American Tower (AMT)

Will do a public offering of $9 million He prefers Crown Castle, which he owns.

It has very high valuation. It does grow but there are two new tower companies that offer more upside. The Vodafone spin out and China Tower are probably better. On a dividend rotation, it could be vulnerable.

He likes it. Telcos like Verizon and T-Mobile needs more towers, and AMT is a great company (to supply them).

Operates like a REIT, buying and leasing back to AT&T and Verizon cell and broadcast towers, though more outside the U.S. They just bought 30,000 towers from a Spanish company, so the number of towers is growing. The problem is that it's always been pricey, trading above 50x earnings. They grow through acquisition and they need to keep doing that. Likes AMT, but not their PE.

It's going down, because it depends on interest rates, which are very low. He prefers Crown Castle.

Are there Canadian cell tower stocks to play 5G? They don't exist here, because the telecoms here own their own towers. He prefers to play pure cell towers which is more scalable and offers more leverage (i.e. several telecoms can use the same tower). Look to American Tower and Crown Castle in the U.S. American has never been cheap, because it has a strong string of towers in the U.S. as well as India and Europe, boasting double-digit growth over many years. He has owned this for a decade.