We are updating our model for CCI (Neutral, PT $93) following its 4Q25 results that were largely ahead of our estimates and consensus. With the removal of SATS noise from reported results, 2026 AFFO per share will be heavily influenced by the timing of the Small Cells and Fiber Segment Divestiture. As we have previously mentioned, we don’t see material upside in the stock until all the heavy lifting takes place which looks to wait until mid-year.
CCI (Neutral, PT $93) reported 4Q25 results that were largely ahead of our estimates and consensus. Following its previous disclosure that SATS has defaulted on its tower lease agreement payments, CCI shared organic growth guidance excluding these payments. Ahead of the close of its Small Cells and Fiber Segment in 1H26, we don’t see material upside as we wait for all the heavy lifting to take place. This said, at the end of the day, CCI will be THE pure play tower company in the US when the upp...
Crown Castle Reports Fourth Quarter and Full Year 2025 Results and Provides Outlook for Full Year 2026 HOUSTON, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today reported results for the full year ended December 31, 2025 and issued its full year 2026 outlook, as reflected in the table below. Full Year 2026 Full Year 2025(dollars in millions, except per share amounts)Current Outlook Midpoint(a)Midpoint GrowthRate Compared to Full Year 2025 Actual ActualActual Growth Rate Compared to Full Year 2024 ActualSite rental revenues(b)$3,850(5)% $4,049(5)%Net i...
Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
AMT (Buy, PT $203), after the close today, shared that SATS has defaulted on its tower lease agreement payments. This was unsurprising following a similar revelation from CCI (Neutral, PT $93) on 1/12/26 (see our note). AMT says this action will have no impact on 2025 results. AMT did not mention the value of the remaining payments, but we assume it is similar to the ~$3.5bn (undiscounted) CCI cited.
Tower revenue trends were slightly slower across the board except for Indus Towers as it benefited again from VIL’s network catch up spend. EBITDA margins were roughly stable across EM except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. Africa continue to perform well and the LatAm Towers space had a decent Q3.
Crown Castle Announces Tax Reporting Information for 2025 Distributions HOUSTON, Jan. 21, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) (“Crown Castle”) announced today certain year-end tax reporting information for its 2025 distributions. The following table summarizes, for income tax purposes, the nature of distributions paid to holders of Crown Castle Common Stock, par value $.01 per share (“Common Stock”), presented on a per share basis, during the calendar year ended December 31, 2025. Stockholders are urged to consult with their personal tax advisors as to their specific t...
Crown Castle Announces Fourth Quarter 2025 Earnings Conference Call Details HOUSTON, Jan. 21, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") plans to release its fourth quarter 2025 results on Wednesday, February 4, 2026, after the market closes. In conjunction with the release, Crown Castle has scheduled a conference call for Wednesday, February 4, 2026, at 4:30 p.m. eastern time. A listen only live audio webcast of the conference call, along with any supplemental materials, can be accessed on the Crown Castle website at . Participants may join the conference c...
Given recent news around future interest rate actions by the Fed, we performed a sensitivity analysis to better understand potential AFFO per share implications for each of the three major tower companies. Based on a detailed, tranche by tranche debt analysis, SBAC (Neutral, PT $212) has the largest near-term exposure given its short-term refinancing needs. CCI (Neutral, PT $93) has limited exposure given that we expect its debt reduction using proceeds from its small cells and fiber business sa...
CCI (Neutral, PT $93) after the close today announced that SATS has defaulted on its tower lease agreement payments. As a result, the company has terminated the agreement and will seek to recover ~$3.5Bn+ of the remaining undiscounted payments owed. CCI says this decision will have no impact on 2025 results. As a function of this announcement, we are taking SATS payments fully out of our model for 2026E. Previously, we had zeroed out SATS payments for only 2H26 and beyond. In this note, we shar...
DISH Wireless Defaults on Payment Obligations to Crown Castle DISH Obligated to Pay Crown in Excess of $3.5 Billion as Crown Castle Terminates Contract HOUSTON, Jan. 12, 2026 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today announced that DISH Wireless (“DISH”) has defaulted on its payment obligations to Crown Castle, causing Crown Castle to terminate its wireless infrastructure agreement with DISH. Statement by Crown Castle: “Crown Castle and many other American businesses helped DISH and its parent company, EchoStar, build its wireless communications network...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.