Unprecedented U.S. Strength Again Drives American Tower to a Fantastic Quarter, but It's Priced In
Already high levels of U.S. carrier spending at American Tower accelerated in the first quarter, driving the firm to pace ahead of our full-year revenue and EBITDA forecasts. We think American Tower is a best-in-class operator in a very attractive industry--we believe macro towers, protected by switching cost and efficient scale advantages, will continue to be crucial with ever-growing mobile data use, hence our narrow moat rating. However, we think the stock has gotten ahead of itself after a t...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.
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