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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "presentationDate": "2020-07-06 00:00:00",
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      "text": "The U.S. tower business is highly attractive, highlighted by long-lived physical structures, low churn, built-in price escalators and 95% incremental margins",
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      "text": "Tower Economics: 95% Incremental Margin",
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      "text": "Ownership Structure of Cell Tower",
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      "text": "American Tower (NYSE: AMT) Market Cap: $113B, EV: $139B, P/NTM AFFO: 30x; Crown Castle (NYSE: CCI) Market Cap: $70B, EV: $91B, P/NTM AFFO: 26x; SBA Communications (NasdaqGS: SBAC) Market Cap: $32B, EV: $43B, P/NTM AFFO: 31x",
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      "text": "incremental margin: 95%",
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      "text": "The \"Big Three\" U.S. public tower companies dominate the domestic tower market. The U.S. tower business is highly attractive, highlighted by long-lived physical structures, low churn, built-in price escalators and 95% incremental margins",
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      "text": "We believe U.S. towers could be the BBE (Best Business Ever) and should command a premium, compared to small cell/fiber systems or international towers.",
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      "kind": "quote",
      "text": "“We believe U.S. towers could be the BBE (Best Business Ever) and should command a premium, compared to small cell/fiber systems or international towers.” — Raymond James, March 2020",
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      "kind": "source-note",
      "text": "Source: Company filings and industry research. Market data from Bloomberg and CapitalIQ. Emphasis added to quotation; all future emphases in quotations added by Elliott.",
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      "text": "Tower Industry Overview: The \"BBE\"",
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