Crown's focus on small cells requires more spending and leaves it less competitively advantaged.
Crown Castle's third-quarter results contained no surprises, and we saw little to alter our view of the firm. In its last full quarter before it laps last year's Lightower acquisition, site rental revenue grew 33%--in line with our expectation--with organic growth of about 6%, consistent with the mid-to-high single-digit growth we project over the next decade. Adjusted EBITDA margin was just below 58%, within the narrow range where it has been for the past year and just a bit below our full year...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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