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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "authorName": "Corvex Management",
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  "presentationDate": "2014-10-14 00:00:00",
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  "notes": "The table compares Crown Castle (CCI) against various peer groups (Data Center REITs, Outdoor REITs, Wireless, and Wireline).",
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      "text": "The growth and stability of the Company's cash flows handily exceeds the companies below in our view, and yet CCI currently trades with among the lowest PEG ratios",
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      "text": "CCI's site rental revenues represent a critical network expense for wireless operators - could argue these cash flows are effectively senior to wireless debt (which carries ~2-3% after-tax cost for VZ and T)",
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      "text": "Source: Bloomberg, Wall Street research, Corvex estimates. CTL, WIN, and FTR multiples represent FCF / Share. CCI based on Corvex estimates.",
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