Wed, Jul. 29, 10:08 AM
- American Tower (NYSE:AMT) is off in early action, -2.2%, after Q2 revenue that grew 13.6% missed expectations slightly.
- Net income fell 43.8%, to $129M, mainly due to $75M in one-time debt retirement costs. Total rental and management revenue grew 14.8% (core growth of 23.2%, and organic core growth of about 7.3%).
- Revenue by segment: Domestic rental and management, $803M (up 21.7%); International rental and management, $351M (up 1.6%); Network Development Services, $20M.
- Cash from operations fell 3.3% to $1.036B for the first half.
- AMT raised its full-year guidance on AFFO to $2.095B-$2.135B (midpoint up 16.5%); adjusted EBITDA of $3.02B-$3.06B (midpoint up 14.7%); and total rental and management revneue of $4.645B-$4.695B (midpoint up 16.6%). Net income is expected at $705M-$735M (midpoint down 10.4%).
- That outlook includes a one-time charge of $92M it expects to take after filing a tax election after which Global Tower Partners REIT wouldn't operate as a separate REIT for tax purposes.
- Press Release
Wed, Jul. 29, 7:02 AM
Tue, Jul. 28, 5:30 PM
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Fri, Jul. 10, 11:18 AM
- American Tower (NYSE:AMT) is up 1% as Pacific Crest boosts its price target to $116, from $114.
- Shares closed yesterday at $94.37 and are currently up to $95.32. Pacific Crest maintains an Overweight rating on the stock.
- The analysts point to its $1.05B acquisition of 4,700 towers from Bharti Airtel in noting that international expansion is critical to American Tower's growth.
- AMT expects international operations to increase organic core revenue 10%, Pacific Crest says.
Mon, Jul. 6, 7:01 PM
- Bharti Airtel (OTC:BHRQY) has sold its towers in five African countries for almost $1.3B, which it says it will use to reduce debt.
- The move is an early phase in what will be tower divestment in 13 African countries. The company closed on agreements with Helios Towers Africa for Chad and Tanzania, and with American Tower (NYSE:AMT) on 4,700 sites in Nigeria.
- Bharti Airtel had 18,819 sites across African operations at last report, with 76.26M subscribers that generated Q1 revenues of $1B.
Mon, Jun. 29, 5:46 PM
- Comcast (NASDAQ:CMCSA) and Twenty-First Century Fox (FOX, FOXA) top the media picks on Barclays' top picks list out today, and SBA Communications (NASDAQ:SBAC) leads the firm's telecom sector picks.
- Comcast has an EV smaller than Disney's -- but an EBITDA 60% larger, as well as comparable free cash flow and EBITDA growth, and is the only vertically integrated media play, Barclays says. It has a $68 price target; shares finished today -1.7% to $59.98.
- Fox, meanwhile, has "the most attractive name" in Barclays' media and advertising coverage; risks over downward guidance revisions and the Murdoch transition are well understood, and the company is outpacing others on growth and has exposure to key international markets. Barclays' price target: $39; FOXA closed today -2% to $32.29.
- SBAC, meanwhile, replaces American Tower (NYSE:AMT) as Barclays' top telecom pick, in part due to the company's buyback authorization. With industry fundamentals improving, the bank expects SBAC to deliver AFFO growth of 15%-20% per year, better than peers, and it sees 15% share price upside. The price target is $136; SBAC finished today -1.4% to $115.62.
Wed, Jun. 17, 3:13 PM
- Macquarie Group is the latest in talks to acquire Brazilian cell tower operator Grupo TorreSur, with a reported bid that exceeds $1B including debt.
- A Macquarie infrastructure fund joins American Tower (NYSE:AMT) as a suitor for the tower company, which is now in a full-fledged sale process run by Providence Equity Partners.
- Grupo TorreSur owns and operates more than 6,000 towers in Brazil.
- Previously: Crown Castle closes $1.6B sale of Australian unit (May. 28 2015)
Fri, May 22, 11:46 AM
- India cellular operator Idea Cellular (OTC:ICLQY) is looking at reducing a debt of 140B rupees ($2.21B) with a sale of its 11,000 cell towers for 75.8B rupees ($1.2B), with three potential buyers: Axiata Group (OTCPK:AXXTF), Bharti Infratel (OTC:BHRYY), and American Tower (NYSE:AMT).
- Idea's towers have been the subject of several deal attempts over the past few years.
- The new talk comes as tower sales heat up worldwide, including Telecom Italia's plans to sell 40% of its Inwit subsidiary, and America Movil's spinoff of its towers unit.
- American Tower closed its $5B tower-site takeover from Verizon in March.
- Previously: Advisers: TI's towers stake could draw €970M (May. 22 2015)
Mon, May 4, 6:13 PM
- American Tower (NYSE:AMT) has priced $1.5B in senior unsecured notes.
- Notes due 2020 (principal amount of $750M) priced at 2.8%, issued at 99.745% of face, and $750M in notes due 2025 priced at 4% and are being issued at 99.228% of face value.
