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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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      "kind": "callout",
      "text": "Based on our diligence, we believe Crown Castle can achieve a 40% capex revenue ROI on $600M of Fiber discretionary capex",
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      "text": "Capex Revenue ROI: 13%",
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      "text": "Today, Crown Castle's fiber business is generating ROI's well below industry benchmarks. We can look toward two highly relevant peers – Lightower (Crown Castle's largest acquisition) and Zayo (the largest pure-play fiber provider) – for what is achievable by an ROI-focused fiber business",
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      "text": "Source: Company public filings and presentations. 1. Based on 2013-18 average. Annualized MRR bookings / gross capex including all strata disclosed (< 12 month, >12 month, and speculative) and network capacity capex. 2. Disclosed metrics in public investor presentation. 3. Average of 2017-2019 in-period annualized new fiber leasing revenue / blended TTM capex.",
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      "text": "1. ROI-Focused Fiber Capex",
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      "evidence": "Slides 49-62 present the Reclaiming The Crown Plan",
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