Elliott · activist-deck
Crown Castle International Corp. (CCI)
67 pages · 3 arc beats · 2 loops
Crown Castle International Corp. (CCI)
Elliott · 2020-07 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 47 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 5 slides 100% 5/5 slides 100% 5/5 slides · 38 hits — 0/5 slides
40% 2/5 slides 100% 5/5 slides 100% 5/5 slides 100% 5/5 slides · 6 hits Agitate 28 slides 100% 28/28 slides 100% 28/28 slides · 214 hits — 0/28 slides
21.4% 6/28 slides · 8 hits 75% 21/28 slides 100% 28/28 slides 28.6% 8/28 slides Solution 14 slides 100% 14/14 slides 100% 14/14 slides · 104 hits — 0/14 slides
— 0/14 slides
71.4% 10/14 slides 100% 14/14 slides — 0/14 slides
Slide inventory
67 every slide · same image gating as the playbook
04
This slide serves as an introduction to the activist investor's credibility and history.establish_context
05
The slide uses a stacked bar chart to show segment contribution and a bar chart for competitive benchmarking.establish_context
06
Uses a classic 'problem-solution' or 'before-after' framework to justify activist intervention.diagnose_problem
07
The slide uses a 'villain' framing (Crown Castle) against 'peers' (American Tower, SBA Communications) to highlight persistent underperformance.compare_peers
08
Uses a process arrow diagram to outline the four pillars of the activist proposal.propose_solution
09
The slide uses a comparison of current metrics vs. proposed plan targets to justify the strategy.propose_solution
10
Uses a before-after bridge framework to contrast current metrics with projected outcomes under the activist plan.propose_solution
12
The slide uses the 'BBE' (Best Business Ever) acronym to frame the investment thesis.establish_context
13
The slide uses a combination of stacked bar charts and a dot plot to argue for the superiority of Crown Castle's asset base.compare_peers
14
The slide uses a purple overlay on a photo of a cell tower to emphasize the quote.cite_precedent
15
Includes a quote from MoffettNathanson and data comparing the 'Big Three' tower companies to the S&P 500.summarize
16
The chart shows the consolidation and growth of the 'Big Three' tower companies (Crown Castle, American Tower, SBA) from 2006 to 2019.summarize
17
The slide uses two bar charts to show annual and cumulative cash generation metrics.analyze_data
18
The slide uses donut charts to show the shift in revenue mix for three major tower companies.compare_peers
19
Uses a waterfall-style logic to show cumulative investment vs EBITDA growth yield.compare_peers
Open slide detailBeat · Agitate
20
The slide uses a quote to highlight a strategic pivot or contradiction regarding the company's business focus.expose_contradiction
Open slide detailBeat · Agitate
21
Includes a map of US fiber coverage and a diagram of small cell infrastructure.establish_context
Open slide detailBeat · Agitate
22
The slide uses a timeline to illustrate a pattern of high-multiple acquisitions, supported by a quote from Citi regarding the company's investment thesis.illustrate_case
Open slide detailBeat · Agitate
23
Includes a quote from Zayo CFO Matt Steinfort criticizing the high multiples paid by Crown Castle.compare_peers
Open slide detailBeat · Agitate
24
The slide uses two stacked bar charts to illustrate the shift in capital allocation strategy.analyze_data
Open slide detailBeat · Agitate
25
The slide uses a combination of a bar chart for peer comparison and a secondary bar chart for segment-specific analysis to illustrate the outlier status.compare_peers
Open slide detailBeat · Agitate
26
The slide uses a purple bar for Crown Castle to visually distinguish it from the grey bars of its peers.compare_peers
Open slide detailBeat · Agitate
27
Uses CEO quotes to highlight the gap between stated strategy and financial reality.expose_contradiction
Open slide detailBeat · Agitate
28
Uses management quotes to highlight the gap between stated strategy and realized financial performance.expose_contradiction
Open slide detailBeat · Agitate
29
The slide uses a checkmark column to visually reinforce the superiority of the tower business model across all listed KPIs.compare_peers
Open slide detailBeat · Agitate
30
The slide uses a step-based process diagram to frame the transition from current value destruction to future value creation.propose_solution
Open slide detailBeat · Agitate
32
