2024-05-01 07:29:42 ET
Summary
- Tower REITs benefit from population growth, new technologies, and data proliferation, driving demand for more towers and increasing cash flow growth potential.
- The industry has faced recent challenges due to weaker leasing activity in the US, churn from Sprint, and higher rates.
- Depressed by technical selling after a small change in dividend policy, AMT's current valuation presents an attractive entry point based on our SOTP valuation, which implies ~25% upside.
Summary
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American Tower: Tower-Ing Returns