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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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      "text": "The EBITDA AMT was implying for Site Sharing at that time was at least 53.5% higher than Site Sharing's actual EBITDA.",
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      "text": "EBITDA multiple: 12x-13x",
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      "text": "The EBITDA AMT was implying for Site Sharing at that time was at least 53.5% higher than Site Sharing’s actual EBITDA. We combined the income statements of Site Sharing NE with those of Site Sharing Brazil to analyze whether their EBITDA jibed with AMT’s disclosures.",
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      "text": "AMT discloses (to this day) that it paid 12x to 13x EBITDA for Site Sharing. Giving AMT every benefit of the doubt, the EBITDA of Site Sharing should have been at least BRL 70 million, yet in the year ended December 31, 2010 it was no more than BRL 45.5 million.",
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      "kind": "quote",
      "text": "James Taiclet: “The sites we acquired in Brazil are high performing towers and the multiple pay was in the range of 12x to 13x adjusted EBITDA.”",
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      "kind": "quote",
      "text": "James Taiclet, Executive Chairman, Chief Executive Officer and President: “Richard, it's Jim Taiclet. Basically, what happened with our Brazil transaction is the purchase prices adjusted for the actual cash flows that were occurring up the towers new and existing in the deal. But the bulk of it was driven by the new towers that were completed and ready to transfer. So those both contributed...”",
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      "kind": "quote",
      "text": "Philip Cusick, Macquarie: “This is Richard Choe for Phil. Going into the Brazil deal, I guess it was upsized a little bit and you said you paid 12x to 13x cash flow. Was that because the incremental sites were higher or was this kind of looking back and kind of re-upping the price for the sites?...”",
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      "kind": "quote",
      "text": "James Taiclet: \"The sites we acquired in Brazil are high performing towers and the multiple pay was in the range of 12x to 13x adjusted EBITDA.\" — James Taiclet, CEO, American Tower Corp.",
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      "text": "11 Mr. Taiclet said that the additional 40 sites AMT might acquire were under construction... 12 Based on the March 1, 2011 (deal closing date) rate 1.665 BRL... 13 There was a schedule of assets transferred, which gave the highest numbered tower as 687...",
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