- The company will use proceeds to repay obligations in its 2013 credit facility.
Thu, Apr. 30, 8:53 AM
- American Tower (NYSE:AMT) is up 0.7% premarket after a Q1 report where funds from operations rose 17% and revenue jumped nearly 10% to crest $1B.
- EBITDA of $723.7M was up 13% and beat expectations of $693.5M.
- Revenue by segment: Domestic rental and management, $718M (up 12.9%); International rental and management, $344M (up 6.2%); Network development services, $17M.
- Net leverage ratio of about 5.3x net debt to annualized EBITDA. About $2.7B in total liquidity at quarter's end.
- The company raised full-year guidance, including impacts of its integration of towers in the Verizon transaction (which closed March 27) and a first tranche of TIM Brazil sites (which closed April 29). It raised revenue expectations by $290M to $4.555B-$4.605B (on the low side of expected $4.723B).
- Adjusted EBITDA guidance was raised $150M to $2.99B-$3.03B, just light of expected $3.022B.
- Press release
Thu, Apr. 30, 7:14 AM
Wed, Apr. 29, 5:30 PM
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Tue, Apr. 21, 3:54 PM
- The REITs are down about 8% from their January highs while the homebuilders have posted gains, bringing the ratio of homebuilders to REITs to long-term resistance, says MKM Partners' Jonathan Krinsky, who suggests fading the move.
- Most vulnerable to tactical pullbacks are those homebuilders/suppliers showing the weakest relative strength: Beazer Homes (NYSE:BZH), Lennar (NYSE:LEN), Louisiana-Pacific (NYSE:LPX), Taylor Morrisn (NYSE:TMHC), Toll Brothers (NYSE:TOL), and TRI Pointe Homes (NYSE:TPH).
- The best long REIT ideas are those showing the best relative strength: AvalonBay (NYSE:AVB), Crown Castle (NYSE:CCI), Essex Property (NYSE:ESS), Extra Space Storage (NYSE:EXR), Federal Realty (NYSE:FRT), General Growth (NYSE:GGP), SL Green (NYSE:SLG), and UDR.
- Those REITs showing poor relative strength or to be avoided or sold: American Tower (NYSE:AMT), American Realty Capital (NASDAQ:ARCP), Brixmor (NYSE:BRX), Host Hotels (NYSE:HST), and Omega Healthcare (NYSE:OHI).
- Source: Barron's
Wed, Apr. 1, 5:07 PM
- American Tower (NYSE:AMT) gained 2.5% as Raymond James upgraded shares to Strong Buy, from Outperform.
- Rollout of wireless companies' new spectrum should restart revenue growth in 2016, RJ's Ric Prentiss says, pointing to "second-half 2015 and 2016 leasing trends" with T-Mobile deploying its low-band spectrum, Sprint expanding its high-band, and AT&T and Verizon "spending a steady amount of wireless capex."
- It's a bit of a rebound for a stock that's down 8% from its November high.
- The analysts set a slightly lower price target on the stock, to $112 from $114. Shares closed today at $96.46.
Mon, Mar. 30, 10:03 AM
- American Tower (NYSE:AMT) says it's closed its $5.06B transaction to take over tower sites from Verizon (NYSE:VZ) -- which sought to sell off tower and wireline assets after bidding heavily in the FCC's AWS-3 wireless spectrum auction.
- AMT drew funds from its offering of 25.85M shares of common stock and 13.75M depositary shares, as well as revolving credit and cash on hand.
- American Tower reported $313.5M in cash in its most recent quarter.
- AMT up 0.5%; VZ up 0.8%.
- Previously: Verizon reaches $5B sale of towers to American Tower (Feb. 05 2015)
Fri, Feb. 27, 7:31 PM
- Wind Telecomunicazioni -- the Italian unit of Russian telecom VimpelCom (NASDAQ:VIP) -- may be selling its wireless towers to Spain's Abertis Infraestructuras (OTCPK:ABRTY) as soon as the coming week.
- The companies are talking about 6,000 towers that Wind values at as much as €700M ($786M), though other observers peg the value even higher, at €800M ($914M).
- An additional 1,700 towers under discussion could easily boost the deal to that latter figure or even to €900M ($1B).
- Abertis -- chiefly in toll-road management -- is reportedly considering transferring the towers into a unit to be listed on the Madrid exchange, in order to get more cash to shareholders.
- The Spanish firm is winning the deal over competition from American Tower (NYSE:AMT), Mediaset's (OTCPK:MDIUY) EI Towers and a coalition of investment fund F2i SGR and Providence Equity Partners.
- Shares of VimpelCom closed the day up 4.8%; they tracked lower in after-hours trading, -1.5%.
AMT vs. ETF Alternatives
American Tower Corp is an owner, operator and developer of wireless and broadcast communications real estate. The Company's main business is leasing antenna space on multi-tenant communications sites to different providers.
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