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Crown Castle International Corp - Stock Quote CCI

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Morningstar's Crown Castle International Corp Stock Analysis

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Strong Tower Market Drives Crown Castle to Another Good Quarter

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

Little changed in the narrative or the results from Crown Castle’s first quarter. The tower market remains strong, and management reiterated its expectation that high levels of tower leasing activity will persist and lead to good tower growth for several years. Nothing material changed in the fiber business, either. Small cell sales growth remains unimpressive, but the slower rollout of small cells the past couple years makes it unsurprising. Crown Castle expects to double the number of small cells it brings on air in 2023, which may bring some of the focus away from towers. As has frequently been the case, the company raised full-year sales guidance due to noncash items that won’t affect funds from operations or cash flow. We are maintaining our $135 fair value estimate.

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Crown Castle International Corp's Company Profile

Business Description

Crown Castle International owns and leases roughly 40,000 cell towers in the United States. It also owns more than 80,000 route miles of fiber. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company’s fiber is primarily leased by wireless service providers to set up small-cell network infrastructure and by enterprises for their internal connection needs. Crown Castle’s towers and fiber are predominantly located in the largest U.S. cities. The company has a very concentrated customer base, with more than 70% of its revenue coming from the big three U.S. mobile carriers. Crown Castle operates as a real estate investment trust.

8020 Katy Freeway
Houston, TX, 77024-1908
T +1 713 570-3000
Sector Real Estate
Industry REIT - Specialty
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 5,000

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