Intrinsic value of American Tower REIT - AMT

Previous Close

$166.60

  Intrinsic Value

$49.81

stock screener

  Rating & Target

str. sell

-70%

Previous close

$166.60

 
Intrinsic value

$49.81

 
Up/down potential

-70%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as AMT.

We calculate the intrinsic value of AMT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 73.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  7,137
  7,629
  8,140
  8,672
  9,225
  9,800
  10,400
  11,024
  11,675
  12,354
  13,062
  13,801
  14,573
  15,379
  16,222
  17,103
  18,025
  18,990
  19,999
  21,056
  22,162
  23,321
  24,535
  25,808
  27,141
  28,539
  30,005
  31,542
  33,154
  34,844
Variable operating expenses, $m
  4,729
  4,935
  5,149
  5,372
  5,603
  5,844
  6,095
  6,356
  6,629
  6,913
  5,467
  5,777
  6,100
  6,437
  6,790
  7,159
  7,545
  7,948
  8,371
  8,813
  9,276
  9,761
  10,270
  10,802
  11,361
  11,946
  12,559
  13,202
  13,877
  14,585
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,729
  4,935
  5,149
  5,372
  5,603
  5,844
  6,095
  6,356
  6,629
  6,913
  5,467
  5,777
  6,100
  6,437
  6,790
  7,159
  7,545
  7,948
  8,371
  8,813
  9,276
  9,761
  10,270
  10,802
  11,361
  11,946
  12,559
  13,202
  13,877
  14,585
Operating income, $m
  2,408
  2,693
  2,991
  3,300
  3,621
  3,956
  4,305
  4,668
  5,046
  5,441
  7,595
  8,024
  8,473
  8,942
  9,432
  9,945
  10,480
  11,041
  11,628
  12,242
  12,886
  13,560
  14,266
  15,006
  15,781
  16,594
  17,446
  18,340
  19,277
  20,260
EBITDA, $m
  5,430
  5,805
  6,194
  6,598
  7,019
  7,457
  7,913
  8,388
  8,883
  9,400
  9,938
  10,501
  11,088
  11,702
  12,343
  13,014
  13,715
  14,449
  15,217
  16,021
  16,863
  17,744
  18,668
  19,637
  20,651
  21,715
  22,830
  24,000
  25,226
  26,512
Interest expense (income), $m
  645
  1,091
  1,191
  1,299
  1,410
  1,526
  1,647
  1,772
  1,903
  2,039
  2,181
  2,329
  2,484
  2,645
  2,814
  2,990
  3,173
  3,366
  3,567
  3,777
  3,997
  4,228
  4,469
  4,722
  4,987
  5,265
  5,555
  5,860
  6,180
  6,515
  6,867
Earnings before tax, $m
  1,316
  1,502
  1,692
  1,890
  2,095
  2,309
  2,532
  2,764
  3,007
  3,259
  5,265
  5,540
  5,828
  6,128
  6,443
  6,771
  7,115
  7,474
  7,851
  8,245
  8,658
  9,091
  9,544
  10,019
  10,516
  11,038
  11,586
  12,159
  12,761
  13,393
Tax expense, $m
  355
  406
  457
  510
  566
  623
  684
  746
  812
  880
  1,422
  1,496
  1,574
  1,655
  1,740
  1,828
  1,921
  2,018
  2,120
  2,226
  2,338
  2,454
  2,577
  2,705
  2,839
  2,980
  3,128
  3,283
  3,446
  3,616
Net income, $m
  961
  1,096
  1,235
  1,379
  1,529
  1,686
  1,848
  2,018
  2,195
  2,379
  3,844
  4,044
  4,254
  4,474
  4,703
  4,943
  5,194
  5,456
  5,731
  6,019
  6,320
  6,636
  6,967
  7,314
  7,677
  8,058
  8,458
  8,876
  9,316
  9,777

