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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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      "text": "To be clear, we believe CCI is significantly undervalued on an absolute basis, and not simply relative to dividend paying companies across a range of industries",
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      "text": "Further, we believe the fundamental interest rate sensitivity of the tower sector is often overstated. We assume interest rates rise over time in our models, and we value CCI and its peers using a long-term cost of capital which assumes debt costs above today's low rates. Towers have traded at higher multiples than today's in higher interest rate environments. Not surprising to us given the industry's attractive secular growth profile and exceptional business quality; equity growth with bond-like predictability is highly valuable at most times. \"I'm not worried about rates, but I'm worried other people will be worried about rates\" – investor short-termism can create bouts of irrational selling, but these periods have proven to be attractive buying opportunities with minimal pain (e.g., July-August 2013)",
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      "text": "To be clear, we believe CCI is significantly undervalued on an absolute basis, and not simply relative to dividend paying companies across a range of industries. We view a change in the Company's dividend payout ratio as a catalyst for narrowing its discount to intrinsic value and peer trading multiples. While some \"yield stocks\" may be overvalued today due to the current low interest rate environment (i.e., stocks with high yields but limited growth or even declining businesses), we believe investor demand for high cash returns and double-digit dividend growth will remain strong for the foreseeable future. High dividend payout ratio simply forces the market to value CCI's strong cash flows and growth, while also reducing the overhang of capital allocation uncertainty.",
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      "text": "“I’m not worried about rates, but I’m worried other people will be worried about rates” — Corvex Management LP (paraphrasing investor sentiment)",
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