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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash to Debt 0.02
AMT's Cash to Debt is ranked higher than
54% of the 582 Companies
in the Global REIT - Diversified industry.

( Industry Median: 0.06 vs. AMT: 0.02 )
AMT' s 10-Year Cash to Debt Range
Min: 0.01   Max: 1.2
Current: 0.02

0.01
1.2
Equity to Asset 0.17
AMT's Equity to Asset is ranked lower than
54% of the 590 Companies
in the Global REIT - Diversified industry.

( Industry Median: 0.49 vs. AMT: 0.17 )
AMT' s 10-Year Equity to Asset Range
Min: 0.17   Max: 0.73
Current: 0.17

0.17
0.73
Interest Coverage 2.65
AMT's Interest Coverage is ranked higher than
73% of the 509 Companies
in the Global REIT - Diversified industry.

( Industry Median: 2.37 vs. AMT: 2.65 )
AMT' s 10-Year Interest Coverage Range
Min: 0.27   Max: 3.19
Current: 2.65

0.27
3.19
F-Score: 5
Z-Score: 1.25
M-Score: -2.61
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating margin (%) 36.12
AMT's Operating margin (%) is ranked higher than
68% of the 611 Companies
in the Global REIT - Diversified industry.

( Industry Median: 40.09 vs. AMT: 36.12 )
AMT' s 10-Year Operating margin (%) Range
Min: -31.03   Max: 39.51
Current: 36.12

-31.03
39.51
Net-margin (%) 16.40
AMT's Net-margin (%) is ranked higher than
61% of the 612 Companies
in the Global REIT - Diversified industry.

( Industry Median: 33.75 vs. AMT: 16.40 )
AMT' s 10-Year Net-margin (%) Range
Min: -201.38   Max: 22.16
Current: 16.4

-201.38
22.16
ROE (%) 15.60
AMT's ROE (%) is ranked higher than
95% of the 598 Companies
in the Global REIT - Diversified industry.

( Industry Median: 6.45 vs. AMT: 15.60 )
AMT' s 10-Year ROE (%) Range
Min: -66.86   Max: 17.84
Current: 15.6

-66.86
17.84
ROA (%) 2.72
AMT's ROA (%) is ranked higher than
70% of the 602 Companies
in the Global REIT - Diversified industry.

( Industry Median: 3.17 vs. AMT: 2.72 )
AMT' s 10-Year ROA (%) Range
Min: -20.55   Max: 4.52
Current: 2.72

-20.55
4.52
ROC (Joel Greenblatt) (%) 16.72
AMT's ROC (Joel Greenblatt) (%) is ranked higher than
80% of the 500 Companies
in the Global REIT - Diversified industry.

( Industry Median: 5.42 vs. AMT: 16.72 )
AMT' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -6.26   Max: 21.61
Current: 16.72

-6.26
21.61
Revenue Growth (%) 19.70
AMT's Revenue Growth (%) is ranked higher than
97% of the 501 Companies
in the Global REIT - Diversified industry.

( Industry Median: 0.80 vs. AMT: 19.70 )
AMT' s 10-Year Revenue Growth (%) Range
Min: -90.3   Max: 1931.3
Current: 19.7

-90.3
1931.3
EBITDA Growth (%) 12.90
AMT's EBITDA Growth (%) is ranked higher than
86% of the 449 Companies
in the Global REIT - Diversified industry.

( Industry Median: 2.30 vs. AMT: 12.90 )
AMT' s 10-Year EBITDA Growth (%) Range
Min: -89.1   Max: 1893.2
Current: 12.9

-89.1
1893.2
EPS Growth (%) 14.50
AMT's EPS Growth (%) is ranked higher than
86% of the 357 Companies
in the Global REIT - Diversified industry.

( Industry Median: -0.50 vs. AMT: 14.50 )
AMT' s 10-Year EPS Growth (%) Range
Min: -93.5   Max: 3213.2
Current: 14.5

-93.5
3213.2
» AMT's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2013

AMT Guru Trades in Q1 2013

Paul Tudor Jones 4,200 sh (New)
Ron Baron 51,196 sh (+653.33%)
Chris Davis 552,262 sh (+33.74%)
Jeremy Grantham 191,880 sh (+18.01%)
Ken Heebner 900,000 sh (unchged)
Andreas Halvorsen Sold Out
Jim Simons Sold Out
Ray Dalio Sold Out
Chuck Akre 1,689,673 sh (-0.54%)
Pioneer Investments 2,716 sh (-9.04%)
Steven Cohen 352,711 sh (-50.81%)
» More
Q2 2013

