Intrinsic value of Crown Castle International Corporation - CCI

Previous Close

$132.52

  Intrinsic Value

$38.97

stock screener

  Rating & Target

str. sell

-71%

Previous close

$132.52

 
Intrinsic value

$38.97

 
Up/down potential

-71%

 
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 0001), $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 55.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
Revenue, $m
  6,215
  7,062
  7,965
  8,920
  9,928
  10,987
  12,097
  13,258
  14,469
  15,730
  17,043
  18,409
  19,828
  21,304
  22,837
  24,430
  26,086
  27,808
  29,599
  31,463
  33,403
  35,424
  37,530
  39,726
  42,016
  44,407
  46,903
  49,510
  52,234
  55,082
Variable operating expenses, $m
  3,638
  3,921
  4,223
  4,543
  4,880
  5,234
  5,605
  5,993
  6,398
  6,820
  5,700
  6,157
  6,632
  7,125
  7,638
  8,170
  8,724
  9,300
  9,899
  10,523
  11,172
  11,847
  12,552
  13,286
  14,052
  14,852
  15,686
  16,558
  17,469
  18,422
Fixed operating expenses, $m
  187
  191
  195
  200
  204
  209
  213
  218
  223
  227
  232
  238
  243
  248
  254
  259
  265
  271
  277
  283
  289
  295
  302
  309
  315
  322
  329
  337
  344
  352
Total operating expenses, $m
  3,825
  4,112
  4,418
  4,743
  5,084
  5,443
  5,818
  6,211
  6,621
  7,047
  5,932
  6,395
  6,875
  7,373
  7,892
  8,429
  8,989
  9,571
  10,176
  10,806
  11,461
  12,142
  12,854
  13,595
  14,367
  15,174
  16,015
  16,895
  17,813
  18,774
Operating income, $m
  2,390
  2,950
  3,546
  4,178
  4,844
  5,545
  6,279
  7,047
  7,848
  8,682
  11,111
  12,014
  12,954
  13,930
  14,945
  16,000
  17,097
  18,237
  19,423
  20,657
  21,942
  23,281
  24,676
  26,131
  27,649
  29,233
  30,887
  32,615
  34,420
  36,308
EBITDA, $m
  5,228
  5,962
  6,744
  7,573
  8,446
  9,365
  10,327
  11,334
  12,384
  13,478
  14,617
  15,802
  17,033
  18,313
  19,644
  21,026
  22,463
  23,958
  25,512
  27,130
  28,815
  30,569
  32,398
  34,304
  36,293
  38,369
  40,536
  42,801
  45,167
  47,641
Interest expense (income), $m
  0
  901
  1,068
  1,243
  1,430
  1,628
  1,837
  2,056
  2,286
  2,527
  2,778
  3,039
  3,311
  3,594
  3,888
  4,194
  4,511
  4,841
  5,184
  5,541
  5,912
  6,298
  6,700
  7,119
  7,555
  8,010
  8,485
  8,980
  9,497
  10,037
  10,601
Earnings before tax, $m
  1,489
  1,882
  2,303
  2,748
  3,216
  3,708
  4,222
  4,760
  5,321
  5,905
  8,072
  8,703
  9,360
  10,042
  10,752
  11,489
  12,255
  13,052
  13,882
  14,745
  15,644
  16,581
  17,558
  18,576
  19,639
  20,748
  21,907
  23,118
  24,384
  25,707
Tax expense, $m
  402
  508
  622
  742
  868
  1,001
  1,140
  1,285
  1,437
  1,594
  2,179
  2,350
  2,527
  2,711
  2,903
  3,102
  3,309
  3,524
  3,748
  3,981
  4,224
  4,477
  4,741
  5,016
  5,302
  5,602
  5,915
  6,242
  6,584
  6,941
Net income, $m
  1,087
  1,374
  1,681
  2,006
  2,348
  2,707
  3,082
  3,475
  3,884
  4,310
  5,892
  6,353
  6,833
  7,331
  7,849
  8,387
  8,946
  9,528
  10,134
  10,764
  11,420
  12,104
  12,817
  13,561
  14,336
  15,146
  15,992
  16,876
  17,800
  18,766