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  35,508
  37,954
  40,497
  43,142
  45,894
  48,758
  51,740
  54,846
  58,084
  61,461
  64,984
  68,662
  72,502
  76,514
  80,707
  85,092
  89,678
  94,475
  99,497
  104,754
  110,259
  116,026
  122,067
  128,397
  135,032
  141,987
  149,280
  156,926
  164,945
  173,355
Adjusted assets (=assets-cash), $m
  35,508
  37,954
  40,497
  43,142
  45,894
  48,758
  51,740
  54,846
  58,084
  61,461
  64,984
  68,662
  72,502
  76,514
  80,707
  85,092
  89,678
  94,475
  99,497
  104,754
  110,259
  116,026
  122,067
  128,397
  135,032
  141,987
  149,280
  156,926
  164,945
  173,355
Revenue / Adjusted assets
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
Average production assets, $m
  20,619
  22,040
  23,516
  25,052
  26,650
  28,313
  30,045
  31,849
  33,729
  35,690
  37,736
  39,871
  42,101
  44,431
  46,866
  49,412
  52,075
  54,861
  57,777
  60,830
  64,026
  67,375
  70,883
  74,559
  78,412
  82,451
  86,685
  91,125
  95,781
  100,665
Working capital, $m
  -699
  -748
  -798
  -850
  -904
  -960
  -1,019
  -1,080
  -1,144
  -1,211
  -1,280
  -1,352
  -1,428
  -1,507
  -1,590
  -1,676
  -1,766
  -1,861
  -1,960
  -2,063
  -2,172
  -2,285
  -2,404
  -2,529
  -2,660
  -2,797
  -2,941
  -3,091
  -3,249
  -3,415
Total debt, $m
  22,065
  24,051
  26,116
  28,264
  30,498
  32,823
  35,245
  37,767
  40,397
  43,139
  46,000
  48,986
  52,104
  55,362
  58,767
  62,327
  66,050
  69,946
  74,024
  78,293
  82,763
  87,445
  92,351
  97,491
  102,879
  108,526
  114,447
  120,656
  127,167
  133,996
Total liabilities, $m
  28,832
  30,819
  32,884
  35,032
  37,266
  39,591
  42,013
  44,535
  47,165
  49,906
  52,767
  55,753
  58,872
  62,130
  65,534
  69,095
  72,818
  76,714
  80,792
  85,060
  89,531
  94,213
  99,118
  104,259
  109,646
  115,294
  121,215
  127,424
  133,935
  140,764
Total equity, $m
  6,675
  7,135
  7,614
  8,111
  8,628
  9,166
  9,727
  10,311
  10,920
  11,555
  12,217
  12,908
  13,630
  14,385
  15,173
  15,997
  16,859
  17,761
  18,705
  19,694
  20,729
  21,813
  22,949
  24,139
  25,386
  26,694
  28,065
  29,502
  31,010
  32,591
Total liabilities and equity, $m
  35,507
  37,954
  40,498
  43,143
  45,894
  48,757
  51,740
  54,846
  58,085
  61,461
  64,984
  68,661
  72,502
  76,515
  80,707
  85,092
  89,677
  94,475
  99,497
  104,754
  110,260
  116,026
  122,067
  128,398
  135,032
  141,988
  149,280
  156,926
  164,945
  173,355
Debt-to-equity ratio
  3.310
  3.370
  3.430
  3.480
  3.530
  3.580
  3.620
  3.660
  3.700
  3.730
  3.770
  3.790
  3.820
  3.850
  3.870
  3.900
  3.920
  3.940
  3.960
  3.980
  3.990
  4.010
  4.020
  4.040
  4.050
  4.070
  4.080
  4.090
  4.100
  4.110
Adjusted equity ratio
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  961
  1,096
  1,235
  1,379
  1,529
  1,686
  1,848
  2,018
  2,195
  2,379
  3,844
  4,044
  4,254
  4,474
  4,703
  4,943
  5,194
  5,456
  5,731
  6,019
  6,320
  6,636
  6,967
  7,314
  7,677
  8,058
  8,458
  8,876
  9,316
  9,777
Depreciation, amort., depletion, $m
  3,023
  3,111
  3,203
  3,298
  3,397
  3,501
  3,608
  3,720
  3,837
  3,959
  2,344
  2,476
  2,615
  2,760
  2,911
  3,069
  3,234
  3,408
  3,589
  3,778
  3,977
  4,185
  4,403
  4,631
  4,870
  5,121
  5,384
  5,660
  5,949
  6,253
Funds from operations, $m
  3,984
  4,208
  4,438
  4,678
  4,927
  5,186
  5,457
  5,738
  6,032
  6,338
  6,187
  6,521
  6,869
  7,233
  7,614
  8,012
  8,428
  8,864
  9,320
  9,797
  10,297
  10,821
  11,370
  11,945
  12,547
  13,179
  13,842
  14,536
  15,265
  16,029
Change in working capital, $m
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -69
  -72
  -76
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -108
