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Crown Castle International (REIT)

NYSE:CCI
Snowflake Description

Second-rate dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CCI
NYSE
$53B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 70,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. The last earnings update was 13 days ago. More info.


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CCI Share Price and Events
7 Day Returns
2.6%
NYSE:CCI
0.2%
US REITs
-3.9%
US Market
1 Year Returns
24.9%
NYSE:CCI
13%
US REITs
1.4%
US Market
CCI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Crown Castle International (REIT) (CCI) 2.6% 2.1% 5.9% 24.9% 42.1% 66.6%
US REITs 0.2% -1.4% 3.2% 13% 8.8% 24%
US Market -3.9% -3.6% 1.8% 1.4% 35.8% 40.8%
1 Year Return vs Industry and Market
  • CCI outperformed the REITs industry which returned 13% over the past year.
  • CCI outperformed the Market in United States of America which returned 1.4% over the past year.
Price Volatility
CCI
Industry
5yr Volatility vs Market

CCI Value

 Is Crown Castle International (REIT) undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Crown Castle International (REIT) to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Crown Castle International (REIT).

NYSE:CCI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 16 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:CCI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (43.18%))
0.808
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.808 * 5.96%)
7.54%

Discounted Cash Flow Calculation for NYSE:CCI using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Crown Castle International (REIT) is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Crown Castle International (REIT) is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:CCI DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.54%)
2019 2,450.29 Analyst x10 2,278.44
2020 2,641.31 Analyst x10 2,283.79
2021 2,930.86 Analyst x4 2,356.41
2022 3,100.21 Analyst x3 2,317.75
2023 3,323.92 Analyst x2 2,310.71
2024 3,523.28 Est @ 6% 2,277.51
2025 3,700.05 Est @ 5.02% 2,224.02
2026 3,860.30 Est @ 4.33% 2,157.60
2027 4,008.95 Est @ 3.85% 2,083.53
2028 4,149.84 Est @ 3.51% 2,005.49
Present value of next 10 years cash flows $22,295.26
NYSE:CCI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $4,149.84 × (1 + 2.73%) ÷ (7.54% – 2.73%)
$88,580.06
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $88,580.06 ÷ (1 + 7.54%)10
$42,807.97
NYSE:CCI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $22,295.26 + $42,807.97
$65,103.23
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $65,103.23 / 415.74
$156.6
NYSE:CCI Discount to Share Price
Calculation Result
Value per share (USD) From above. $156.60
Current discount Discount to share price of $127.24
= -1 x ($127.24 - $156.60) / $156.60
18.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Crown Castle International (REIT) is available for.
Intrinsic value
19%
Share price is $127.24 vs Future cash flow value of $156.6
Current Discount Checks
For Crown Castle International (REIT) to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Crown Castle International (REIT)'s share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Crown Castle International (REIT)'s share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Crown Castle International (REIT)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Crown Castle International (REIT)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:CCI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.58
NYSE:CCI Share Price ** NYSE (2019-05-15) in USD $127.24
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.37x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Crown Castle International (REIT).

NYSE:CCI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CCI Share Price ÷ EPS (both in USD)

= 127.24 ÷ 1.58

80.64x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Crown Castle International (REIT) is overvalued based on earnings compared to the US REITs industry average.
  • Crown Castle International (REIT) is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Crown Castle International (REIT)'s expected growth come at a high price?
Raw Data
NYSE:CCI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 80.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts
9.6%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.91x
United States of America Market PEG Ratio Median Figure of 2,113 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:CCI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 80.64x ÷ 9.6%

8.37x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Crown Castle International (REIT) is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Crown Castle International (REIT)'s assets?
Raw Data
NYSE:CCI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $28.24
NYSE:CCI Share Price * NYSE (2019-05-15) in USD $127.24
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:CCI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CCI Share Price ÷ Book Value per Share (both in USD)

= 127.24 ÷ 28.24

4.51x

* Primary Listing of Crown Castle International (REIT).

