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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "The slide functions as a critical research note detailing specific regional operational risks for AMT.",
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      "text": "AMT have shown little regard for shareholder value when investing in the Brazilian market, its two main investments appear to be classic cases of knee jerk acquisitions with no regard to potential risks and minimal due diligence.",
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      "text": "a. In Ghana there are three main carriers, AMT have a deal with the largest, MTN whilst the other two have deals with Eaton Towers and Helios Towers, which means there is less chance of collocation.\nb. We also understand that new tower companies are entering the Ghana market which is increasing competition and will lead to further dilution of tenants and potentially reducing prices of any additional tenants.\nc. We have also heard that all future expansion in Ghana is likely to be rural which will require extensive capital expenditure and will require the operation of linking towers in order to increase coverage and few tenants per tower.",
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      "kind": "paragraph",
      "text": "Our View of ATL's Operations in Brazil\nAMT have shown little regard for shareholder value when investing in the Brazilian market, its two main investments appear to be classic cases of knee jerk acquisitions with no regard to potential risks and minimal due diligence.",
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      "kind": "paragraph",
      "text": "Ghana\nGrowth Ceiling\nWe understand both from sources operating in Ghana and from an AT Kearny article on Tower Xchange that the tower companies in Ghana and Africa in general should only expect to achieve a maximum of two tenants per tower.",
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      "kind": "paragraph",
      "text": "Loss Making\nAt this point in time, the Ghana joint venture is loss making. We understand from the MTN conference call that this loss is below the EBITDA line, nevertheless, after",
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      "kind": "source-note",
      "text": "77 http://www.towerxchange.com/why-tenancy-ratios-above-two-will-be-difficult-to-achieve-in-africa/",
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