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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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  "pageNumber": 34,
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  "notes": "Uses P/NTM AFFO as the valuation metric. Includes a quote from CEO Jay Brown to contrast with the market's valuation.",
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      "text": "15% DISCOUNT",
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      "text": "Comparison of P/NTM AFFO multiples for Crown Castle and peers five years ago vs current.",
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      "text": "P/NTM AFFO: 15%",
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      "kind": "paragraph",
      "text": "Rather than share in Crown Castle's enthusiasm for fiber and small cells, the investment community values Crown Castle at a steep discount to peers, reflecting a clear difference between tower and fiber valuations",
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      "kind": "quote",
      "text": "We believe $1 of revenue from small cells is as valuable as $1 of revenue from the tower business. It has all the same characteristics, long-term committed contract, annual escalation, the same components of we don't have the incremental cost as we add additional tenants, high returns ultimately as the asset is leased up...So over time, we need to prove out that small cells has the same characteristics and sustains itself in the same way that towers has for the last couple of decades.",
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      "text": "We believe $1 of revenue from small cells is as valuable as $1 of revenue from the tower business. It has all the same characteristics, long-term committed contract, annual escalation, the same components of we don’t have the incremental cost as we add additional tenants, high returns ultimately as the asset is leased up...So over time, we need to prove out that small cells has the same characteristics and sustains itself in the same way that towers has for the last couple of decades. — CEO Jay Brown, April 2017",
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      "kind": "source-note",
      "text": "Source: Company public filings. Market data from CapitalIQ as of June 29, 2020. 1. AFFO per share estimate reflects consensus estimates. 2. As of June 29, 2015.",
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      "kind": "title",
      "text": "Investment in Fiber Resulted in Deep Valuation Discount",
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