Crown Castle International Corp. (CCI)

(20 October 2016)

CCI Business Summary

Crown Castle International (CCI) owns, operates, and leases shared wireless infrastructure, including towers and other structures, such as rooftops; distributed antenna systems, a type of small cell network (small cells); and interests in land under third-party towers in various forms (third-party land interests). Effective January 1, 2014, Crown Castle began operating as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes as it relates to its towers and third-party land interests, excluding operations in Australia.

CCI Fundamentals

  • Price to Earnings: 91.71
  • Earnings Per Share: $1.22
  • Market Cap: 29.8B
  • Current Ratio: N/A
  • Return on Equity: 5.36%
  • Dividend Yield: 3.87%
  • Debt to Capital: 63.1%

Income Statement ($ in Thousands)

  • Net Revenues for 6 Months Ended increased $96,884.
  • Operating Income decreased by $42,715.
  • Net Income decreased $1,145,592.
  • Comprehensive Income decreased $1,121,642.

Cash Flow Statement ($ in Thousands)

  • Total Cash Flow Provided by Operating Activity decreased $697.
  • Cash and Cash Equivalents at end of period decreased $136,271.
  • Cash Used in Investment Activity increased by $437,721.
  • Net Cash used for financing activities decreased $1,292,976.

Balance Sheet ($ in Thousands)

  • Total Current Assets decreased by $163,630.
  • Total Assets increased by $216,108.
  • Total Current Liabilities increased by $20,595.
  • Total Stockholder’s Equity decreased $140,914.

Highlights from 10-Q

  • In April 2016, the Company acquired Tower Development Corporation (“TDC”), a portfolio of approximately 330 towers, for approximately $461 million in cash (“TDC Acquisition”). The Company funded the acquisition with cash on hand, cash from borrowings under the 2016 Revolver, and cash from equity issuances under the ATM Program (see note 10).

Entry and Exit Points

Entry

  • $75 – $80
    • It has consistent support at the $75 mark

Exit

  • Anything over $100.

It clipped $100 in July, since then it has dropped nearly $11

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