CCI Model Update & Starting Valuation
This note covers changes to the model and establishes a starting valuation for the Company of $125 (+18%; total return of +22%). We are above the mid-point of guidance for 2025 and for AFFO post close. We expect Consensus estimates for both to increase (post close estimates should increase a lot). See our prior note on results and the rationale for our upgrade to Buy.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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- Pan European Telecom Services and Cable
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