American Tower Q1: Poised For Continued Expansion

Summary:

  • American Tower reported strong 2023 Q1 results, beating consensus estimates on both the top and bottom lines.
  • What is more important to me are the updates it provided for its 2023 full-year outlook.
  • The updates were a bit mixed. However, my interpretation is quite optimistic as it points to continued expansion.
  • In terms of valuation, the stock is currently trading at attractive multiples both in terms of FFO and dividends.

Telecommunication Tower for 2G 3G 4G 5G network during sunset. Antenna, BTS, microwave, repeater, base station, IOT. Technology concept in internet and mobile communication

Jaiz Anuar

Investment thesis

American Tower (NYSE:AMT) recently released its 2023 Q1 earnings report (“ER”). The results were strong, beating estimates on both lines. To wit, its Q1 AFFO dialed in at $2.54 per share, beating consensus by $0.08. And its revenues dialed in at $2767.2M, beating consensus

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AMT ER

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AMT ER

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Author based on Seeking Alpha data

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Seeking Alpha data

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Seeking Alpha data

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Seeking Alpha data


Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.


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