{
  "docId": "019dd923-622c-750b-8b96-1aee342c3a73",
  "docSlug": "10dc4f9f3e31",
  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 46,
  "pageCount": 118,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 20,
  "notes": "Includes specific valuation metrics and impairment calculation for AMT's German tower assets.",
  "elementsJson": [
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-1aee342c3a73/46",
  "deckHref": "/decks/019dd923-622c-750b-8b96-1aee342c3a73",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-1aee342c3a73.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-1aee342c3a73#slide-46",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Given the decline in value relative to the amount paid for acquisitions, we believe that AMT should be forced to impair its intangible assets and/or goodwill by US$107 million, or by 20% of the original acquisition price.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ef-7018-b1f3-e66962a1ccda",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "impairment charge: $107 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ef-7018-b1f3-eb2437f9ce57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.135,
        "w": 0.704,
        "x": 0.148,
        "y": 0.129
      },
      "kind": "paragraph",
      "text": "Threats of Carrier Consolidation. A major risk for AMT is the possibility of a merger between E-Plus and Telefónica...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf721f3b-5a3d-4f87-9c2c-b0cc3c55681c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.235,
        "w": 0.704,
        "x": 0.148,
        "y": 0.338
      },
      "kind": "paragraph",
      "text": "Value Destruction. 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$526 million and those investments are now worth US$419 million...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c825c95c-0231-4280-a0dd-c43c6d498a55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.148,
        "y": 0.863
      },
      "kind": "source-note",
      "text": "Footnotes 78, 79, 80 regarding KPN, E-Plus, and Telefónica.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "399b532b-b791-431c-8c42-ab9338503aee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.115,
        "w": 0.704,
        "x": 0.148,
        "y": 0.583
      },
      "kind": "table",
      "text": "Original Purchase Price Allocation and Investment IRR & Current Value tables.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "90d2a559-35ed-47f9-ba69-78a93727c02d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.018,
        "w": 0.335,
        "x": 0.148,
        "y": 0.094
      },
      "kind": "title",
      "text": "limited growth for AMT in Germany.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48f472be-7af5-44bd-ad85-f54634b3923b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 64,
      "from": 41,
      "beatId": "830da618-df2d-4efb-b4ba-f929551b75d8",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The document presents a conclusion and key takeaways",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}