AMT Guru Trades in Q2 2013

Steven Cohen 1,044,993 sh (+196.27%)
Paul Tudor Jones 7,800 sh (+85.71%)
Chris Davis 727,048 sh (+31.65%)
Chuck Akre 1,910,180 sh (+13.05%)
Pioneer Investments 2,934 sh (+8.03%)
Ron Baron 51,196 sh (unchged)
Ken Heebner Sold Out
Jeremy Grantham 191,300 sh (-0.3%)
» More
Q3 2013

AMT Guru Trades in Q3 2013

George Soros 50,000 sh (New)
Larry Robbins 1,782,711 sh (New)
Jim Simons 252,639 sh (New)
Paul Tudor Jones 170,000 sh (+2079.49%)
Ron Baron 100,396 sh (+96.1%)
Chuck Akre 2,828,736 sh (+48.09%)
Zeke Ashton 125,000 sh (unchged)
Pioneer Investments 2,934 sh (unchged)
Steven Cohen 600,439 sh (-42.54%)
Jeremy Grantham 93,700 sh (-51.02%)
Chris Davis 342,323 sh (-52.92%)
» More
Q4 2013

AMT Guru Trades in Q4 2013

George Soros 940,112 sh (+1780.22%)
Ron Baron 156,679 sh (+56.06%)
Chuck Akre 3,326,376 sh (+17.59%)
Chris Davis 355,839 sh (+3.95%)
Jeremy Grantham 94,300 sh (+0.64%)
Larry Robbins 1,782,711 sh (unchged)
Paul Tudor Jones Sold Out
Jim Simons Sold Out
Pioneer Investments 2,638 sh (-10.09%)
Steven Cohen 445,774 sh (-25.76%)
» More
» Details

Insider Trades

Latest Guru Trades with AMT

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Chuck Akre 2013-12-31 Add 17.59%1.47%$71.62 - $80.82 $ 82.656%3326376
George Soros 2013-12-31 Add 1780.22%0.61%$71.62 - $80.82 $ 82.656%940112
Ron Baron 2013-12-31 Add 56.06%0.02%$71.62 - $80.82 $ 82.656%156679
Chuck Akre 2013-09-30 Add 48.09%2.89%$68.36 - $77.84 $ 82.6514%2828736
George Soros 2013-09-30 New Buy0.04%$68.36 - $77.84 $ 82.6514%50000
Ron Baron 2013-09-30 Add 96.1%0.02%$68.36 - $77.84 $ 82.6514%100396
Chuck Akre 2013-06-30 Add 13.05%0.73%$70.44 - $84.64 $ 82.654%1910180
Ron Baron 2013-03-31 Add 653.33%0.02%$73.48 - $79.9 $ 82.658%51196
Ray Dalio 2013-03-31 Sold Out 0.01%$73.48 - $79.9 $ 82.658%0
Ray Dalio 2012-12-31 Reduce -65.12%0.02%$71.64 - $77.26 $ 82.6511%12799
Richard Perry 2012-09-30 Sold Out 9.2%$69.15 - $73.01 $ 82.6516%0
Ray Dalio 2012-09-30 New Buy0.04%$69.15 - $73.01 $ 82.6516%36699
Chuck Akre 2012-06-30 Add 3.56%0.34%$62.19 - $70.14 $ 82.6526%1747659
Ray Dalio 2012-06-30 Sold Out 0.03%$62.19 - $70.14 $ 82.6526%0
Chuck Akre 2012-03-31 Add 21.67%1.94%$58.81 - $64.38 $ 82.6543%1687609
Richard Perry 2012-03-31 Add 12.42%1.08%$58.81 - $64.38 $ 82.6543%3240886
Ron Baron 2012-03-31 Reduce -99.26%0.29%$58.81 - $64.38 $ 82.6543%5596
Ray Dalio 2012-03-31 Add 33.23%0.01%$58.81 - $64.38 $ 82.6543%26464
Richard Perry 2011-12-31 New Buy10.8%$52.86 - $60.7 $ 82.6545%2882849
Chuck Akre 2011-12-31 Add 1.07%0.14%$52.86 - $60.7 $ 82.6545%1387074
Ron Baron 2011-12-31 Reduce -24.02%0.09%$52.86 - $60.7 $ 82.6545%759200
Ray Dalio 2011-12-31 New Buy0.02%$52.86 - $60.7 $ 82.6545%19863
George Soros 2011-12-31 Sold Out 0.004%$52.86 - $60.7 $ 82.6545%0
Steve Mandel 2011-09-30 Sold Out 1.3435%$46.35 - $55.21 $ 82.6558%0
Chuck Akre 2011-09-30 Add 3.14%0.39%$46.35 - $55.21 $ 82.6558%1372350
George Soros 2011-09-30 New Buy$46.35 - $55.21 $ 82.6558%4400
Richard Perry 2011-06-30 Sold Out 1.43%$49.52 - $55.48 $ 82.6559%0
Steve Mandel 2011-06-30 New Buy1.34%$49.52 - $55.48 $ 82.6559%3413095
Richard Perry 2011-03-31 New Buy1.43%$46.61 - $56.73 $ 82.6560%850000
Chuck Akre 2011-03-31 Add 8.03%1.04%$46.61 - $56.73 $ 82.6560%1389005
Mario Gabelli 2011-03-31 Sold Out $46.61 - $56.73 $ 82.6560%0
Meridian Funds 2011-03-31 Sold Out $46.61 - $56.73 $ 82.6560%0
George Soros 2011-03-31 Sold Out $46.61 - $56.73 $ 82.6560%0
Premium More recent guru trades are included for Premium Members only!!
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Guru Investment Theses on American Tower Corp

