Intrinsic value of Crown Castle International - CCI

Previous Close

$112.69

  Intrinsic Value

$22.87

stock screener

  Rating & Target

str. sell

-80%

Previous close

$112.69

 
Intrinsic value

$22.87

 
Up/down potential

-80%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as CCI.

We calculate the intrinsic value of CCI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 43.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
Revenue, $m
  4,840
  5,347
  5,879
  6,434
  7,013
  7,617
  8,244
  8,897
  9,576
  10,281
  11,013
  11,775
  12,566
  13,390
  14,246
  15,137
  16,065
  17,032
  18,039
  19,090
  20,186
  21,330
  22,525
  23,773
  25,077
  26,441
  27,867
  29,359
  30,921
  32,556
Variable operating expenses, $m
  3,491
  3,689
  3,897
  4,115
  4,341
  4,577
  4,823
  5,078
  5,343
  5,619
  4,307
  4,605
  4,914
  5,236
  5,571
  5,920
  6,283
  6,661
  7,055
  7,466
  7,894
  8,342
  8,809
  9,297
  9,807
  10,340
  10,898
  11,482
  12,093
  12,732
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,491
  3,689
  3,897
  4,115
  4,341
  4,577
  4,823
  5,078
  5,343
  5,619
  4,307
  4,605
  4,914
  5,236
  5,571
  5,920
  6,283
  6,661
  7,055
  7,466
  7,894
  8,342
  8,809
  9,297
  9,807
  10,340
  10,898
  11,482
  12,093
  12,732
Operating income, $m
  1,349
  1,658
  1,981
  2,320
  2,672
  3,040
  3,422
  3,819
  4,232
  4,662
  6,706
  7,170
  7,652
  8,153
  8,675
  9,217
  9,782
  10,371
  10,984
  11,624
  12,292
  12,988
  13,716
  14,476
  15,270
  16,100
  16,969
  17,877
  18,828
  19,824
EBITDA, $m
  5,621
  6,210
  6,828
  7,473
  8,145
  8,846
  9,575
  10,333
  11,121
  11,940
  12,791
  13,676
  14,595
  15,551
  16,546
  17,581
  18,658
  19,781
  20,951
  22,171
  23,444
  24,773
  26,161
  27,610
  29,125
  30,709
  32,365
  34,098
  35,912
  37,811
Interest expense (income), $m
  0
  873
  993
  1,118
  1,249
  1,386
  1,529
  1,678
  1,833
  1,994
  2,162
  2,336
  2,517
  2,705
  2,900
  3,103
  3,314
  3,534
  3,763
  4,002
  4,251
  4,510
  4,780
  5,063
  5,358
  5,666
  5,988
  6,324
  6,676
  7,044
  7,430
Earnings before tax, $m
  476
  665
  863
  1,070
  1,286
  1,510
  1,744
  1,986
  2,238
  2,500
  4,370
  4,653
  4,947
  5,253
  5,572
  5,903
  6,248
  6,608
  6,983
  7,374
  7,782
  8,208
  8,653
  9,118
  9,604
  10,113
  10,645
  11,201
  11,784
  12,394
Tax expense, $m
  129
  179
  233
  289
  347
  408
  471
  536
  604
  675
  1,180
  1,256
  1,336
  1,418
  1,504
  1,594
  1,687
  1,784
  1,885
  1,991
  2,101
  2,216
  2,336
  2,462
  2,593
  2,730
  2,874
  3,024
  3,182
  3,346
Net income, $m
  347
  485
  630
  781
  939
  1,102
  1,273
  1,450
  1,634
  1,825
  3,190
  3,397
  3,612
  3,835
  4,067
  4,309
  4,561
  4,824
  5,097
  5,383
  5,681
  5,992
  6,317
  6,656
  7,011
  7,382
  7,771
  8,177
  8,602
  9,048

