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#	AUTHOR DATE SUBJECT
16	member 5/22/23 11:00AM Re: Re: Re: Re: Operating leverage? 15
Thanks, good points view available tags
15	member 5/19/23 8:02PM Re: Re: Re: Operating leverage? 14
Hi jgalt, In my opinion, Brazil is not nearly as bad as China/India/Nigeria. FWIW, private market multiples support my view: China/India/Nigeria generally trade at MSD multiples, while LatAm tower portfolios trade at double digit multiples (often... login to read the rest 3 view available tags
13	member 5/16/23 2:39PM Re: Operating leverage? 12
Share count is up 15%+ over the past decade, as they have issued shares for some acquisitions (a headwind to per-share metrics) Moreover, capital allocation has been toward lower-margin segments. From their latest supplement, I see... login to read the rest 2 view available tags
11	member 7/02/21 10:32AM Congrats - Nailed It
+35% in four months = double the REIT indices (where it is the largest constituent) and more than double the QQQs and SPYs (and 10x the Russell). 1 view available tags
9	member 3/10/21 10:08AM Re: Re: Re: Re: Bond proxy 7
Agree with juice835, people dont understand that a bond is a nominal yield (real + inflation) and AMT is a real yield that can raise prices with inflation; towers and bonds very different assets If nominal... login to read the rest 3 view available tags
8	member 3/10/21 10:01AM Re: Re: Re: Bond proxy 6
AMT is currently trading at 21x forward AFFO; the range for the last half-dozen years has been 15-30x. The times that the multiple has approached the lower end of the range in the past have... login to read the rest 2 view available tags
7	member 3/10/21 8:33AM Re: Re: Re: Bond proxy 6
but AMT hasn't (and certainly shouldn't in my opinion given growth and model etc) generally traded like a typical REIT so I'm not sure that it being structured as one is a particularly salient point. view available tags
6	member 3/10/21 8:05AM Re: Re: Bond proxy 4
Pretty dismissive to attack the question as a reduction to talking points of the last 10 days. REITs have been trading (inversely) with rates pretty well since REITs have been a distinct asset class. It 4 view available tags
5	member 3/10/21 7:50AM Re: Peers 2
fair question- SBAC seems like more debt and higher valuation for not that much higher growth to me. CCI seems like maybe similarly good risk/reward though i've always preferred AMT on the margin in terms of... login to read the rest -1 view available tags
4	member 3/10/21 7:47AM Re: Bond proxy 3
so it's less good because it is predictable even though it has a decade (decades?) of growth in front of it still and trades at a market multiple? not sure i follow the logic there... login to read the rest -3 view available tags
3	member 3/09/21 9:36PM Bond proxy
Hate to say, but isn't a predictable business like this (and a REIT, no less!) the closest it gets to a bond proxy and thus a loser from higher rates? Hard to see how tour thesis... login to read the rest 5 view available tags
2	member 3/09/21 5:46PM Peers
Why AMT vs SBAC/CCI? Thanks 1 view available tags
1	member 3/09/21 4:03PM Agree
This is a top position for us. FWIW, I think this is an excellent write-up, in addition to being an excellent idea: succinct and touches the key points on quality, valuation, and what is going 2 view available tags

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			2021	2022
Price:	203.00	EPS	NA	0
Shares Out. (in M):	444	P/E	NA	0
Market Cap (in $M):	90	P/FCF	21.8	20.3
Net Debt (in $M):	35	EBIT	3	3
TEV (in $M):	126	TEV/EBIT	37	35

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