Intrinsic value of Crown Castle International - CCI

Previous Close

$112.70

  Intrinsic Value

$45.30

stock screener

  Rating & Target

str. sell

-60%

Previous close

$112.70

 
Intrinsic value

$45.30

 
Up/down potential

-60%

 
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 46.8

 

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, %
  28.10
  25.79
  23.71
  21.84
  20.16
  18.64
  17.28
  16.05
  14.94
  13.95
  13.05
  12.25
  11.52
  10.87
  10.28
  9.76
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
Revenue, $m
  5,580
  7,018
  8,683
  10,579
  12,711
  15,081
  17,686
  20,524
  23,591
  26,882
  30,392
  34,114
  38,046
  42,182
  46,520
  51,059
  55,797
  60,737
  65,879
  71,229
  76,791
  82,571
  88,578
  94,821
  101,309
  108,054
  115,070
  122,369
  129,967
  137,879
Variable operating expenses, $m
  3,780
  4,343
  4,994
  5,735
  6,569
  7,496
  8,514
  9,624
  10,824
  12,111
  11,885
  13,340
  14,878
  16,495
  18,192
  19,966
  21,819
  23,751
  25,762
  27,854
  30,029
  32,289
  34,638
  37,079
  39,617
  42,254
  44,998
  47,852
  50,823
  53,917
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
  3,780
  4,343
  4,994
  5,735
  6,569
  7,496
  8,514
  9,624
  10,824
  12,111
  11,885
  13,340
  14,878
  16,495
  18,192
  19,966
  21,819
  23,751
  25,762
  27,854
  30,029
  32,289
  34,638
  37,079
  39,617
  42,254
  44,998
  47,852
  50,823
  53,917
Operating income, $m
  1,799
  2,676
  3,689
  4,844
  6,142
  7,585
  9,172
  10,900
  12,768
  14,772
  18,507
  20,774
  23,168
  25,687
  28,329
  31,092
  33,978
  36,986
  40,117
  43,375
  46,762
  50,282
  53,940
  57,741
  61,692
  65,800
  70,072
  74,517
  79,144
  83,962
EBITDA, $m
  4,567
  5,745
  7,108
  8,660
  10,405
  12,345
  14,478
  16,801
  19,312
  22,006
  24,878
  27,926
  31,144
  34,530
  38,081
  41,796
  45,675
  49,719
  53,928
  58,307
  62,860
  67,592
  72,509
  77,619
  82,931
  88,452
  94,195
  100,170
  106,390
  112,867
Interest expense (income), $m
  0
  873
  1,176
  1,531
  1,941
  2,409
  2,936
  3,520
  4,163
  4,864
  5,621
  6,433
  7,299
  8,218
  9,188
  10,209
  11,280
  12,400
  13,569
  14,788
  16,058
  17,378
  18,751
  20,177
  21,660
  23,200
  24,802
  26,466
  28,198
  29,999
  31,874
Earnings before tax, $m
  927
  1,500
  2,158
  2,902
  3,733
  4,649
  5,651
  6,737
  7,904
  9,151
  12,074
  13,475
  14,950
  16,499
  18,120
  19,813
  21,578
  23,416
  25,329
  27,318
  29,384
  31,532
  33,763
  36,082
  38,492
  40,998
  43,606
  46,319
  49,144
  52,088
Tax expense, $m
  250
  405
  583
  784
  1,008
  1,255
  1,526
  1,819
  2,134
  2,471
  3,260
  3,638
  4,037
  4,455
  4,892
  5,349
  5,826
  6,322
  6,839
  7,376
  7,934
  8,514
  9,116
  9,742
  10,393
  11,070
  11,774
  12,506
  13,269
  14,064
Net income, $m
  677
  1,095
  1,576
  2,119
  2,725
  3,394
  4,125
  4,918
  5,770
  6,680
  8,814
  9,837
  10,914
  12,044
  13,227
  14,463
  15,752
  17,094
  18,490
  19,942
  21,450
  23,018
  24,647
  26,340
  28,099
  29,929
  31,832
  33,813
  35,875
  38,024

