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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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      "text": "FROTHY MARKETS MAY PROMOTE NEFARIOUS COMPETITION AND INTERNAL DEFECTIONS ........................ 72\nMACRO-ECONOMIC RISKS: COSTS, COSTS, AND MORE RISING COSTS ........................................................ 73\nQ: HOW DO YOU KNOW WHEN WALL STREET IS SETTING INVESTORS UP FOR A FALL?\nA: WHEN ANALYSTS’ MODELS DISAGREE ON EVERYTHING, EXCEPT TARGET PRICE.. 74\nCAN’T MODEL 6% TO 8% REVENUE GROWTH IN THE US GOING FORWARD? JUST TAKE THE\nCOMPANY’S WORD FOR IT. .................................................................................................................................... 75\nAPPENDIX A.1: VALUATION................................................................................................................................... 77\nEXHIBIT A.2: CONSOLIDATED HISTORICAL AND PROJECTED FINANCIAL STATEMENTS\n...................................................................................................................................................................................... 86\nEXHIBIT A.3: COMBINED AND REGIONAL HISTORICAL AND PROJECTED SEGMENT\nEBITA ........................................................................................................................................................................ 91\nEXHIBIT A.4: DETAILED REGIONAL EBITDA HISTORICAL AND PROJECTED FINANCIAL\nDATA ........................................................................................................................................................................ 95\nAPPENDIX A.5: COST OF CAPITAL...................................................................................................................... 108\nAPPENDIX A.6: AFFO ............................................................................................................................................. 112",
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