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
  37,665
  42,803
  48,271
  54,063
  60,171
  66,591
  73,318
  80,350
  87,688
  95,334
  103,292
  111,568
  120,171
  129,112
  138,403
  148,059
  158,096
  168,532
  179,387
  190,683
  202,442
  214,691
  227,455
  240,763
  254,645
  269,132
  284,258
  300,058
  316,568
  333,828
Adjusted assets (=assets-cash), $m
  37,665
  42,803
  48,271
  54,063
  60,171
  66,591
  73,318
  80,350
  87,688
  95,334
  103,292
  111,568
  120,171
  129,112
  138,403
  148,059
  158,096
  168,532
  179,387
  190,683
  202,442
  214,691
  227,455
  240,763
  254,645
  269,132
  284,258
  300,058
  316,568
  333,828
Revenue / Adjusted assets
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
Average production assets, $m
  24,293
  27,607
  31,134
  34,870
  38,810
  42,950
  47,289
  51,825
  56,557
  61,489
  66,622
  71,960
  77,509
  83,275
  89,268
  95,496
  101,970
  108,701
  115,702
  122,987
  130,572
  138,472
  146,705
  155,289
  164,242
  173,586
  183,342
  193,533
  204,182
  215,314
Working capital, $m
  -559
  -636
  -717
  -803
  -894
  -989
  -1,089
  -1,193
  -1,302
  -1,416
  -1,534
  -1,657
  -1,785
  -1,917
  -2,055
  -2,199
  -2,348
  -2,503
  -2,664
  -2,832
  -3,006
  -3,188
  -3,378
  -3,575
  -3,781
  -3,997
  -4,221
  -4,456
  -4,701
  -4,957
Total debt, $m
  19,773
  23,025
  26,487
  30,153
  34,019
  38,083
  42,341
  46,793
  51,438
  56,277
  61,315
  66,553
  71,999
  77,659
  83,540
  89,652
  96,006
  102,612
  109,483
  116,633
  124,077
  131,830
  139,910
  148,334
  157,121
  166,292
  175,866
  185,868
  196,319
  207,244
Total liabilities, $m
  23,842
  27,094
  30,556
  34,222
  38,088
  42,152
  46,410
  50,862
  55,507
  60,346
  65,384
  70,622
  76,068
  81,728
  87,609
  93,721
  100,075
  106,681
  113,552
  120,702
  128,146
  135,899
  143,979
  152,403
  161,190
  170,361
  179,935
  189,937
  200,388
  211,313
Total equity, $m
  13,823
  15,709
  17,716
  19,841
  22,083
  24,439
  26,908
  29,488
  32,182
  34,987
  37,908
  40,945
  44,103
  47,384
  50,794
  54,338
  58,021
  61,851
  65,835
  69,980
  74,296
  78,792
  83,476
  88,360
  93,455
  98,771
  104,323
  110,121
  116,181
  122,515
Total liabilities and equity, $m
  37,665
  42,803
  48,272
  54,063
  60,171
  66,591
  73,318
  80,350
  87,689
  95,333
  103,292
  111,567
  120,171
  129,112
  138,403
  148,059
  158,096
  168,532
  179,387
  190,682
  202,442
  214,691
  227,455
  240,763
  254,645
  269,132
  284,258
  300,058
  316,569
  333,828
Debt-to-equity ratio
  1.430
  1.470
  1.500
  1.520
  1.540
  1.560
  1.570
  1.590
  1.600
  1.610
  1.620
  1.630
  1.630
  1.640
  1.640
  1.650
  1.650
  1.660
  1.660
  1.670
  1.670
  1.670
  1.680
  1.680
  1.680
  1.680
  1.690
  1.690
  1.690
  1.690
Adjusted equity ratio
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,087
  1,374
  1,681
  2,006
  2,348
  2,707
  3,082
  3,475
  3,884
  4,310
  5,892
  6,353
  6,833
  7,331
  7,849
  8,387
  8,946
  9,528
  10,134
  10,764
  11,420
  12,104
  12,817
  13,561
  14,336
  15,146
  15,992
  16,876
  17,800
  18,766
Depreciation, amort., depletion, $m
  2,838
  3,012
  3,198
  3,395
  3,602
  3,820
  4,048
  4,287
  4,536
  4,796
  3,506
  3,787
  4,079
  4,383
  4,698
  5,026
  5,367
  5,721
  6,090
  6,473
  6,872
  7,288
  7,721
  8,173
  8,644
  9,136
  9,650
  10,186
  10,746
  11,332
Funds from operations, $m
  3,925
  4,386
  4,879
  5,400
  5,950
  6,527
  7,131
  7,762
  8,420
  9,106
  9,399
  10,141
  10,912
  11,714
  12,547
  13,413
  14,313
  15,249
  16,223
  17,237
  18,293
  19,392
  20,538
  21,734
  22,981
  24,282
  25,642
  27,062
  28,546
  30,098
Change in working capital, $m
  -71
  -76
  -81
  -86
  -91
  -95
  -100
  -104
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -206
  -215
  -225
  -235
  -245
  -256
Cash from operations, $m
  3,996
  4,463
  4,960
  5,486
  6,040
  6,622
  7,231
  7,866
  8,529
  9,220
  9,517
  10,264
  11,040
  11,847
  12,685
  13,556
  14,462
  15,404
  16,385
  17,405
  18,467
  19,574
  20,728
  21,931
  23,187
  24,497
  25,866
  27,297
  28,792
  30,355
Maintenance CAPEX, $m
  -1,116
  -1,279
  -1,453
  -1,639
  -1,835
  -2,043
  -2,261
  -2,489
  -2,728
  -2,977
  -3,236
  -3,506
  -3,787
  -4,079
  -4,383
  -4,698
  -5,026
  -5,367
  -5,721
  -6,090
  -6,473
  -6,872
  -7,288
  -7,721
  -8,173
  -8,644
  -9,136
