American Tower: Opportunistically Priced As Growth Resumes

American Tower (NYSE:AMT) is on the verge of becoming a value play after years of poor stock performance. The AFFO multiple has been re-rated to reflect slower growth in recent periods but could be overdone. We believe the slower growth is event-driven with a finite end date after which more rapid growth should return. At the higher rate of growth starting in 2026, AMT appears opportunistically cheap. Let us begin with a discussion of the long-term growth of the tower business, along with what caused growth ...