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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "notes": "This is a text-heavy research note page. It includes specific allegations regarding the Site Sharing transaction and cites analyst reactions.",
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      "text": "Our conversations with a selling shareholder and a former AMT employee involved in the transaction confirm that AMT paid the selling shareholders approximately $300 million, and not the $585 million AMT claims.",
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      "text": "international operating profit margin: 470 bps",
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      "text": "We note that six banks have responded to the results by lowering price targets: Barclays, Citi, J.P. Morgan, Macquarie, Pacific Crest, and Stifel.",
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      "text": "AMT's Q2 2013 results show the cracks in the façade of its international business, with international EBITDA flat for the past three quarters, and international operating profit margin down 470 bps from Q2 2012.",
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      "text": "Q3 2012: $111 million, Q4 2012: $120 million, Q1 2013: $136 million, Q2 2013 $116 million.",
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