Wednesday, July 8, 2015

AMT All Over the World

American Tower has been tied to a few major deals lately, and Jonathan Schildkraut of Evercore ISI noted how three major news items relate to the tower company. AT&T announced that they would invest $3 billion into its network in Mexico. “We estimate that AT&T’s potential build-out in Mexico could provide AMT with a 77bps annual boost to total revenues (for the next three years),” Schildkraut wrote. American Tower closed their newest tower deal on July 1 with Bharti Airtel, acquiring 4,700 tower sites in Nigeria. “In our post 1Q note, we expected the Airtel acquisition to be immediately accretive to AFFO per share in the $0.05 range, or 1.1% accretive to the implied mid-point of the AFFO per share guidance ($4.90),” Schildkraut explained. “For those expectations, we had assumed a May 31 close. Given the close was one month later, we expect a moderation of the accretiveness of the deal to 2015 numbers.” Finally, it looks like American Tower is considering investing in the Middle East. Continue reading here

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