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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "The slide critiques AMT's investment logic, suggesting that their acquisition multiples are unsustainable and that their deal-making process is flawed.",
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      "text": "AMT exhibits a casual attitude toward its investments, seemingly feeling investments are justified because they are made at lower price to EBITDA multiples than its EV / EBITDA multiple.",
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      "text": "Brazil, (Site Sharing), 3/1/2011: 39 sites added, purchase price $585.3M, Intangible assets $368M, FV $489M, Goodwill $96.4M.",
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      "text": "Chile, Telefónica Moviles, 12/30/2011: Total price $94.9M, PPE $55.1M, FV $87.8M, Goodwill $7M.",
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      "text": "One example of how rushed AMT can be in acquiring towers is a December 2010 transaction with Telefónica in Mexico. The period approaching the holidays is an unusual time of year in Mexico to move quickly on a deal.",
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      "text": "AMT is putting good assumptions into its models in deciding how much to pay for a given portfolio. This strikes us as a significant concern given the presence of a) AMT's deal-centric culture...",
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