The slide uses a bar chart to show relative underperformance and a timeline to highlight that CCI only outperformed once in a decade.expose_gap
Open slide detailBeat · Agitate
33
The chart illustrates the correlation between specific fiber acquisitions and the widening valuation discount.expose_contradiction
Open slide detailBeat · Agitate
34
Uses P/NTM AFFO as the valuation metric. Includes a quote from CEO Jay Brown to contrast with the market's valuation.compare_peers
Open slide detailBeat · Agitate
35
Uses a line chart to visualize the performance gap; includes a callout for the 'Fiber Investment' inflection point and two supporting quotes.expose_gap
Open slide detailBeat · Agitate
36
Uses CEO quotes to frame the contradiction between stated strategy and actual underperformance.expose_contradiction
Open slide detailBeat · Agitate
37
Uses a waterfall-style bridge to isolate the implied value of the fiber segment by subtracting tower valuations from total enterprise value.show_valuation_bridge
Open slide detailBeat · Agitate
38
Uses a waterfall-style logic to demonstrate capital misallocation.show_valuation_bridge
Open slide detailBeat · Agitate
39
The slide uses a combination of bar charts and callout metrics to contrast the returns on different capital allocation strategies.compare_peers
41
Uses quotes from management to highlight the contradiction in their investment logic.expose_contradiction
42
Uses a quote from CFO Dan Schlanger to frame the contradiction.expose_contradiction
43
Uses a timeline-style layout to contrast internal company optimism with external customer strategy.expose_contradiction
44
The slide uses a bar chart to contrast a 4% yield for CCI against a 20% yield for AMT.compare_peers
45
The slide uses a timeline to visualize the departure of key personnel from acquired companies.expose_contradiction
46
Uses direct quotes from competitors to undermine the target company's strategic direction.expose_contradiction
47
Uses authority-citation to validate the activist's thesis by leveraging competitor sentiment.expose_contradiction
48
The slide uses a bar chart to contrast the cost basis of fiber investments against the implied value and the potential returns of alternative investments.compare_peers
51
The slide uses peer benchmarking to argue for operational improvements at Crown Castle.compare_peers
Open slide detailBeat · Solution
52
The chart illustrates a capital allocation framework for fiber networks, categorizing spend into Churn Replacement, Harvest, and Expansion.present_framework
Open slide detailBeat · Solution
53
The chart illustrates three categories of fiber projects: Churn Replacement, Harvest, and Expansion, showing how yield decreases as annual growth rate increasescite_precedent
Open slide detailBeat · Solution
54
Uses an 'Efficiency Frontier' curve to illustrate the gap between Crown Castle and its peers.compare_peers
Open slide detailBeat · Solution
55
The slide uses a 'before-after' logic by highlighting the shift in 2021-2023 projections under the 'RTC Plan' compared to historical trends.propose_solution
Open slide detailBeat · Solution
56
The slide uses a 'Reclaiming the Crown Plan' overlay to highlight the shift in financial performance.propose_solution
Open slide detailBeat · Solution
58
Uses a before-after structure to contrast current problems with proposed solutions.propose_solution
Open slide detailBeat · Solution
59
Uses peer disclosure as a benchmark to highlight a governance/transparency gap at Crown Castle.expose_contradiction
Open slide detailBeat · Solution
60
The slide uses a combination of bar charts to show that targets are consistently met (EBITDA/AFFO) while ROIC significantly lags behind peers.expose_contradiction
Open slide detailBeat · Solution
61
The slide uses a stacked bar chart to visualize the shift in incentive weighting from peer-relative metrics to absolute goals.expose_contradiction
Open slide detailBeat · Solution
62
The slide uses a color-coded bar chart approach to distinguish historical data from projected 'RTC Plan' data.analyze_data
Open slide detailBeat · Solution
63
The slide uses a table to highlight specific directors with long tenures and high ages, framing them as a governance risk.diagnose_problem
64
The slide uses a crown icon as a recurring visual motif for the 'Reclaiming the Crown' campaign.state_next_steps
66
Includes three distinct tables: Implied Domestic and International Multiples, Crown Castle Implied Fiber Multiple, and International Comps.analyze_data