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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 highlights the trade-off between leverage-driven buybacks and dividend increases.",
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      "text": "If CCI is unwilling to increase its dividend payout ratio today, we recommend CCI immediately increase leverage to 7.0x net debt / EBITDA",
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      "text": "Use balance sheet capacity and free cash flow after growth investments to buy back stock\nMaintain leverage of 7.0x on ongoing basis with ability to flex up to ~7.5x for M&A\nChange in leverage increases CCI's AFFO per share CAGR",
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      "text": "net debt / EBITDA: 7.0x",
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      "text": "Source: Corvex estimates. Verizon tower projections based on recent press and Corvex estimates.",
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