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American Towers Results At Upper End Of Guidance; Credit Metrics Look Steady

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  • Q4 looks like a slight beat on Revenue (by 1.7%) and EBITDA (by 1.5%).
  • FY results show Revenue +4% YoY (USD 11.1bn vs. guidance of USD 10.9-11bn) and adj-EBITDA +6.7% YoY (USD 7.1bn vs. guidance of USD 7-7.1bn)
  • FY Net Income came in -19% YoY (USD 1.4bn vs. guidance of USD 1.7-1.8bn) though this looks to be FX driven.
  • Guiding for slower growth in Rev & EBITDA in FY24 (see below) and slower CapEx of USD 1.55-1.65bn vs. USD 1.8bn this year
  • Credit metrics broadly steady: Net leverage 5.2x from 5x at Q3; FCF of USD 611mn is +18% YoY; Total Liquidity of USD 9.6bn boadly flat to Q3.

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