  -9,650
  -10,186
  -10,746
New CAPEX, $m
  -3,095
  -3,314
  -3,527
  -3,736
  -3,940
  -4,140
  -4,339
  -4,536
  -4,733
  -4,931
  -5,133
  -5,338
  -5,549
  -5,767
  -5,993
  -6,228
  -6,474
  -6,731
  -7,001
  -7,286
  -7,585
  -7,900
  -8,233
  -8,583
  -8,954
  -9,344
  -9,756
  -10,191
  -10,649
  -11,132
Cash from investing activities, $m
  -4,211
  -4,593
  -4,980
  -5,375
  -5,775
  -6,183
  -6,600
  -7,025
  -7,461
  -7,908
  -8,369
  -8,844
  -9,336
  -9,846
  -10,376
  -10,926
  -11,500
  -12,098
  -12,722
  -13,376
  -14,058
  -14,772
  -15,521
  -16,304
  -17,127
  -17,988
  -18,892
  -19,841
  -20,835
  -21,878
Free cash flow, $m
  -214
  -130
  -20
  112
  265
  439
  631
  842
  1,069
  1,312
  1,148
  1,419
  1,704
  2,001
  2,309
  2,630
  2,963
  3,307
  3,662
  4,030
  4,409
  4,802
  5,207
  5,626
  6,060
  6,509
  6,974
  7,456
  7,957
  8,476
Issuance/(repayment) of debt, $m
  3,091
  3,252
  3,462
  3,666
  3,867
  4,064
  4,258
  4,451
  4,645
  4,840
  5,037
  5,239
  5,446
  5,660
  5,881
  6,112
  6,353
  6,606
  6,871
  7,150
  7,444
  7,753
  8,080
  8,424
  8,787
  9,170
  9,575
  10,001
  10,451
  10,925
Issuance/(repurchase) of shares, $m
  702
  512
  326
  120
  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 from financing (excl. dividends), $m  
  3,793
  3,764
  3,788
  3,786
  3,867
  4,064
  4,258
  4,451
  4,645
  4,840
  5,037
  5,239
  5,446
  5,660
  5,881
  6,112
  6,353
  6,606
  6,871
  7,150
  7,444
  7,753
  8,080
  8,424
  8,787
  9,170
  9,575
  10,001
  10,451
  10,925
Total cash flow (excl. dividends), $m
  3,579
  3,634
  3,768
  3,898
  4,132
  4,502
  4,889
  5,293
  5,714
  6,151
  6,185
  6,658
  7,150
  7,660
  8,191
  8,742
  9,316
  9,912
  10,533
  11,180
  11,853
  12,555
  13,287
  14,050
  14,847
  15,680
  16,549
  17,458
  18,408
  19,401
Retained Cash Flow (-), $m
  -1,789
  -1,885
  -2,007
  -2,126
  -2,242
  -2,356
  -2,469
  -2,581
  -2,693
  -2,806
  -2,921
  -3,037
  -3,157
  -3,281
  -3,410
  -3,544
  -3,683
  -3,830
  -3,984
  -4,146
  -4,316
  -4,495
  -4,684
  -4,884
  -5,095
  -5,317
  -5,551
  -5,799
  -6,059
  -6,334
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
  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 available for distribution, $m
  1,790
  1,749
  1,761
  1,773
  1,890
  2,146
  2,421
  2,712
  3,021
  3,345
  3,265
  3,621
  3,992
  4,379
  4,781
  5,199
  5,632
  6,082
  6,550
  7,034
  7,537
  8,060
  8,602
  9,166
  9,753
  10,363
  10,998
  11,659
  12,348
  13,067
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
  1,647
  1,468
  1,338
  1,208
  1,144
  1,141
  1,119
  1,077
  1,017
  943
  760
  685
  605
  522
  441
  364
  293
  231
  177
  132
  96
  68
  47
  31
  20
  13
  8
  4
  2
  1
Current shareholders' claim on cash, %
  98.7
  97.9
  97.5
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4

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 Corporation (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 $5423 million for the last fiscal year's total revenue generated by Crown Castle International Corporation. The default revenue input number comes from 0001 income statement of Crown Castle International Corporation. 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 14.6% 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 Corporation, 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 Corporation.
    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 62.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $183 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 Corporation.

Corporate tax rate of 27% is the nominal tax rate for Crown Castle International Corporation. 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 0%.

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 390.9%.

Life of production assets of 19 years is the average useful life of capital assets used in Crown Castle International Corporation 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 -9%. 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 - $12034 million for Crown Castle International Corporation - 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 415.580 million for Crown Castle International Corporation 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 Corporation at the current share price and the inputted number of shares is $55.1 billion.

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