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Crown Castle International (REIT) is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Crown Castle International (REIT)'s value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Crown Castle International (REIT) has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CCI Future Performance

 How is Crown Castle International (REIT) expected to perform in the next 1 to 3 years based on estimates from 16 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Crown Castle International (REIT) expected to grow at an attractive rate?
  • Crown Castle International (REIT)'s earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Crown Castle International (REIT)'s earnings growth is positive but not above the United States of America market average.
  • Crown Castle International (REIT)'s revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:CCI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:CCI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts 9.6%
NYSE:CCI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts 5.3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:CCI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:CCI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 7,235 3,340 1,006 2
2022-12-31 6,795 3,110 931 3
2021-12-31 6,341 2,939 915 8
2020-12-31 6,058 2,767 789 16
2019-12-31 5,781 2,629 712 16
NYSE:CCI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 5,550 2,562 654
2018-12-31 5,423 2,502 558
2018-09-30 5,242 2,406 443
2018-06-30 4,932 2,224 392
2018-03-31 4,639 2,053 354
2017-12-31 4,356 2,043 387
2017-09-30 4,150 1,891 441
2017-06-30 4,078 1,795 443
2017-03-31 4,003 1,787 406
2016-12-31 3,921 1,787 324
2016-09-30 3,835 1,806 331
2016-06-30 3,761 1,791 337

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Crown Castle International (REIT)'s earnings are expected to grow by 9.6% yearly, however this is not considered high growth (20% yearly).
  • Crown Castle International (REIT)'s revenue is expected to grow by 5.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:CCI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below

All data from Crown Castle International (REIT) Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CCI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.31 2.76 1.86 2.00
2022-12-31 2.15 2.50 1.79 2.00
2021-12-31 2.10 2.26 1.75 6.00
2020-12-31 1.87 2.25 1.56 14.00
2019-12-31 1.71 1.76 1.64 15.00
NYSE:CCI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.58
2018-12-31 1.35
2018-09-30 1.08
2018-06-30 0.97
2018-03-31 0.90
2017-12-31 1.01
2017-09-30 1.20
2017-06-30 1.25
2017-03-31 1.17
2016-12-31 0.95
2016-09-30 0.99
2016-06-30 1.01

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Crown Castle International (REIT) is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Crown Castle International (REIT)'s future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Crown Castle International (REIT) has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CCI Past Performance

  How has Crown Castle International (REIT) performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Crown Castle International (REIT)'s growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Crown Castle International (REIT)'s year on year earnings growth rate has been positive over the past 5 years.
  • Crown Castle International (REIT)'s 1-year earnings growth exceeds its 5-year average (84.7% vs 16.5%)
  • Crown Castle International (REIT)'s earnings growth has exceeded the US REITs industry average in the past year (84.7% vs 16%).
Earnings and Revenue History
Crown Castle International (REIT)'s revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Crown Castle International (REIT) Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CCI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 5,550.00 654.00 581.00
2018-12-31 5,423.00 558.00 563.00
2018-09-30 5,241.61 443.26 544.70
2018-06-30 4,931.61 392.26 500.70
2018-03-31 4,639.00 354.00 459.00
2017-12-31 4,356.00 387.00 426.00
2017-09-30 4,150.42 440.71 392.12
2017-06-30 4,078.43 443.08 381.06
2017-03-31 4,002.84 406.14 374.45
2016-12-31 3,921.00 324.00 371.00
2016-09-30 3,834.65 331.00 365.95
2016-06-30 3,760.74 336.94 352.71
2016-03-31 3,697.76 416.39 334.45
2015-12-31 3,663.85 477.96 310.92
2015-09-30 3,643.88 459.34 294.01
2015-06-30 3,618.66 453.10 282.52
2015-03-31 3,597.46 311.55 272.71
2014-12-31 3,538.76 294.07 257.30
2014-09-30 3,411.31 146.04 254.33
2014-06-30 3,267.40 104.82 247.63
2014-03-31 3,124.09 144.22 239.10
2013-12-31 2,865.75 44.85 213.52
2013-09-30 2,898.05 94.15 230.17
2013-06-30 2,770.41 90.36 227.53
2013-03-31 2,621.00 154.02 219.82
2012-12-31 2,432.68 185.96 212.57
2012-09-30 2,278.06 249.38 198.51
2012-06-30 2,170.61 251.07 185.57

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Crown Castle International (REIT) has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Crown Castle International (REIT) used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Crown Castle International (REIT)'s use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Crown Castle International (REIT)'s performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Crown Castle International (REIT) has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CCI Health

 How is Crown Castle International (REIT)'s financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Crown Castle International (REIT)'s finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Crown Castle International (REIT)'s short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Crown Castle International (REIT)'s long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Crown Castle International (REIT)'s finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Crown Castle International (REIT) Company Filings, last reported 1 month ago.

