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  "docSlug": "10dc4f9f3e31",
  "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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  "notes": "Includes a table of international M&A performance metrics and qualitative commentary on the Indian telecom market.",
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      "kind": "callout",
      "text": "The cash flow generating capacity is just not there, and we caution “don’t believe everything you hear from management.”",
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      "kind": "metric",
      "text": "Value Destruction: $1,017",
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      "kind": "paragraph",
      "text": "Mr. Bartlett is referring to the 2011 crisis and its aftermath in the Indian telecom industry. The revelations of the 2G scandal in 2011 brought deep uncertainty to the market, which was further rocked by the Supreme Court quashing 122 of the spectrum licenses.",
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      "kind": "paragraph",
      "text": "We estimate that international entities generate a consolidated segment EBITDA of US$482 million as of the latest twelve month period ending March 31, 2013. The market multiple for the Company as a whole is 21x EBITDA. Our analysis shows the market trends, revenue growth, profitability, return on investment, and risk factors do not support anywhere near a 21x EBITDA multiple for the international business.",
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      "kind": "paragraph",
      "text": "Nevertheless, despite all this news, India is seen by both management and analysts as a high growth market for ATL. As we discuss in the report, AMT is valued at such a high multiple due to the growth prospects of the international portfolio as the US growth is limited.",
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      "kind": "quote",
      "text": "Relative to India, you have to be careful about what you read out of all the press and all the things that are going on in India. But stepping back, we view, as we've always viewed India, is a very, very important market, a market that fits nicely within a diversified portfolio in American Tower.",
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    {
      "bbox": null,
      "kind": "quote",
      "text": "“Relative to India, you have to be careful about what you read out of all the press and all the things that are going on in India. But stepping back, we view, as we've always viewed India, is a very, very important market, a market that fits nicely within a diversified portfolio in American Tower.” — Tom Bartlett, ATL, CFO, EVP American Tower Corp at REITWeek®: NAREIT's Investor Forum Chicago June 6, 2013",
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      "kind": "table",
      "text": "Table showing M&A entry, capital, DCF value, value destruction, IRR, yields, hurdle rates, and multiples for India, Brazil, Ghana, and Germany.",
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