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  35,848
  39,609
  43,546
  47,660
  51,950
  56,419
  61,069
  65,904
  70,930
  76,153
  81,580
  87,221
  93,085
  99,182
  105,525
  112,127
  119,001
  126,162
  133,625
  141,407
  149,526
  158,000
  166,850
  176,094
  185,756
  195,857
  206,422
  217,475
  229,043
  241,153
Adjusted assets (=assets-cash), $m
  35,848
  39,609
  43,546
  47,660
  51,950
  56,419
  61,069
  65,904
  70,930
  76,153
  81,580
  87,221
  93,085
  99,182
  105,525
  112,127
  119,001
  126,162
  133,625
  141,407
  149,526
  158,000
  166,850
  176,094
  185,756
  195,857
  206,422
  217,475
  229,043
  241,153
Revenue / Adjusted assets
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
Average production assets, $m
  26,738
  29,543
  32,480
  35,548
  38,749
  42,082
  45,550
  49,156
  52,905
  56,801
  60,849
  65,056
  69,430
  73,978
  78,709
  83,633
  88,760
  94,101
  99,667
  105,472
  111,528
  117,849
  124,449
  131,344
  138,550
  146,085
  153,965
  162,209
  170,837
  179,870
Working capital, $m
  -276
  -305
  -335
  -367
  -400
  -434
  -470
  -507
  -546
  -586
  -628
  -671
  -716
  -763
  -812
  -863
  -916
  -971
  -1,028
  -1,088
  -1,151
  -1,216
  -1,284
  -1,355
  -1,429
  -1,507
  -1,588
  -1,673
  -1,762
  -1,856
Total debt, $m
  18,387
  20,708
  23,137
  25,675
  28,322
  31,080
  33,949
  36,932
  40,033
  43,255
  46,604
  50,084
  53,702
  57,465
  61,378
  65,451
  69,693
  74,111
  78,715
  83,517
  88,527
  93,755
  99,215
  104,919
  110,880
  117,113
  123,631
  130,451
  137,589
  145,061
Total liabilities, $m
  22,118
  24,439
  26,868
  29,406
  32,053
  34,811
  37,680
  40,663
  43,764
  46,986
  50,335
  53,815
  57,433
  61,195
  65,109
  69,182
  73,424
  77,842
  82,446
  87,248
  92,258
  97,486
  102,946
  108,650
  114,611
  120,844
  127,362
  134,182
  141,319
  148,791
Total equity, $m
  13,730
  15,170
  16,678
  18,254
  19,897
  21,609
  23,390
  25,241
  27,166
  29,167
  31,245
  33,406
  35,651
  37,987
  40,416
  42,945
  45,577
  48,320
  51,178
  54,159
  57,268
  60,514
  63,903
  67,444
  71,144
  75,013
  79,059
  83,293
  87,723
  92,362
Total liabilities and equity, $m
  35,848
  39,609
  43,546
  47,660
  51,950
  56,420
  61,070
  65,904
  70,930
  76,153
  81,580
  87,221
  93,084
  99,182
  105,525
  112,127
  119,001
  126,162
  133,624
  141,407
  149,526
  158,000
  166,849
  176,094
  185,755
  195,857
  206,421
  217,475
  229,042
  241,153
Debt-to-equity ratio
  1.340
  1.370
  1.390
  1.410
  1.420
  1.440
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.510
  1.520
  1.520
  1.530
  1.530
  1.540
  1.540
  1.550
  1.550
  1.550
  1.560
  1.560
  1.560
  1.560
  1.570
  1.570
  1.570
Adjusted equity ratio
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  347
  485
  630
  781
  939
  1,102
  1,273
  1,450
  1,634
  1,825
  3,190
  3,397
  3,612
  3,835
  4,067
  4,309
  4,561
  4,824
  5,097
  5,383
  5,681
  5,992
  6,317
  6,656
  7,011
  7,382
  7,771
  8,177
  8,602
  9,048
Depreciation, amort., depletion, $m
  4,272
  4,553
  4,846
  5,153
  5,473
  5,806
  6,153
  6,514
  6,889
  7,278
  6,085
  6,506
  6,943
  7,398
  7,871
  8,363
  8,876
  9,410
  9,967
  10,547
  11,153
  11,785
  12,445
  13,134
  13,855
  14,608
  15,396
  16,221
  17,084
  17,987
Funds from operations, $m
  4,620
  5,038
  5,476
  5,934
  6,412
  6,909
  7,426
  7,964
  8,523
  9,103
  9,275
  9,903
  10,555
  11,233
  11,938
  12,672
  13,437
  14,234
  15,064
  15,930
  16,833
  17,777
  18,762
  19,791
  20,866
  21,991
  23,167
  24,398
  25,686
  27,035
