American Tower Is Poised to Benefit From Mobile Data Growth; FVE to $145 Leaves Shares Fairly Valued
After taking a fresh look at American Tower, we are raising our fair value estimate to $145 from $125. We are maintaining our narrow moat rating and stable moat trend. Our $145 fair value estimate implies a P/E multiple of 47 and EV/EBITDA multiple of 22 on our 2018 forecasts. We see the shares as fairly valued at current levels.We think American Tower’s strategy to diversify its tower portfolio globally leaves it best positioned amongst the three U.S. tower companies, as it is primed to benefi...
American Tower is a holding company. Through its subsidiaries, the company is a real estate investment trusts and an independent owner, operator and developer of multitenant communications real estate. The company's primary business is the leasing of space on 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. The company also provides tower-related services, including site acquisition, zoning and permitting and structural analysis, which primarily support the company's site leasing business, including the addition of new tenants and equipment on its sites.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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