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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "The slide functions as a critical research note challenging management assertions and market consensus regarding the Indian telecom infrastructure market.",
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      "text": "Approximately 35% of total India revenue is reimbursements from carriers for energy costs, this has been grossed up in the AMT 10-Ks. AMT's local accounts only show net revenue.",
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      "text": "revenue growth: 6.5%",
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      "text": "Marten Pieters, MD & CEO of Vodafone India, said recently in an interview with The Times of India regarding the telecom market in India - “The worst is over for this industry. That doesn't mean that we are there and the future is rosy”.",
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      "text": "Company and Street estimates for the international portfolio are far too optimistic and it appears there is a significant disconnect between how these international markets are viewed from the US and how they are seen by locals, India being a prime example of this.",
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      "text": "ATL’s problems in India arose from its very first steps in the country. The contract escalators it negotiated with the telecom carriers were set at 3%, compared to CPI of 9%.",
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      "text": "We also fundamentally disagree with Mr. Bartlett’s assertion that shareholders “have to be careful about what you read out of all the press and all the things that are going on in India”.",
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      "text": "The revenue growth is also not what it seems. Approximately 35% of total India revenue is reimbursements from carriers for energy costs... India revenue increased from US$171 million in 2011 to US$182 million in 2012, an increase of only 6.5%.",
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      "text": "The worst is over for this industry. That doesn't mean that we are there and the future is rosy — Marten Pieters, MD & CEO of Vodafone India",
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      "kind": "source-note",
      "text": "60 http://economictimes.indiatimes.com/opinion/interviews/indian-telecom-sector-did-not-take-lessons-from-other-countries-marten-pieters-vodafone-india/articleshow/21060585.cms",
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