Change in working capital, $m
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
Cash from operations, $m
  4,647
  5,067
  5,507
  5,966
  6,445
  6,943
  7,462
  8,001
  8,561
  9,144
  9,317
  9,946
  10,600
  11,280
  11,987
  12,723
  13,490
  14,289
  15,121
  15,990
  16,896
  17,842
  18,830
  19,862
  20,940
  22,068
  23,248
  24,483
  25,775
  27,128
Maintenance CAPEX, $m
  -2,406
  -2,674
  -2,954
  -3,248
  -3,555
  -3,875
  -4,208
  -4,555
  -4,916
  -5,291
  -5,680
  -6,085
  -6,506
  -6,943
  -7,398
  -7,871
  -8,363
  -8,876
  -9,410
  -9,967
  -10,547
  -11,153
  -11,785
  -12,445
  -13,134
  -13,855
  -14,608
  -15,396
  -16,221
  -17,084
New CAPEX, $m
  -2,674
  -2,805
  -2,937
  -3,068
  -3,200
  -3,333
  -3,468
  -3,606
  -3,749
  -3,896
  -4,048
  -4,207
  -4,374
  -4,548
  -4,731
  -4,924
  -5,127
  -5,341
  -5,567
  -5,805
  -6,056
  -6,321
  -6,600
  -6,895
  -7,206
  -7,534
  -7,880
  -8,244
  -8,628
  -9,033
Cash from investing activities, $m
  -5,080
  -5,479
  -5,891
  -6,316
  -6,755
  -7,208
  -7,676
  -8,161
  -8,665
  -9,187
  -9,728
  -10,292
  -10,880
  -11,491
  -12,129
  -12,795
  -13,490
  -14,217
  -14,977
  -15,772
  -16,603
  -17,474
  -18,385
  -19,340
  -20,340
  -21,389
  -22,488
  -23,640
  -24,849
  -26,117
Free cash flow, $m
  -433
  -412
  -384
  -350
  -310
  -265
  -215
  -160
  -103
  -42
  -411
  -346
  -280
  -211
  -142
  -72
  0
  72
  145
  218
  293
  368
  444
  522
  600
  679
  760
  842
  926
  1,011
Issuance/(repayment) of debt, $m
  2,228
  2,320
  2,429
  2,538
  2,647
  2,757
  2,869
  2,983
  3,101
  3,222
  3,349
  3,480
  3,618
  3,762
  3,914
  4,073
  4,241
  4,418
  4,605
  4,802
  5,009
  5,229
  5,460
  5,704
  5,961
  6,232
  6,518
  6,820
  7,137
  7,472
Issuance/(repurchase) of shares, $m
  1,043
  955
  878
  794
  705
  609
  508
  402
  291
  175
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  3,271
  3,275
  3,307
  3,332
  3,352
  3,366
  3,377
  3,385
  3,392
  3,397
  3,349
  3,480
  3,618
  3,762
  3,914
  4,073
  4,241
  4,418
  4,605
  4,802
  5,009
  5,229
  5,460
  5,704
  5,961
  6,232
  6,518
  6,820
  7,137
  7,472
Total cash flow (excl. dividends), $m
  2,838
  2,863
  2,923
  2,982
  3,042
  3,102
  3,163
  3,225
  3,289
  3,355
  2,938
  3,134
  3,338
  3,551
  3,772
  4,002
  4,241
  4,490
  4,750
  5,020
  5,302
  5,597
  5,904
  6,225
  6,561
  6,912
  7,278
  7,662
  8,063
  8,483
Retained Cash Flow (-), $m
  -1,391
  -1,440
  -1,508
  -1,576
  -1,643
  -1,712
  -1,781
  -1,852
  -1,925
  -2,000
  -2,079
  -2,160
  -2,246
  -2,335
  -2,429
  -2,528
  -2,633
  -2,743
  -2,858
  -2,981
  -3,110
  -3,246
  -3,389
  -3,541
  -3,700
  -3,869
  -4,046
  -4,233
  -4,431
  -4,638
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  91
  102
  112
  123
  135
  147
  160
  173
  187
  201
  216
  231
  247
  264
  281
  299
  318
  337
  358
  379
  401
  424
  448
  473
  499
  527
  555
  585
  617
  649
Cash available for distribution, $m
  1,447
  1,423
  1,415
  1,407
  1,398
  1,390
  1,382
  1,373
  1,364
  1,355
  859
  974
  1,093
  1,215
  1,342
  1,473
  1,608
  1,747
  1,891
  2,039
  2,193
  2,351
  2,515
  2,685
  2,861
  3,043
  3,232
  3,428
  3,633
  3,845
Discount rate, %
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
  1,331
  1,195
  1,075
  958
  846
  739
  638
  545
  459
  382
  200
  184
  166
  145
  124
  103
  84
  66
  51
  38
  28
  20
  14
  9
  6
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  97.6
  95.7
  94.2
  92.9
  91.9
  91.1
  90.5
  90.0
  89.7
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6
  89.6

