At the time I bought them, AMT and CCI were the leaders in the multiple tenant cellular communications space. Over the past few years AMT has doubled in price while CCI has lost ground, trading within 10% of my purchase price.
AMT is doing well domestically with investments in expanding the company in India facing growing competition and exchange rate risk from high Indian inflation.
CCI income is primarily from US/North America with its fiber backbone segment not performing as expected since 2021.
Both companies stand to benefit from falling interest rates and expanding demand for 5G coverage so those are not discriminators for comparison.
Both are affected by M&A in the telecom space that give a small number of large players more leverage in negotiating lease agreements.
What do you think of these businesses? Would you buy either at Friday's closing price?
Personal: My cost basis makes my ROI on AMT North of 5% after taxes. CCI is more problematic with activist investors acquiring shares lately.
n.b. No rants about REITs please. We are all well aware of the limitations of the structure and its tax implications.
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