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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 slide uses two distinct scenarios (80% AFFO and 1.10x & VZ Deal) to demonstrate downside protection and IRR potential.",
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      "text": "22% - 27% annual returns and 1.8x - 2.1x MOIC over 3 years in 80% AFFO scenario at exit yields of 3.5% - 4.0% (higher short-term IRRs)",
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      "text": "22% - 27% annual returns and 1.8x - 2.1x MOIC over 3 years in 80% AFFO scenario at exit yields of 3.5% - 4.0% (higher short-term IRRs)",
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      "text": "Higher payout ratio, accretive M&A, and new spectrum deployments should generate additional upside for long-term CCI owners",
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      "text": "Significant downside protection: exit at a market multiple P/E of CCI's dividend per share (which therefore gives zero credit for cash flow in excess of the dividend or any future returns from growth capex) still results in a 6% IRR over 3 years",
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      "text": "In model to lose money over 3 years, need to exit below a 12.5x multiple of dividend per share (i.e., 8.1% dividend yield)",
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      "text": "In model to lose money over 5 years, need to exit below a 8.5x multiple of dividend per share (i.e., 12.1% dividend yield)",
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      "text": "IRR: 27%",
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      "text": "A simple dividend discount model demonstrates how compelling an investment in CCI is with a high payout ratio – predictable growth drives attractive risk-adjusted returns",
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      "text": "Attractive Risk-Adjusted Returns",
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