Crown Castle International Corp., together with its subsidiaries, owns, operates, and leases shared wireless infrastructure in the United States and Australia. The company provides towers and other structures, such as rooftops; and distributed antenna systems, a type of small cell network (small cells). It provides access, including space or capacity to its towers, small cells, and third party land interests via long-term contracts in various forms, including license, sublease, and lease agreements. In addition, the company offers network services relating to wireless infrastructure, primarily consisting of antenna installations or subsequent augmentations, as well as site development services relating to wireless infrastructure. As of December 31, 2013, it owned, leased, or managed approximately 39,600 towers in the United States, including Puerto Rico; and approximately 1,700 towers in Australia. The company was founded in 1994 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Crown Castle International (CCI)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCI stock intrinsic value calculation we used $4356 million for the last fiscal year's total revenue generated by Crown Castle International. The default revenue input number comes from 2017 income statement of Crown Castle International. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CCI stock valuation model: a) initial revenue growth rate of 11.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.7%, whose default value for CCI is calculated based on our internal credit rating of Crown Castle International, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Crown Castle International.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CCI stock the variable cost ratio is equal to 75.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CCI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Crown Castle International.

Corporate tax rate of 27% is the nominal tax rate for Crown Castle International. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CCI stock is equal to 2.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CCI are equal to 552.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Crown Castle International operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CCI is equal to -5.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $12339 million for Crown Castle International - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 382 million for Crown Castle International is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Crown Castle International at the current share price and the inputted number of shares is $43.0 billion.

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COMPANY NEWS

▶ Crown Castle Declares Quarterly Common Stock Dividend   [Aug-02-18 04:15PM  GlobeNewswire]
▶ 4 REIT Sectors, 4 REITs to Buy for Long-Term Growth   [Jul-26-18 10:13AM  InvestorPlace]
▶ Crown Castle: 2Q Earnings Snapshot   [Jul-18-18 04:50PM  Associated Press]
▶ Crown Castle Intl's Earnings Preview   [07:49AM  Benzinga]
▶ Crown Castle Declares Quarterly Preferred Stock Dividend   [Jun-22-18 04:15PM  GlobeNewswire]
▶ Crown Castle Declares Quarterly Common Stock Dividend   [May-17-18 04:15PM  GlobeNewswire]
▶ 3 Top Tech Stocks to Buy in May   [May-10-18 04:17PM  Motley Fool]
▶ Focus on Fiber Cuts Our Moat Rating for Crown Castle   [Apr-29-18 06:33AM  Morningstar]
▶ Crown Castle: 1Q Earnings Snapshot   [Apr-18-18 04:31PM  Associated Press]
▶ Edited Transcript of CCI presentation 8-Mar-17 1:40pm GMT   [11:19AM  Thomson Reuters StreetEvents]
▶ Crown Castle Declares Quarterly Preferred Stock Dividend   [Mar-20-18 04:15PM  GlobeNewswire]
▶ 3 High-Yield Tech Stocks That May Tempt Income Investors   [Mar-09-18 08:41PM  Motley Fool]
▶ Crown Castle Declares Quarterly Common Stock Dividend   [Feb-21-18 04:15PM  GlobeNewswire]
▶ Crown Castle to Present at March Investor Conferences   [Feb-20-18 04:15PM  GlobeNewswire]
▶ 2018 Will Be a Great Year for Cell Tower Companies   [Jan-28-18 02:19PM  Motley Fool]
▶ Crown Castle reports 4Q results   [Jan-24-18 05:29PM  Associated Press]
▶ Analysts Views of American Tower   [Jan-15-18 09:01AM  Market Realist]
▶ American Towers Disciplined Capital Allocation   [Jan-12-18 10:32AM  Market Realist]
▶ American Towers Strong Hold in the International Market   [Jan-11-18 03:00PM  Market Realist]
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