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  "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",
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  "density": "balanced",
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  "notes": "The slide provides specific examples of asset reallocations in Brazil, Peru, Colombia, and Ghana to support the thesis of inadequate due diligence.",
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      "text": "We suspect that this slapdash approach to due diligence has cost AMT some model-busting CapEx.",
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      "text": "Brazil, unknown, 7/22/2009; Peru, Telefónica, 8/9/2010; Columbia, Telefónica Moviles, October 2010; Ghana, MTN Group, 12/6/2010",
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      "text": "emerging / frontier markets are often built to widely varying standards, and thus have varying useable lives. Further, some transactions in these markets turn out to require significant CapEx in order to extend their lives or permit colocations. We suspect that this slapdash approach to due diligence has cost AMT some model-busting CapEx.",
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      "text": "AMT's frequent and significant changes of its purchase price allocations supports our observation that it does not do much (i.e. sufficient) on site due diligence before closing acquisitions. The below shows some of the larger changes AMT has recorded.",
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