Oct. 30, 2014, 7:04 AM
Oct. 29, 2014, 5:30 PM
- ABC, ABMD, ACIW, ACOR, ALLE, ALU, AMAG, AMT, ANR, APD, APO, ATK, AUDC, AVP, BCO, BG, BGCP, BLL, BWA, CAH, CARB, CBM, CEVA, CI, CME, CNSL, COP, COR, CRCM, CRNT, CRR, CVI, CVRR, DBD, DFT, DHX, DST, EPD, EXLS, FCH, FCN, FIG, FIS, GBX, GEL, GG, GLOP, GNC, GOV, GTI, GTLS, HAR, HEES, HGG, HST, I, IDA, IDCC, INCY, INGR, IQNT, IRDM, IRM, ITC, IVZ, JCI, K, KCG, KEM, KMT, LAD, LECO, LKQ, LLL, LPLA, LRN, MA, MD, MDC, MDXG, MGM, MMYT, MO, MOD, MOS, MPC, MPLX, MPW, MSCI, MZOR, NEO, NGD, NI, NILE, NOV, NVO, NYT, O, OAK, OCN, ODFL, OXF, PBI, PCRX, PEG, Q, RDEN, RDN, RDS.A, RFP, RGLD, RTIX, SCG, SHOO, SMP, SNAK, SPAR, SSE, STRA, STRZA, SUI, TASR, TEVA, THRM, TRI, TWC, UAN, UPL, USAC, VICL, VNTV, WLT, WST, WWE, XEL
Oct. 10, 2014, 8:23 AM
- Scooping up Verizon's (NYSE:VZ) tower portfolio could position American Tower as (NYSE:AMT) the new leader in the U.S. tower market, Citigroup says in a note.
- A purchase would help AMT's scale and increase its exposure to VZ as an anchor tenant.
- Related: Bloomberg: Verizon looking to sell towers, could net $6B
Sep. 23, 2014, 6:13 PM
- Verizon (NYSE:VZ) has hired boutique i-bank TAP Advisors to find a buyer and work out a lease-back agreement for its 12K wireless towers by year's end, Bloomberg reports. It adds a deal could yield $6B, given how much AT&T received per tower in last year's $4.83B sale/leasing deal with Crown Castle (NYSE:CCI).
- Crown Castle, American Tower (NYSE:AMT), and SBA (NASDAQ:SBAC) have all been buying towers at a heady pace. However, the rising debt loads produced by the purchases could make one or more of the companies respond cautiously to Verizon's move.
- Verizon, for its part, is looking to de-leverage some after raising over $60B in debt to help pay for the Vodafone deal. The carrier had $104.2B in net debt at the end of Q2.
Sep. 3, 2014, 12:59 PM
- With American Tower (AMT -0.7%) up 24% YTD going into day, Morgan Stanley's Simon Flannery now considers shares fairly valued, and is downgrading them to Equal-Weight. His target is at $98.
- AMT is 5 weeks removed from posting a Q2 beat and guidance hike. Flannery still thinks emerging markets (previous) could act as a growth driver for the cell tower owner.
Aug. 15, 2014, 5:35 PM
Jul. 30, 2014, 12:51 PM
- In addition to beating Q2 estimates, American Tower (AMT +3.9%) is hiking its full-year AFFO guidance to $1.755B-$1.795B from $1.725B-$1.765B, and its full-year rental/management revenue guidance to $3.945B-$4.015B from $3.895B-$3.975B.
- At the midpoint, the revenue forecast assumes domestic revenue of $2.625B, and international revenue of $1.355B. Full-year core domestic revenue is expected to grow over 9% on an organic basis (accounts for acquisitions), and international organic core growth is expected to be near 15%.
- Full-year capex guidance has been hiked by $75M to $925M-$1.025B. Discretionary capex is expected to total $480M-$540M, and cover the buildout of 2,250-2,750 new sites.
