Crown Castle's 2017 Outlook Modestly Disappoints; Shares Fairly Valued
Crown Castle remains on track to meet our 2016 expectations, but 2017 guidance, issued with the firm’s third-quarter earnings release, was weaker than our forecast. Management expects reported site rental revenue to grow only 3% next year, with expected small cell growth particularly disappointing in our view. Flattening prepaid rent amortization is also expected to weigh on reported growth, though Crown expects to receive a similar amount of prepaid rent during 2017 as it has this year (prepaid...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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