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  "documentTitle": "Crown Castle International Corp. (CCI)",
  "authorId": "11_Corvex",
  "authorName": "Corvex Management",
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  "presentationDate": "2014-10-14 00:00:00",
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      "kind": "callout",
      "text": "Our analysis suggests 27% near-term upside, and the potential for over 60% upside in 15 months plus dividends received. We believe it is the responsibility of the Company to embrace change now or provide shareholders with a clear path to a superior alternative",
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      "text": "Our analysis suggests 27% near-term upside, and the potential for over 60% upside in 15 months plus dividends received",
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      "text": "We believe CCI offers shareholders strong secular growth, an exceptional business model, an attractive valuation, and earnings power in excess of Consensus estimates. However, CCI is “betwixt and between” on capital structure and capital allocation today in our view, and we believe this overhang has largely led to CCI’s discount and underperformance. We believe CCI faces two clear solutions: (i) increase its payout ratio, or (ii) increase leverage. We recommend in part that CCI: (i) pay a dividend of at least $4.00 per share in 2015, (ii) guide to 10% or higher dividend per share growth over the next 3+ years, and (iii) plan to maintain leverage of approximately 4.5x net debt / EBITDA to target an investment grade credit rating over time. A sizable dividend backed by the credit quality of America’s largest wireless operators in a business with one of the brightest areas of growth within the telecom sector will be incredibly well received by yield-oriented investors in our view.",
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      "text": "dividend per share: $4.00",
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