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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": "Uses a line chart to visualize the performance gap; includes a callout for the 'Fiber Investment' inflection point and two supporting quotes.",
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      "text": "In an industry driven by capital allocation, Crown Castle’s ROIC has underperformed that of its peers for more than a decade, and the gap is widening with continued fiber investment",
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      "text": "In an industry driven by capital allocation, Crown Castle's ROIC has underperformed that of its peers for more than a decade, and the gap is widening with continued fiber investment",
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      "text": "Our ROIC trends are robust, even with our continuing investments in younger assets with significant long-term upside but lower initial tenancy and cash flow.",
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      "text": "The determinant of whether the [Lightower] transaction is value-creative beyond the inherent tower/fiber multiple arbitrage will depend on the company's ability to replicate, if not surpass, the return profile of its macro business across its fiber footprint.",
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      "kind": "quote",
      "text": "\"The determinant of whether the [Lightower] transaction is value-creative beyond the inherent tower/fiber multiple arbitrage will depend on the company's ability to replicate, if not surpass, the return profile of its macro business across its fiber footprint.\" — Barclays, July 2017; \"Our ROIC trends are robust, even with our continuing investments in younger assets with significant long-term upside but lower initial tenancy and cash flow.\" — CFO Tom Bartlett, American Tower, July 2018",
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      "text": "Source: ROIC represents Alternate ROIC calculation per MoffettNathanson research models. Crown Castle figure for 2019 reflects estimated impact of restatement.",
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      "kind": "title",
      "text": "The Most Important Metric: ROIC",
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