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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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      "text": "We believe CCI is equally frustrated with its valuation and may be considering a proactive change to its capital allocation plans – we share our thoughts on potential strategies in the following pages",
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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, a significant component of shareholders' future returns will also be driven by how the Company allocates capital – this question has largely led to CCI's recent discount in our view. AT&T deal was over-equitized, relatively expensive, and has been an overhang for the Company during the last year in our view.",
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      "text": "As we explained in our letter, we believe CCI is “betwixt and between” on capital structure and capital allocation today. Simultaneous combination of low payout ratio and de-levering the balance sheet does not make sense to us and appears to be hurting CCI's valuation. Management has stated CCI will eventually pay out ~70-80% of AFFO, but potentially not for another 3-5 years.",
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      "text": "Discounted valuation and focus on reducing leverage could impair the Company's ability to grow. Difficult to win a competitive bidding process with less debt and a discounted equity currency relative to peers (unless CCI accepts lower returns, which we hope is not the case). Acquisitions have been a key driver of long-term growth for CCI (and the tower industry), and we believe management wants to continue to do acquisitions in the future. Potential Verizon tower sale makes this issue especially critical right now.",
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      "text": "Underperformance has created shareholder frustration and put Company on the defensive in our view – many owners not content to wait 3-5 years for capital returns or stock performance.",
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