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
  41,330
  51,989
  64,316
  78,362
  94,157
  111,708
  131,007
  152,032
  174,752
  199,128
  225,124
  252,699
  281,820
  312,459
  344,594
  378,213
  413,313
  449,901
  487,995
  527,623
  568,822
  611,640
  656,136
  702,376
  750,437
  800,403
  852,370
  906,438
  962,718
  1,021,328
Adjusted assets (=assets-cash), $m
  41,330
  51,989
  64,316
  78,362
  94,157
  111,708
  131,007
  152,032
  174,752
  199,128
  225,124
  252,699
  281,820
  312,459
  344,594
  378,213
  413,313
  449,901
  487,995
  527,623
  568,822
  611,640
  656,136
  702,376
  750,437
  800,403
  852,370
  906,438
  962,718
  1,021,328
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
  22,692
  28,544
  35,312
  43,024
  51,696
  61,333
  71,929
  83,473
  95,946
  109,330
  123,603
  138,743
  154,732
  171,554
  189,198
  207,656
  226,927
  247,016
  267,931
  289,689
  312,309
  335,818
  360,248
  385,636
  412,023
  439,457
  467,989
  497,675
  528,575
  560,755
Working capital, $m
  -614
  -772
  -955
  -1,164
  -1,398
  -1,659
  -1,945
  -2,258
  -2,595
  -2,957
  -3,343
  -3,753
  -4,185
  -4,640
  -5,117
  -5,616
  -6,138
  -6,681
  -7,247
  -7,835
  -8,447
  -9,083
  -9,744
  -10,430
  -11,144
  -11,886
  -12,658
  -13,461
  -14,296
  -15,167
Total debt, $m
  21,770
  28,346
  35,952
  44,619
  54,364
  65,193
  77,100
  90,073
  104,091
  119,131
  135,170
  152,184
  170,152
  189,056
  208,884
  229,626
  251,283
  273,858
  297,362
  321,812
  347,232
  373,651
  401,105
  429,635
  459,288
  490,118
  522,181
  555,541
  590,266
  626,429
Total liabilities, $m
  25,501
  32,077
  39,683
  48,350
  58,095
  68,924
  80,831
  93,804
  107,822
  122,862
  138,901
  155,915
  173,883
  192,787
  212,615
  233,357
  255,014
  277,589
  301,093
  325,543
  350,963
  377,382
  404,836
  433,366
  463,019
  493,849
  525,912
  559,272
  593,997
  630,160
Total equity, $m
  15,829
  19,912
  24,633
  30,013
  36,062
  42,784
  50,176
  58,228
  66,930
  76,266
  86,222
  96,784
  107,937
  119,672
  131,980
  144,856
  158,299
  172,312
  186,902
  202,079
  217,859
  234,258
  251,300
  269,010
  287,417
  306,554
  326,458
  347,166
  368,721
  391,169
Total liabilities and equity, $m
  41,330
  51,989
  64,316
  78,363
  94,157
  111,708
  131,007
  152,032
  174,752
  199,128
  225,123
  252,699
  281,820
  312,459
  344,595
  378,213
  413,313
  449,901
  487,995
  527,622
  568,822
  611,640
  656,136
  702,376
  750,436
  800,403
  852,370
  906,438
  962,718
  1,021,329
Debt-to-equity ratio
  1.380
  1.420
  1.460
  1.490
  1.510
  1.520
  1.540
  1.550
  1.560
  1.560
  1.570
  1.570
  1.580
  1.580
  1.580
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.600
  1.600
  1.600
  1.600
  1.600
  1.600
  1.600
  1.600
  1.600
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
  677
  1,095
  1,576
  2,119
  2,725
  3,394
  4,125
  4,918
  5,770
  6,680
  8,814
  9,837
  10,914
  12,044
  13,227
  14,463
  15,752
  17,094
  18,490
  19,942
  21,450
  23,018
  24,647
  26,340
  28,099
  29,929
  31,832
  33,813
  35,875
  38,024
Depreciation, amort., depletion, $m
  2,768
  3,070
  3,419
  3,816
  4,263
  4,760
  5,306
  5,901
  6,544
  7,234
  6,371
  7,152
  7,976
  8,843
  9,752
  10,704
  11,697
  12,733
  13,811
  14,932
  16,098
  17,310
  18,569
  19,878
  21,238
  22,652
  24,123
  25,653
  27,246
  28,905
Funds from operations, $m
  3,445
  4,165
  4,994
  5,935
  6,988
  8,154
  9,431
  10,819
  12,314
  13,914
  15,185
  16,988
  18,889
  20,887
  22,980
  25,167
  27,449
  29,827
  32,301
  34,874
  37,549
  40,328
  43,216
  46,218
  49,338
  52,581
  55,955
  59,466
  63,122
  66,929
Change in working capital, $m
  -135
  -158
  -183
  -209
  -235
  -261
  -287
  -312
  -337
  -362
  -386
  -409
  -432
  -455
  -477
  -499
  -521
  -543
  -566
  -588
  -612
  -636
  -661
  -687
  -714
  -742
  -772
  -803
  -836
  -870
Cash from operations, $m
  3,579
  4,323
  5,177
  6,143
  7,223
  8,415
  9,718
  11,131
  12,651
  14,276
  15,571
  17,398
  19,322
  21,342
  23,457
  25,666
  27,970
  30,370
  32,867
  35,463
  38,161
  40,964
  43,877
  46,904
  50,051
  53,323
  56,727
  60,269
  63,957
