Crown Castle Delivered Steady Growth but Weaker Profitability in 2016; Shares Fairly Valued
Crown Castle’s fourth-quarter and 2016 results tracked well with our expectations. Tower rental revenue grew at a solid pace, while network services revenue also impressed in the fourth quarter, though this segment fluctuates often. Management modestly lifted its 2017 outlook on revenue, adjusted EBITDA, and adjusted funds from operations (AFFO), which were first announced in October 2016. We are incorporating such change in outlook in our valuation model, but we do not anticipate change in our ...Crown Castle International is a holding company. Through its subsidiaries, the company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including towers and other structures, such as rooftops (collectively, towers), and fiber primarily supporting small cell networks (small cells) and fiber solutions. The company's towers, fiber and small cells assets are collectively referred to herein as communications infrastructure. The company's core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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