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American Tower Corp - Stock Quote AMT

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Morningstar's American Tower Corp Stock Analysis

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Unsurprising Q1 for American Tower, With U.S. Strength but International Markets Most Promising

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

The takeaway from American Tower’s first-quarter results was consistent with what we learned from its earlier-reporting peers. The U.S. market is strong, and inflation is boosting international sales metrics. For American Tower, the nearly 1% increase to its 2022 sales guidance was mostly attributable to higher expectations for pass-through revenue outside the U.S. that results from fuel inflation. Still, we see an international business that is strong and leads us to favor American Tower’s business over its peers, though we still think the stock is expensive relative to our unchanged $210 fair value estimate.

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American Tower Corp's Company Profile

Business Description

American Tower owns and operates more than 220,000 cell towers throughout the U.S., Asia, Latin America, Europe, and the Middle East. It also owns and/or operates 25 data centers in eight U.S. markets after acquiring CoreSite. On its towers, the company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. The company operates more than 40,000 towers in the U.S., which accounted for more than half of its total revenue in 2021. Outside the U.S., American Tower’s greatest presence is in India and Brazil, where it operates roughly 75,000 and 19,000 towers, respectively. American Tower operates as a real estate investment trust.

116 Huntington Avenue, 11th Floor
Boston, MA, 02116
T +1 617 375-7500
Sector Real Estate
Industry REIT - Specialty
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 6,378

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