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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "Includes a valuation bridge table and key financial metrics for AMT's Indian operations.",
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      "text": "We believe the market conditions and the outlook for ATL's business prospects will remain very weak and that AMT should be forced to impair its intangible assets and/or goodwill in India by US$364 million, or 48% of the combined acquisition prices.",
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      "text": "Investment IRR: 7%",
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      "text": "Low cost towers may change the dynamics of the industry even further. Reliance Industries are said to have developed a tower that would cost merely US$2,000 and Chinese companies are said to have developed a tower to be used in India for US$10,000.",
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      "text": "There appears to be a disconnect between how US investors are seeing growth in India and how local analysts view this and this is demonstrated by the Bharti Infratel stock performance.",
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      "text": "As a result of the above, we performed a calculation to assess ATL's investments in the country. We estimate that AMT has made acquisitions totaling US$763 million and those investments are now worth US$399 million.",
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      "kind": "source-note",
      "text": "72 http://www.indianexpress.com/news/reliance-india-plans-lowcost-telecom-towers/1003341/",
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      "text": "Threat of Low-Cost Towers",
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