CCI - Buying The Dip In American Tower Corporation

Summary

• American Tower Corporation is trading at a nice valuation, compared to previous ones, in line with its main competitors, Crown Castle.
• The company has outperformed Crown Castle in a 5-year period, and that's why it is trading at a slightly higher AFFO multiple.
• International revenue growth is muted by non-organic revenue growth in the U.S., and unfavorable exchange rate fluctuations.
• The company reiterated its 12.5% annual dividend growth policy, which together with its present compelling valuation, is calling for a long position.

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