  67,799
Maintenance CAPEX, $m
  -913
  -1,170
  -1,471
  -1,820
  -2,218
  -2,665
  -3,161
  -3,708
  -4,303
  -4,946
  -5,636
  -6,371
  -7,152
  -7,976
  -8,843
  -9,752
  -10,704
  -11,697
  -12,733
  -13,811
  -14,932
  -16,098
  -17,310
  -18,569
  -19,878
  -21,238
  -22,652
  -24,123
  -25,653
  -27,246
New CAPEX, $m
  -4,975
  -5,852
  -6,768
  -7,712
  -8,672
  -9,636
  -10,596
  -11,544
  -12,474
  -13,384
  -14,273
  -15,140
  -15,989
  -16,822
  -17,644
  -18,458
  -19,271
  -20,089
  -20,915
  -21,757
  -22,620
  -23,509
  -24,430
  -25,388
  -26,388
  -27,434
  -28,532
  -29,686
  -30,900
  -32,180
Cash from investing activities, $m
  -5,888
  -7,022
  -8,239
  -9,532
  -10,890
  -12,301
  -13,757
  -15,252
  -16,777
  -18,330
  -19,909
  -21,511
  -23,141
  -24,798
  -26,487
  -28,210
  -29,975
  -31,786
  -33,648
  -35,568
  -37,552
  -39,607
  -41,740
  -43,957
  -46,266
  -48,672
  -51,184
  -53,809
  -56,553
  -59,426
Free cash flow, $m
  -2,309
  -2,699
  -3,062
  -3,389
  -3,667
  -3,887
  -4,040
  -4,120
  -4,125
  -4,054
  -4,337
  -4,114
  -3,819
  -3,456
  -3,030
  -2,544
  -2,005
  -1,416
  -781
  -105
  608
  1,356
  2,137
  2,947
  3,786
  4,651
  5,543
  6,460
  7,404
  8,373
Issuance/(repayment) of debt, $m
  5,611
  6,577
  7,606
  8,667
  9,745
  10,829
  11,908
  12,972
  14,018
  15,040
  16,039
  17,014
  17,968
  18,904
  19,827
  20,743
  21,657
  22,575
  23,504
  24,450
  25,420
  26,419
  27,454
  28,530
  29,654
  30,829
  32,063
  33,360
  34,725
  36,163
Issuance/(repurchase) of shares, $m
  2,814
  2,987
  3,146
  3,261
  3,324
  3,328
  3,266
  3,135
  2,932
  2,656
  1,142
  725
  240
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  8,425
  9,564
  10,752
  11,928
  13,069
  14,157
  15,174
  16,107
  16,950
  17,696
  17,181
  17,739
  18,208
  18,904
  19,827
  20,743
  21,657
  22,575
  23,504
  24,450
  25,420
  26,419
  27,454
  28,530
  29,654
  30,829
  32,063
  33,360
  34,725
  36,163
Total cash flow (excl. dividends), $m
  6,115
  6,865
  7,689
  8,539
  9,403
  10,270
  11,134
  11,987
  12,824
  13,643
  12,844
  13,625
  14,389
  15,448
  16,798
  18,198
  19,652
  21,159
  22,723
  24,345
  26,028
  27,775
  29,591
  31,477
  33,439
  35,480
  37,606
  39,820
  42,129
  44,536
Retained Cash Flow (-), $m
  -3,490
  -4,082
  -4,721
  -5,380
  -6,049
  -6,722
  -7,392
  -8,053
  -8,702
  -9,336
  -9,956
  -10,561
  -11,153
  -11,735
  -12,308
  -12,876
  -13,443
  -14,013
  -14,590
  -15,177
  -15,779
  -16,399
  -17,042
  -17,710
  -18,407
  -19,137
  -19,903
  -20,708
  -21,555
  -22,448
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
  2,625
  2,783
  2,968
  3,159
  3,353
  3,548
  3,743
  3,934
  4,123
  4,307
  2,888
  3,064
  3,236
  3,714
  4,490
  5,322
  6,209
  7,146
  8,133
  9,167
  10,249
  11,376
  12,549
  13,767
  15,032
  16,343
  17,703
  19,112
  20,573
  22,088
Discount rate, %
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
  2,412
  2,332
  2,248
  2,143
  2,017
  1,874
  1,715
  1,546
  1,372
  1,198
  662
  570
  480
  433
  404
  362
  313
  262
  211
  165
  125
  91
  65
  44
  29
  19
  11
  7
  4
  2
Current shareholders' claim on cash, %
  94.3
  89.8
  86.3
  83.3
  81.0
  79.0
  77.5
  76.2
  75.2
  74.4
  74.2
  74.0
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9
  73.9

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 $4355.605 million for the last fiscal year's total revenue generated by Crown Castle International. The default revenue input number comes from 0001 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 28.1% 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 8.8%, 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 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 406.7%.

Life of production assets of 19.4 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 -11%. 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 414.84 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 $46.8 billion.

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COMPANY NEWS

▶ 3 High-Yield Tech Stocks   [Aug-22-18 06:00AM  Motley Fool]
▶ 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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