Baron Funds Comments on American Tower Corp - May 24, 2012

From Baron Funds' first quarter letter: In the quarter, we sold our position in American Tower Corp. (AMT). We owned the stock for the last 10 years and made about eight times our money in that period, one of our most successful investments in the life of the Fund. We actually got involved 15 years ago when the company was spun out of a company called American Radio. Little did we know what it would become. American Tower recently converted to a REIT, and we now believe it is fairly valued, so it was time for us to move on.
Check out Ron Baron latest stock trades

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Ratios

vs
industry
vs
history
P/E(ttm) 59.80
AMT's P/E(ttm) is ranked lower than
64% of the 535 Companies
in the Global REIT - Diversified industry.

( Industry Median: 19.50 vs. AMT: 59.80 )
AMT' s 10-Year P/E(ttm) Range
Min: 3.82   Max: 874.04
Current: 59.8

3.82
874.04
P/B 9.00
AMT's P/B is ranked lower than
83% of the 555 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.22 vs. AMT: 9.00 )
AMT' s 10-Year P/B Range
Min: 1.04   Max: 9.39
Current: 9

1.04
9.39
P/S 9.81
AMT's P/S is ranked lower than
74% of the 613 Companies
in the Global REIT - Diversified industry.

( Industry Median: 6.77 vs. AMT: 9.81 )
AMT' s 10-Year P/S Range
Min: 2.86   Max: 14.34
Current: 9.81

2.86
14.34
PFCF 37.50
AMT's PFCF is ranked lower than
66% of the 363 Companies
in the Global REIT - Diversified industry.

( Industry Median: 16.00 vs. AMT: 37.50 )
AMT' s 10-Year PFCF Range
Min: 16.5   Max: 54.19
Current: 37.5

16.5
54.19
EV-to-EBIT 38.50
AMT's EV-to-EBIT is ranked lower than
57% of the 599 Companies
in the Global REIT - Diversified industry.

( Industry Median: 27.39 vs. AMT: 38.50 )
AMT' s 10-Year EV-to-EBIT Range
Min: 23.6   Max: 745.9
Current: 38.5

23.6
745.9
PEG 3.90
AMT's PEG is ranked lower than
51% of the 256 Companies
in the Global REIT - Diversified industry.

( Industry Median: 2.40 vs. AMT: 3.90 )
AMT' s 10-Year PEG Range
Min: 2.92   Max: 10.6
Current: 3.9

2.92
10.6
Shiller P/E 75.00
AMT's Shiller P/E is ranked lower than
78% of the 298 Companies
in the Global REIT - Diversified industry.

( Industry Median: 29.70 vs. AMT: 75.00 )
AMT' s 10-Year Shiller P/E Range
Min: 67.84   Max: 1107.25
Current: 75

67.84
1107.25

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.40
AMT's Dividend Yield is ranked lower than
94% of the 611 Companies
in the Global REIT - Diversified industry.

( Industry Median: 4.81 vs. AMT: 1.40 )
AMT' s 10-Year Dividend Yield Range
Min: 0.59   Max: 1.54
Current: 1.4

0.59
1.54
Dividend Payout 0.80
AMT's Dividend Payout is ranked higher than
70% of the 502 Companies
in the Global REIT - Diversified industry.

