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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 chart uses a regression line to show the expected relationship between growth and yield, with an arrow indicating the target compression for PF CCI.",
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      "text": "We believe CCI's dividend yield should compress to a 4.0% yield initially, and then below 4.0% over time",
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      "text": "Earnings / AFFO '14E - '16E CAGR (X) vs. '15E Dividend Yield (Y)",
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      "text": "We believe CCI's dividend yield should compress to a 4.0% yield initially, and then below 4.0% over time",
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      "text": "dividend yield: 4.0%",
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      "kind": "paragraph",
      "text": "Clear disconnect in our view between the growth, valuation, and stability of pro-forma CCI relative to other dividend paying companies in telecom and media",
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      "text": "Source: Bloomberg, Wall Street research, Corvex. CCI based on Corvex estimates. PF CCI dividend yields shown assumes 2015E dividend of $4.50 per share.",
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