American Tower (AMT) analysis

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Health is the debt of the portfolio, not of a tower that cannot be replaced. Quality separates the rent of a full tower from an empty one, and the United States book from other countries. Growth follows carriers added, not construction. P/E is read against a year of heavy building, not against that peak. Shareholder return is the distribution, checked against cash. Do not read it as a lease that lasts forever.

The P/E of a year of heavy building is not the rent if the carrier does not renew. EV/EBITDA is read with the debt and with the empty tower, which is a cost. Do not use Prologis's multiple, which rents buildings, as if the tower and the warehouse were the same book. A dash if the AMT cache is cold.

Limits of this report

Not advice on American Tower. Vaultflake does not count towers and does not treat the lease as indexed. Read the filings. A past distribution is not a right. The table is a snapshot, not a target price.

Questions from this report