( Industry Median: 0.96 vs. AMT: 0.80 )
AMT' s 10-Year Dividend Payout Range
Min: 0.56   Max: 0.8
Current: 0.8

0.56
0.8
Yield on cost (5-Year) 1.40
AMT's Yield on cost (5-Year) is ranked lower than
92% of the 613 Companies
in the Global REIT - Diversified industry.

( Industry Median: 5.30 vs. AMT: 1.40 )
AMT' s 10-Year Yield on cost (5-Year) Range
Min: 0.59   Max: 1.54
Current: 1.4

0.59
1.54
Share Buyback Rate 0.40
AMT's Share Buyback Rate is ranked higher than
94% of the 478 Companies
in the Global REIT - Diversified industry.

( Industry Median: -7.20 vs. AMT: 0.40 )
AMT' s 10-Year Share Buyback Rate Range
Min: 89.1   Max: -1057.6
Current: 0.4

Valuation & Return

vs
industry
vs
history
Price/DCF (Projected) 2.50
AMT's Price/DCF (Projected) is ranked higher than
50% of the 313 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.60 vs. AMT: 2.50 )
AMT' s 10-Year Price/DCF (Projected) Range
Min: 1.96   Max: 4.23
Current: 2.5

1.96
4.23
Price/Median PS Value 1.00
AMT's Price/Median PS Value is ranked higher than
82% of the 562 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.10 vs. AMT: 1.00 )
AMT' s 10-Year Price/Median PS Value Range
Min: 0.12   Max: 1.84
Current: 1

0.12
1.84
Price/Peter Lynch Fair Value 4.10
AMT's Price/Peter Lynch Fair Value is ranked lower than
63% of the 112 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.30 vs. AMT: 4.10 )
AMT' s 10-Year Price/Peter Lynch Fair Value Range
Min: 3.91   Max: 32.42
Current: 4.1

3.91
32.42
Earnings Yield (Greenblatt) 2.60
AMT's Earnings Yield (Greenblatt) is ranked higher than
56% of the 593 Companies
in the Global REIT - Diversified industry.

( Industry Median: 3.70 vs. AMT: 2.60 )
AMT' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.1   Max: 4.2
Current: 2.6

0.1
4.2
Forward Rate of Return (Yacktman) 16.38
AMT's Forward Rate of Return (Yacktman) is ranked higher than
90% of the 450 Companies
in the Global REIT - Diversified industry.

( Industry Median: 1.39 vs. AMT: 16.38 )
AMT' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -533.3   Max: 19.8
Current: 16.38

-533.3
19.8

Business Description

Industry: REITs » REIT - Diversified
Compare:ARI, NLY, VNO, IVR, WSR » details
Traded in other countries:A0T.Germany
American Tower Corp was incorporated in the State of Delaware. The Company is an owner, operator and developer of wireless and broadcast communications real estate. Its main business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. It also offers tower-related services domestically, including site acquisition, zoning and permitting services and structural analysis services, which mainly support its site leasing business and the addition of new tenants and equipment on its sites. The Company's communications real estate portfolio of 54,604 sites, as of December 31, 2012, includes wireless and broadcast communications towers and distributed antenna system ('DAS') networks, which provide seamless coverage solutions in certain in-building and outdoor wireless environments. Its portfolio mainly consists of towers that it owns and towers that it operates pursuant to long-term lease arrangements, including, as of December 31, 2012, 22,534 towers domestically and 31,789 towers internationally. In addition, its portfolio also includes 281 DAS networks that it operates mainly in malls and casinos, and selected outdoor environments. It also manages rooftop and tower sites for property owners under various contractual arrangements, as well as hold property interests that it leases to communications service providers and third-party tower operators. Its operations are reported in three segments: domestic rental and management, international rental and management and network development services. Its domestic rental and management segment is comprised of its nationwide network of communications sites that enables it to address the needs of national, regional, local and emerging communications service providers in the United States, as well as customers in a number of other industries. Its domestic rental and management segment also includes property interests that it leases to communications service providers and third-party tower operators. Its international rental and management segment, which is comprised of communications sites in Brazil, Chile, Colombia, Germany, Ghana, India, Mexico, Peru, South Africa and Uganda, provides a source of diversification and growth. Its rental and management operations include the operation of wireless and broadcast communications towers and managed networks, rooftop management, the leasing of property interests and the installation of shared generators domestically. It owns and operates communications towers in the United States, Brazil, Chile, Colombia, Germany, Ghana, India, Mexico, Peru, South Africa and Uganda. It leases real estate on its communications towers to tenants providing a diverse range of communications services, including personal communications services, cellular, broadcasting, enhanced specialized

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