American Tower - Great Business At A Bad Price

American Tower (NYSE:AMT) just may be a value investor's nightmare - a brilliant business, coupled with what looks like a nosebleed valuation. While I have no qualms at all about this company, and I love the business that it is in, I have a very hard time figuring out how to value the company in a way that makes it an appealing stock to buy today. 

The Quarter That Was 
American Tower reported overall (normalized) revenue growth of about 9% and $470 million. Within that number, the company's core site rental business saw revenue grow 12%, and the company ended the quarter with more than 28,000 tower sites around the world.

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