- Organic core revenue grew 11.4% Y/Y in Q2 in the U.S., and 17.9% internationally. Gross margin fell 120 bps Y/Y to 74.1%; segment op. margin was steady at 68%.
- AMT's site portfolio grew by 1,112 Q/Q to 68,822. 642 were constructed, 508 acquired, and 38 lost due to adjustments. Strong 4G buildout activity is providing a boost to site demand.
- Q2 results, PR
Jul. 30, 2014, 7:12 AM
Jul. 29, 2014, 5:30 PM
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Jun. 16, 2014, 6:58 AM
- BR Towers S.A. owns about 2,530 towers and the exclusive rights to another 2,110, and American Towers (AMT) is buying for about $978M.
- The towers are expected to generate about $131M in annual revenue and roughly $81M in annual gross margin. The deal is expected to be immediately accretive to adjusted FFO upon closing (anticipated in Q4).
- Source: Press Release
Jun. 13, 2014, 7:03 PM
- "The tower industry has several favorable characteristics ... such as recurring revenue streams with long-term contracts, high operating leverage and a benign competitive environment," writes Credit Suisse's Joseph Mastrogiovanni. 4G upgrades, data traffic growth, and pending spectrum auctions are all seen as catalysts.
- At the same time, Mastrogiovanni sees U.S. M&A activity - particularly a potential Sprint/T-Mobile deal - as a risk.
- American Tower (AMT), just started at Outperform, is his top pick in the space. He likes the company's international exposure (1/3 of revenue), and is the most insulated from M&A.
- Crown Castle (CCI) and SBA (SBAC) have been started at Neutral. Mastrogiovanni likes CCI's long-term potential, but also notes it has "the highest exposure to U.S. consolidation risk." He sees SBA benefiting from a lack of master lease agreements with AT&T/Verizon, but thinks it's also exposed to industry M&A.
- Worth noting: M&A only becomes a major issue if regulators approve a Sprint/T-Mobile deal. All signs suggest they still have their concerns.
- Crown Castle CEO Ben Moreland has argued a pending auction for the high-frequency AWS band will lead to "thousands" of new cell sites. A larger auction involving low-frequency spectrum is set for mid-2015.
May 5, 2014, 3:10 PM
- Globes reports American Tower (AMT +1.6%) is talking with Israel's Cellcom (CEL -0.9%) and Pelephone Communications about buying their mobile sites and leasing them back.
- AMT, which posted a Q1 beat on Thursday, has been on an acquisition binge in recent years. The company agreed to buy giant U.S. cell tower owner Global Tower for $4.8B last year, and also paid $811M to buy and lease back Brazilian/Mexican towers from NII Holdings.
- Thanks to its acquisitions, AMT ended Q1 with $14.3B in debt, a sum offset by just $333M in cash/equivalents.
- Globes notes antitrust regulators have objected to Cellcom and Pelephone's plans to jointly build a 4G network, and that the carriers are looking for other ways to cut costs. The paper reported last month Cellcom is getting set to launch a pay-TV service in August.
May 1, 2014, 7:07 AM
Apr. 30, 2014, 5:30 PM
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Feb. 25, 2014, 4:01 PM
- Thanks partly to acquisitions, American Tower (AMT -3.4%) expects its 2014 rental/management revenue of $3.82B-$3.91B, up from a 2013 level of $3.29B. AFFO is expected to grow to $1.68B-$1.74B from 2013's $1.47B, and capex is expected to be in a range of $850M-$950M.
- While total revenue rose 22.6% Y/Y in Q4, organic core revenue rose 11.2% - 8.7% domestic, 13.5% international. Total domestic revenue +24.6% Y/Y to $622.7M, total international revenue +25.6% to $301.2M.
- Op. margin was flat Y/Y at 68%. AMT ended 2013 with 67K+ sites, and expects to construct 2,250-2,750 new sites in 2014.
- The company ended the year with $14.5B in debt, and $294M in cash/equivalents.
- Q4 results, PR
Feb. 25, 2014, 7:03 AM
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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