Crown Castle Meets Expectations in 1Q, but We Think It Needs to Do Better to Justify Valuation
Crown Castle's first-quarter results were in line with its 2019 outlook, which it maintained following the quarter. While the firm's reported revenue, net income, and AFFO all exceeded consensus, the outperformance relative to our first-quarter projections is entirely attributable to higher tower-services revenue, a figure that is historically choppy and not a core driver of the long-term growth story. Site rental revenue and margins, which are the keys to Crown's fortunes, were in line with 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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