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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "authorName": "Elliott",
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  "presentationDate": "2020-07-06 00:00:00",
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  "notes": "The chart illustrates the correlation between specific fiber acquisitions and the widening valuation discount.",
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      "kind": "callout",
      "text": "~4-turn multiple discount represents ~$14B of value",
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      "text": "NTM EV/EBITDA vs. Peers",
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      "text": "NTM EV/EBITDA discount: ~$14B",
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      "text": "Crown Castle’s valuation multiple has diverged from peers, coinciding with its largest fiber acquisition, Lightower, in 2017 for $7 billion. This divergence underscores investor skepticism of Crown Castle’s strategy",
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      "kind": "quote",
      "text": "[Fiber] will dilute the quality of Crown’s overall portfolio and require a meaningful equity raise to fund it... Tower and fiber are very different businesses with no synergies between them...[W]hy pay up to diversify away from one of the best businesses out there?",
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      "text": "\"[Fiber] will dilute the quality of Crown's overall portfolio and require a meaningful equity raise to fund it... Tower and fiber are very different businesses with no synergies between them...[W]hy pay up to diversify away from one of the best businesses out there?\" — MoffettNathanson, July 2017",
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      "kind": "source-note",
      "text": "Note: Represents discount of CCI multiple to average of AMT and SBAC multiples. Acquisition dates reflect date of announcement. Source: Market data from Bloomberg as of June 29, 2020.",
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      "kind": "title",
      "text": "The Market Has Lost Confidence in the Fiber Strategy",
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