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Crown Castle Inc CCI Stock Quote

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NYSE:CCI

Morningstar‘s Stock Analysis CCI

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Is it the right time to buy or sell?

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Crown Castle’s Towers Perform Well Again in Q3 While Small Cells Lag; 2023 Outlook Disappoints

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

As has been the case for most of the past two years, Crown Castle’s tower business had an excellent quarter while small cell results were disappointing. Long term, we expect towers to remain strong and for small cell sales growth to accelerate significantly from 2022 levels, but the outlook management provided for 2023 implies a weaker year. Offsetting our weaker 2023 forecast, Crown Castle will receive about $165 million in cash payments from T-Mobile in 2023 in exchange for the early cancellation of some Sprint small cell contracts. We are maintaining our $135 fair value estimate and believe the stock is fairly valued.

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Key Statistics CCI

Company Profile CCI

Business Description

Crown Castle International owns and leases roughly 40,000 cell towers in the United States. It also owns more than 85,000 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.

Contact
8020 Katy Freeway
Houston, TX, 77024-1908
T +1 713 570-3000
Industry REIT - Specialty
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 5,000

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