American Tower Corp (AMT) has the most international exposure of the three publicly traded tower companies, with 30% of the company’s revenue coming from the expansion of its colocation model into emerging markets in Latin America, Africa and India, says Benjamin Lowe, Vice President at Stifel, Nicolaus & Co., Inc.
“If you look at it by operator, American Tower has been the most aggressive in terms of trying to take this colocation model, which again is the shared infrastructure business model, and extend that into markets that are less mature,” Lowe said.
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Lowe says that these emerging markets mirror where the U.S. was 15 years ago, when most of the towers were owned by the operators and were primarily single-tenant towers. Now companies like AMT are looking to redeploy cash internationally to set up towers with multiple platforms, Lowe adds.
“If you look at AMT, over 30% of its business come from emerging markets in Latin America, Africa and India,” Lowe said. “For the last several years, they have been very aggressively redeploying cash flow into emerging markets. They are getting just over 30% of their revenue now from international markets.”
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