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
Cash from operations, $m
  4,030
  4,256
  4,488
  4,730
  4,981
  5,243
  5,515
  5,800
  6,096
  6,405
  6,257
  6,593
  6,945
  7,312
  7,697
  8,098
  8,519
  8,958
  9,419
  9,901
  10,406
  10,934
  11,489
  12,069
  12,678
  13,316
  13,985
  14,687
  15,423
  16,195
Maintenance CAPEX, $m
  -1,196
  -1,281
  -1,369
  -1,461
  -1,556
  -1,655
  -1,759
  -1,866
  -1,978
  -2,095
  -2,217
  -2,344
  -2,476
  -2,615
  -2,760
  -2,911
  -3,069
  -3,234
  -3,408
  -3,589
  -3,778
  -3,977
  -4,185
  -4,403
  -4,631
  -4,870
  -5,121
  -5,384
  -5,660
  -5,949
New CAPEX, $m
  -1,368
  -1,421
  -1,477
  -1,536
  -1,598
  -1,663
  -1,732
  -1,804
  -1,880
  -1,961
  -2,046
  -2,135
  -2,230
  -2,330
  -2,435
  -2,546
  -2,663
  -2,786
  -2,916
  -3,053
  -3,197
  -3,348
  -3,508
  -3,676
  -3,853
  -4,039
  -4,234
  -4,440
  -4,656
  -4,884
Cash from investing activities, $m
  -2,564
  -2,702
  -2,846
  -2,997
  -3,154
  -3,318
  -3,491
  -3,670
  -3,858
  -4,056
  -4,263
  -4,479
  -4,706
  -4,945
  -5,195
  -5,457
  -5,732
  -6,020
  -6,324
  -6,642
  -6,975
  -7,325
  -7,693
  -8,079
  -8,484
  -8,909
  -9,355
  -9,824
  -10,316
  -10,833
Free cash flow, $m
  1,467
  1,554
  1,642
  1,733
  1,827
  1,925
  2,025
  2,129
  2,237
  2,349
  1,994
  2,114
  2,239
  2,368
  2,502
  2,641
  2,787
  2,938
  3,095
  3,259
  3,431
  3,609
  3,796
  3,991
  4,194
  4,407
  4,630
  4,863
  5,107
  5,362
Issuance/(repayment) of debt, $m
  1,859
  1,987
  2,065
  2,148
  2,234
  2,325
  2,421
  2,523
  2,629
  2,742
  2,861
  2,986
  3,118
  3,258
  3,405
  3,560
  3,724
  3,896
  4,078
  4,269
  4,470
  4,682
  4,905
  5,140
  5,388
  5,648
  5,921
  6,209
  6,511
  6,829
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,859
  1,987
  2,065
  2,148
  2,234
  2,325
  2,421
  2,523
  2,629
  2,742
  2,861
  2,986
  3,118
  3,258
  3,405
  3,560
  3,724
  3,896
  4,078
  4,269
  4,470
  4,682
  4,905
  5,140
  5,388
  5,648
  5,921
  6,209
  6,511
  6,829
Total cash flow (excl. dividends), $m
  3,326
  3,541
  3,707
  3,881
  4,062
  4,250
  4,447
  4,652
  4,867
  5,091
  4,855
  5,100
  5,357
  5,626
  5,907
  6,202
  6,510
  6,834
  7,173
  7,528
  7,901
  8,291
  8,701
  9,131
  9,582
  10,055
  10,551
  11,071
  11,618
  12,191
Retained Cash Flow (-), $m
  -434
  -460
  -478
  -497
  -517
  -538
  -561
  -584
  -609
  -635
  -662
  -691
  -722
  -754
  -788
  -824
  -862
  -902
  -944
  -988
  -1,035
  -1,084
  -1,136
  -1,190
  -1,247
  -1,308
  -1,371
  -1,437
  -1,508
  -1,581
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  2,892
  3,081
  3,229
  3,384
  3,544
  3,712
  3,886
  4,068
  4,258
  4,456
  4,193
  4,409
  4,635
  4,871
  5,119
  5,377
  5,648
  5,932
  6,229
  6,540
  6,866
  7,207
  7,565
  7,941
  8,334
  8,747
  9,180
  9,634
  10,110
  10,610
Discount rate, %
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
  2,622
  2,509
  2,339
  2,156
  1,965
  1,769
  1,572
  1,378
  1,190
  1,012
  761
  629
  510
  406
  316
  241
  180
  131
  93
  64
  43
  28
  18
  11
  6
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC's segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other. Its primary business is property operations, which include the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities, and tenants in various other industries. Its U.S. property segment includes operations in the United States. Its Asia property segment includes operations in India. The EMEA property segment includes operations in Germany, Ghana, Nigeria, South Africa and Uganda. The Latin America property segment includes operations in Brazil, Chile, Colombia, Costa Rica, Mexico and Peru. Its services segment offers tower-related services in the United States.

