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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "Page 82 of 118",
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      "text": "We have included only organic tower growth.\nWe have included interest income from the TV Azteca loan and assumed that the loan will be repaid in Year 9 of the projections.\nWe have not included potential dilution from ESO issuance.",
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      "text": "Long Term Growth\nWe have assumed a long term growth rate in unleveraged free cash flow of 3% per year after year 10.",
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      "text": "Discount Rate\nAs more fully discussed in Appendix A.2, we estimate that a 9.5% risk factor is appropriate for AMT.",
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      "text": "Other Contingent Obligations\nOther contingent obligations include buyout options for the Verizon sale / leaseback and SBC sale / leaseback portfolios that have a combined cost of US$1.2 billion. The Company also has US$25 million in earn outs that come due. Although the company discloses a US$1.5 billion obligation for tower asset retirements, we have not factored this cost into our numbers. We have also not factored in the potential purchase of TriStar, which owns the land under approximately 650 of the Company’s towers. We estimate that the Company would pay US$400 million to US$500 million to acquire TriStar. It is also important to note, that some contracts have provisions that allow for the carrier to take over the tower if the land under the tower is lost by American Tower.",
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      "text": "Other Factors",
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      "text": "Page 82 of 118",
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