Crown Castle Is Executing Its Plan, but We Remain Skeptical of the Economics
Crown Castle's fourth-quarter results and 2019 guidance were about what we expected. The tower business remains strong and low maintenance, and the fiber business, where the firm is directing most of its attention and spending, is following the course management has laid out since 2017's Lightower acquisition. However, we still struggle to see the economic attraction of Crown's fiber strategy, which led to our no-moat rating. In our view, the required capital spending is immense, and sufficient ...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.
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