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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "Includes a specific critique of analyst modeling transparency and management's lack of disclosure regarding international business.",
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      "text": "The analysts' key assumptions vary significantly, but the one item on which they are most consistent is price.",
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      "text": "There are two major issues that have made AMT un-modelable. First, the international business is completely opaque to the analysts. Second, AMT has not been nearly transparent enough for its domestic business.",
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      "text": "One issue is that two analysts assumed that the ending 2012 tenants per tower were materially greater than 2.0, when the 10-K makes clear that the global average is 2.0.",
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      "text": "In March of 2013, Three cell phone towers belonging to American Movil, a customer of AMT, in the southern Andean region of Peru assaulted and destroyed.",
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      "text": "Wall Street is conditioning investors to accept as Gospel the notion that the Company is going to grow its AFFO and dividend over the foreseeable future 15% and 20%, respectively.",
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      "text": "160 http://eleconomista.com.mx/industrias/2013/03/22/derriban-antenas-america-movil-peru 161 AMT 2012 10-K, p. 5.",
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      "text": "Q: HOW DO YOU KNOW WHEN WALL STREET IS SETTING INVESTORS UP FOR A FALL? A: WHEN ANALYSTS' MODELS DISAGREE ON EVERYTHING, EXCEPT TARGET PRICE.",
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