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.
For further details see:
Buying The Dip In American Tower Corporation