Stock AMT AMERICAN TOWER CORPORATION
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Financials American Tower Corporation

Equities

AMT

US03027X1000

Specialized REITs

Market Closed - Nyse
Other stock markets
 21:00:02 01/05/2024 BST 		5-day change 1st Jan Change
176.8 USD +3.08% Intraday chart for American Tower Corporation +2.01% -18.08%
05-01 Scotiabank Adjusts Price Target on American Tower to $223 From $243 MT
05-01 BMO Capital Adjusts Price Target on American Tower to $220 From $228 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 101,797 99,708 133,209 98,643 100,636 82,578 - -
Enterprise Value (EV) 1 124,351 127,249 174,513 135,285 137,584 117,647 117,333 117,396
P/E ratio 54.2 x 59.2 x 51.7 x 55.5 x 67.9 x 27.1 x 25.6 x 24.4 x
Yield 1.64% 2.02% 1.78% 2.77% 2.99% 3.66% 3.92% 4.22%
Capitalization / Revenue 13.4 x 12.4 x 14.2 x 9.21 x 9.03 x 7.36 x 7.59 x 7.28 x
EV / Revenue 16.4 x 15.8 x 18.7 x 12.6 x 12.3 x 10.5 x 10.8 x 10.4 x
EV / EBITDA 26.2 x 24.7 x 29.2 x 20.4 x 19.4 x 16.5 x 16.5 x 15.7 x
EV / FCF 45.7 x 45.3 x 51.1 x 74.2 x 47.6 x 29.1 x 28.2 x 32 x
FCF Yield 2.19% 2.21% 1.96% 1.35% 2.1% 3.44% 3.54% 3.12%
Price to Book 20.1 x 24.4 x 26 x 17.7 x 24 x 20 x 20.7 x 23.8 x
Nbr of stocks (in thousands) 442,940 444,213 455,414 465,606 466,165 466,962 - -
Reference price 2 229.8 224.5 292.5 211.9 215.9 176.8 176.8 176.8
Announcement Date 25/02/20 25/02/21 24/02/22 23/02/23 27/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,580 8,042 9,357 10,711 11,144 11,221 10,880 11,340
EBITDA 1 4,744 5,156 5,983 6,644 7,087 7,109 7,128 7,483
EBIT 1 2,688 2,888 3,132 2,352 3,025 4,695 4,791 4,956
Operating Margin 35.47% 35.91% 33.47% 21.96% 27.14% 41.84% 44.03% 43.7%
Earnings before Tax (EBT) 1 1,916 1,821 2,829 1,721 1,521 3,399 3,506 3,623
Net income 1 1,888 1,691 2,568 1,766 1,483 3,066 3,176 3,317
Net margin 24.9% 21.02% 27.44% 16.49% 13.31% 27.32% 29.19% 29.25%
EPS 2 4.240 3.790 5.660 3.820 3.180 6.537 6.901 7.241
Free Cash Flow 1 2,723 2,810 3,412 1,823 2,893 4,047 4,154 3,667
FCF margin 35.92% 34.94% 36.47% 17.02% 25.96% 36.07% 38.18% 32.33%
FCF Conversion (EBITDA) 57.39% 54.5% 57.03% 27.44% 40.82% 56.93% 58.27% 49%
FCF Conversion (Net income) 144.24% 166.21% 132.88% 103.24% 195.04% 132% 130.8% 110.55%
Dividend per Share 2 3.780 4.530 5.210 5.860 6.450 6.480 6.940 7.460
Announcement Date 25/02/20 25/02/21 24/02/22 23/02/23 27/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 2,454 2,445 2,660 2,674 2,672 2,705 2,767 2,772 2,819 2,787 2,834 2,826 2,843 2,707 2,600
EBITDA 1 1,552 1,515 1,624 1,671 1,643 1,707 1,763 1,749 1,814 1,761 1,854 1,779 1,793 1,734 1,747
EBIT 1 827.5 626.6 725.1 782.3 652.9 192 775.6 873.7 658.7 716.9 1,237 1,160 1,171 1,102 1,106
Operating Margin 33.72% 25.63% 27.26% 29.25% 24.44% 7.1% 28.03% 31.52% 23.37% 25.73% 43.63% 41.03% 41.2% 40.7% 42.56%
Earnings before Tax (EBT) 1 777.6 528.5 725.2 898.3 855.8 -758.6 368.4 474.7 643 35.2 1,031 803.1 812.9 786.9 785.5
Net income 1 723 453.4 711.7 898.2 839.7 -683.8 335.8 475.7 586.9 84.9 917.4 712.6 725.7 697.3 711.9
Net margin 29.46% 18.54% 26.75% 33.59% 31.43% -25.28% 12.14% 17.16% 20.82% 3.05% 32.37% 25.21% 25.53% 25.76% 27.38%
EPS 2 1.580 0.9900 1.560 1.950 1.800 -1.470 0.7200 1.020 1.260 0.1800 1.960 1.519 1.547 1.484 1.650
Dividend per Share 2 1.310 1.390 1.400 1.430 1.470 1.560 1.560 1.570 1.620 1.700 1.620 1.620 1.620 1.620 1.725
Announcement Date 28/10/21 24/02/22 27/04/22 28/07/22 27/10/22 23/02/23 26/04/23 27/07/23 26/10/23 27/02/24 30/04/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 22,554 27,541 41,304 36,642 36,948 35,070 34,756 34,818
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.754 x 5.341 x 6.904 x 5.515 x 5.214 x 4.933 x 4.876 x 4.653 x
Free Cash Flow 1 2,723 2,810 3,412 1,823 2,893 4,047 4,154 3,667
ROE (net income / shareholders' equity) 36.3% 37% 56% 33.1% 30.4% 76% 81.3% 99.4%
ROA (Net income/ Total Assets) 4.98% 3.76% 4.38% 2.58% 2.23% 4.45% 4.72% 4.93%
Assets 1 37,906 45,018 58,561 68,540 66,611 68,893 67,277 67,243
Book Value Per Share 2 11.40 9.210 11.30 12.00 9.000 8.840 8.540 7.410
Cash Flow per Share 2 8.420 8.700 10.60 7.990 10.10 10.00 10.50 12.40
Capex 1 1,030 1,071 1,408 1,874 1,830 1,615 1,579 1,526
Capex / Sales 13.59% 13.32% 15.05% 17.49% 16.42% 14.39% 14.51% 13.45%
Announcement Date 25/02/20 25/02/21 24/02/22 23/02/23 27/02/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for American Tower Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
21
Last Close Price
176.8 USD
Average target price
225.6 USD
Spread / Average Target
+27.55%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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