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  "docSlug": "1861656eaa18",
  "documentTitle": "Crown Castle International Corp. (CCI)",
  "authorId": "11_Corvex",
  "authorName": "Corvex Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-10-14 00:00:00",
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  "pageNumber": 11,
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  "notes": "Includes a circular diagram representing a flywheel or virtuous cycle of capital allocation.",
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      "kind": "callout",
      "text": "We model 27% upside to CCI's recent share price through a change in capital allocation, and potential for over 60% upside in 15 months plus dividends received",
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      "kind": "diagram",
      "text": "Flywheel diagram showing: Steady Dividends w/ High Payout Ratio -> Risk-Adjusted Returns -> U.S. Only Towers -> REIT Election -> Target Investment Grade Rating -> (back to start)",
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      "text": "We believe CCI should “close the circle” for shareholders by increasing its dividend payout ratio. It is the “missing link” in an otherwise coherent and complete story in our view. Onus is on the Company to embrace change now or provide a clear path to a superior alternative. We model 27% upside to CCI’s recent share price through a change in capital allocation, and potential for over 60% upside in 15 months plus dividends received",
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      "text": "Recommendations: 1. Pay a dividend of at least $4.00 per share in 2015. 2. Guide to 10% or greater dividend per share growth over the next 3+ years. 3. Plan to maintain leverage of 4.5x and target an investment grade rating over time. 4. Flex leverage up to 6.0x for accretive M&A. 5. De-lever back to 4.5x following M&A thru EBITDA growth",
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      "text": "dividend payout ratio: 27%",
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      "kind": "title",
      "text": "New Dividend Policy is the Missing Link",
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      "evidence": "The document presents a comparison of Crown Castle's strategy with industry peers",
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