FINANCIAL RATIOS  of  American Tower REIT (AMT)

Valuation Ratios
P/E Ratio 74.4
Price to Sales 12.3
Price to Book 10.5
Price to Tangible Book
Price to Cash Flow 26.3
Price to Free Cash Flow 35.2
Growth Rates
Sales Growth Rate 21.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.3%
Cap. Spend. - 3 Yr. Gr. Rate -1.2%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 270.5%
Total Debt to Equity 274%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity 14.3%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 69%
Gross Margin - 3 Yr. Avg. 71.6%
EBITDA Margin 57%
EBITDA Margin - 3 Yr. Avg. 57.5%
Operating Margin 32.1%
Oper. Margin - 3 Yr. Avg. 33.5%
Pre-Tax Margin 19.5%
Pre-Tax Margin - 3 Yr. Avg. 19.3%
Net Profit Margin 16.5%
Net Profit Margin - 3 Yr. Avg. 17%
Effective Tax Rate 13.9%
Eff/ Tax Rate - 3 Yr. Avg. 13.4%
Payout Ratio 92.7%

AMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMT stock intrinsic value calculation we used $6663.9 million for the last fiscal year's total revenue generated by American Tower REIT. The default revenue input number comes from 0001 income statement of American Tower REIT. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AMT stock valuation model: a) initial revenue growth rate of 7.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.3%, whose default value for AMT is calculated based on our internal credit rating of American Tower REIT, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of American Tower REIT.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AMT stock the variable cost ratio is equal to 68%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AMT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for American Tower REIT.

Corporate tax rate of 27% is the nominal tax rate for American Tower REIT. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AMT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AMT are equal to 288.9%.

Life of production assets of 16.1 years is the average useful life of capital assets used in American Tower REIT operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AMT is equal to -9.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6241.5 million for American Tower REIT - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 440.835 million for American Tower REIT is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of American Tower REIT at the current share price and the inputted number of shares is $73.4 billion.

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