-2826#</nowiki>
</ref>
== Finance ==
== Finance ==
<blockquote>Sources:</blockquote>[https://stockanalysis.com/stocks/amt/financials/ StockAnalysis]
<blockquote>Sources:</blockquote>[https://stockanalysis.com/stocks/amt/financials/ StockAnalysis]
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[https://pitchbook.com/profiles/company/11395-36#stock Pitchbook]
[https://pitchbook.com/profiles/company/11395-36#stock Pitchbook]
== Valuation ==
=== DCF ===
<u>Assumptions</u>
* Perpetual Growth Rate: 2.5%
* 10% Market Return: aligning with the S&P 500 return
* Fund For Operations(FFO) replaces EBITDA since it gives a more accurate representation of REIT's PnL:
<math display="block">FFO = Net \ Income + Depreciation + Amortisation + Loss - Gain \ on \ sale \ of \ Assets - Interest \  Income</math>
Cash Flow & Income Statement Items
[[File:Amt-dcf.jpg|frameless|1792x1792px]]
<u>WACC</u>
[[File:Amt-wacc.png|frameless|408x408px]]
<u>Sensitivity Analysis</u>
[[File:Amt-dcf-sensitivity.png|frameless|503x503px]]
<u>Result</u>
[[File:Amt-dcf-upside.png|center|thumb|813x813px]]<u>Sanity Check</u>: Geometric Brownian Motion Simulation
Average log return: 7%; Annualised volatility: 30%
[[File:Amt-dcf-gbm.png|none|thumb|1400x1400px|<math display="inline">P(price>222.75)=0.49</math>]]
=== Trading Comp ===
<u>Assumptions</u>
AMT, compared to its peers, operates at lower multiples with a significant market cap, therefore using the lower quartile and min of the multiples is more realistic in terms of modelling.
[[File:Amt-comp-1.png|frameless|1800x1800px]]
[[File:Amt-comp-2.png|frameless|1700x1700px]]<u>Result</u>
[[File:Amt-comp-3.png|frameless|734x734px]]


== Risk ==
== Risk ==
'''<u>Risks related to Ability to Sell:</u>'''
* A significant decrease in leasing demand for American Tower communications infrastructure would materially and adversely affect their business and operating results, and this demand cannot be controlled
* A substantial portion of American Tower's current and projected future revenue is derived from a small number of customers, and the company is sensitive to adverse changes in the creditworthiness and financial strength of our customers
* With increasing competition within the same industry, American Tower's revenue may be materially and adversely affected
* American Tower's ability to achieve their return on investment criteria could be adversely affected by competition for assets
* American Tower's costs could increase and their revenues could decrease due to perceived health risks from radio emissions, especially if these perceived risks are substantiated
'''<u>Risks related to Finance & Corporate:</u>'''
* American Tower's growth, revenue and ability to generate positive cash flows could be materially and adversely affected if their customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree
* American Tower's expansion initiatives involve a number of risks and uncertainties, including those related to integrating acquired or leased assets, that could adversely affect their operating results, disrupt their operations or expose them to additional risk
* American Tower's leverage and debt service obligations, including during a rising interest rates environment, may materially and adversely affect their ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and to satisfy their distribution requirements
* Restrictive covenants in the agreements related to their: securitisation transactions, credit facilities and debt securities could materially and adversely affect their business by limiting flexibility, and may be prohibited from paying dividends on their common stock, which may jeopardise American Tower's qualification for taxation as a REIT
* The transition to SOFR based loans may adversely affect American Tower's cost to obtain financing
* Rising inflation may adversely affect American Tower by increasing costs beyond what they can recover through price increases
'''<u>Risks related to Legal and Regulatory:</u>'''
* American Tower's business, and that of their customers, is subject to laws, regulations and administrative and judicial decisions, and changes thereto, that could restrict their ability to operate our business as they currently do or impact their competitive landscape
* If  American Tower fail to remain qualified for taxation as a REIT, they will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and even if they qualify for taxation as a REIT, they may face tax liabilities that impact earnings and available cash flow
* Complying with REIT requirements may limit American Tower's flexibility or cause us to forego otherwise attractive opportunities
* American Tower could have liability under environmental and occupational safety and health laws
* If American Tower are unable to protect their rights to the land under our towers and buildings in which their data centers are located, it could adversely affect their business and operating results
* If American Tower are unable or choose not to exercise their rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, their cash flows derived from those towers will be eliminated
'''<u>Risks related to Tech & Innovation:</u>'''
* New technologies, changes, or lack thereof, in American Tower's or a customer’s business model could make their communications infrastructure leasing business less desirable and result in decreasing revenues and operating results
* If American Tower, or third parties on which they rely, experience technology failures, including cybersecurity incidents or the loss of personally identifiable information, they may incur substantial costs and suffer other negative consequences, which may include reputational damage
'''<u>Risks related to Macro & Political Reasons:</u>'''
* American Tower's foreign operations are subject to economic, political and other risks that could materially and adversely affect their revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates
* American Tower may be adversely affected by regulations related to climate change
* American Tower's towers, fiber networks, data centers or computer systems may be affected by natural disasters (including as a result of climate change) and other unforeseen events for which their insurance may not provide adequate coverage or result in increased insurance premiums
In the most recent earnings report American Tower disclosed 24 risk factors, two more since last quarter's report, including the following risk distributions:  
In the most recent earnings report American Tower disclosed 24 risk factors, two more since last quarter's report, including the following risk distributions:  
{| class="wikitable"
{| class="wikitable"
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== References ==
== References ==
__INDEX__
__INDEX__
<references />5. ↑ <nowiki>https://www.americantower.com/company/leadership-team/index.html</nowiki>
6. https://www.tipranks.com/stocks/amt/risk-factors
7. https://americantower.gcs-web.com/static-files/01aa59a6-d202-4bcf-b8d6-8ef19df4c3ef
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