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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": "2013-09-06 00:00:00",
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      "text": "Might AMT management, which certainly has a record of being less than transparent about its overseas business, be desperate to augment its tower base by 25% in order to obscure organic growth going forward, and to maintain the optics of 20% dividend growth at any cost?",
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      "text": "EBITDA multiple: 19x",
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      "text": "AMT's $4.8 billion acquisition of Global Tower Partners is astoundingly expensive – the 2014 EBITDA multiple appears to be about 19x. AMT expects that its net leverage ratio will be 5.8x after the acquisition.",
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      "text": "We suspect the acquisition is a desperate attempt to augment the tower base by 25% to obscure decelerating organic growth in the US tower industry and maintain the optics of 20% dividend growth.",
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      "text": "Management failed to provide a specific answer on projected IRR, and sounded cagey regarding discount rate assumptions, leading to concerns that models are being manipulated to justify the acquisition.",
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      "text": "AMT's / GTP: We're More Skeptical than Ever",
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