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  "documentTitle": "Crown Castle International Corp. (CCI)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2020-07-06 00:00:00",
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  "notes": "The slide uses a 'villain' framing (Crown Castle) against 'peers' (American Tower, SBA Communications) to highlight persistent underperformance.",
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      "text": "Crown Castle has underperformed nearly all time periods for 10+ years",
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      "text": "Crown Castle's underperformance has been persistent for more than a decade, driven by a depressed ROIC and the market's skepticism toward its fiber and small cell strategy",
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      "text": "Source: Market data from Bloomberg and CapitalIQ as of June 29, 2020. ROIC represents Alternate ROIC calculation per MoffettNathanson research models. Crown Castle figure for 2019 reflects estimated impact of restatement. 1. NTM AFFO per share from consensus estimates. 2. Based on dividend reinvested TSR vs. peer average. Peers consist of American Tower and SBA Communications.",
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