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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 waterfall-style logic to demonstrate capital misallocation.",
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      "text": "The implied value of Crown Castle’s fiber business is only $11B versus its cumulative investment of $16B, resulting in $5B of value destruction over the last 5+ years",
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      "text": "Value Destroyed: $4,805M",
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      "text": "Source: Company financials. Market data from Bloomberg and CapitalIQ as of June 29, 2020. 1. Corporate SG&A allocated by targeting Towers SG&A as % of revenues in line with peer 2019 average and remainder allocated to Fiber.",
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