AMT – Market expectations are for Uniform ROA to continue expanding to new peaks, but management has concerns about their portfolio balance, India, and leverage

• American Tower Corporation (AMT:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) Earnings, with a 34.2x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about the balance of their portfolio, volatility in India, and their ability to remain within leverage targets
• Specifically, management may be concerned about their portfolio balance, and may lack confidence in their ability to maintain their elevated new tower volume. Additionally, they may be concerned about volatility in India persisting in 2019, and may lack confidence in their ability to meet raised expectations for full year organic growth in the U.S. and Latin America. Moreover, they may lack confidence in their ability to remain within their leverage targets, and to keep capex growth rates in line with their expectations. Furthermore, they may be concerned about mobile usage rates in Mexico, and about their current churn rates