NYSE:CCI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 11,746.00 22,841.00 245.00
2018-12-31 12,034.00 16,682.00 277.00
2018-09-30 12,295.00 16,424.00 323.00
2018-06-30 12,566.00 15,956.00 206.00
2018-03-31 12,832.00 15,746.00 220.00
2017-12-31 12,339.00 16,159.00 314.00
2017-09-30 12,672.33 15,204.42 6,719.13
2017-06-30 7,590.31 13,841.27 199.66
2017-03-31 7,363.48 13,492.97 205.19
2016-12-31 7,557.12 12,171.14 567.60
2016-09-30 6,753.72 12,592.96 156.22
2016-06-30 6,948.31 12,426.20 202.34
2016-03-31 7,152.99 11,866.00 175.70
2015-12-31 7,089.22 12,149.96 178.81
2015-09-30 7,240.30 12,141.37 184.12
2015-06-30 7,404.24 11,131.30 338.61
2015-03-31 6,558.79 12,070.09 240.15
2014-12-31 6,737.23 11,920.86 151.31
2014-09-30 6,862.75 11,573.68 238.55
2014-06-30 6,879.44 11,570.25 227.48
2014-03-31 6,934.67 11,573.33 200.54
2013-12-31 6,941.18 11,594.50 223.39
2013-09-30 2,997.29 10,775.45 218.65
2013-06-30 2,924.89 10,788.52 126.89
2013-03-31 2,964.63 10,836.16 160.87
2012-12-31 2,951.26 11,611.24 441.36
2012-09-30 2,942.81 8,383.16 118.90
2012-06-30 2,866.00 8,387.09 96.18
  • Crown Castle International (REIT)'s level of debt (194.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (166.9% vs 194.5% today).
  • Debt is not well covered by operating cash flow (11.2%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Crown Castle International (REIT)'s financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Crown Castle International (REIT) has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CCI Dividends

 What is Crown Castle International (REIT)'s current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.54%
Current annual income from Crown Castle International (REIT) dividends. Estimated to be 3.88% next year.
If you bought $2,000 of Crown Castle International (REIT) shares you are expected to receive $71 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Crown Castle International (REIT)'s pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Crown Castle International (REIT)'s dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:CCI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:CCI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 6.02 2.00
2022-12-31 5.62 3.00
2021-12-31 5.26 9.00
2020-12-31 4.91 17.00
2019-12-31 4.58 18.00
NYSE:CCI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-21 4.500 3.619
2019-01-23 4.500 3.847
2018-11-05 4.500 4.085
2018-10-17 4.500 4.190
2018-08-02 4.200 3.783
2018-05-17 4.200 3.960
2018-02-21 4.200 3.945
2018-01-24 4.200 3.871
2017-11-07 4.200 3.826
2017-10-18 4.200 3.984
2017-08-03 3.800 3.682
2017-05-18 3.800 3.779
2017-02-17 3.800 4.062
2017-01-25 3.800 4.310
2016-11-01 3.800 4.428
2016-10-20 3.800 4.117
2016-08-02 3.540 3.781
2016-07-21 3.540 3.639
2016-02-18 3.540 3.913
2016-01-27 3.540 4.200
2015-11-06 3.540 4.175
2015-10-21 3.540 4.115
2015-08-03 3.280 4.041
2015-05-29 3.280 4.005
2015-02-17 3.280 3.867
2014-12-16 3.280 3.973
2014-08-08 1.400 1.751
2014-05-30 1.400 1.876
2014-02-20 1.400 1.868

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Crown Castle International (REIT) has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Crown Castle International (REIT) only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Crown Castle International (REIT)'s earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (512.8x coverage).
X
Income/ dividend checks
We assess Crown Castle International (REIT)'s dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Crown Castle International (REIT) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Crown Castle International (REIT) has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CCI Management

 What is the CEO of Crown Castle International (REIT)'s salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jay Brown
COMPENSATION $9,272,616
AGE 45
TENURE AS CEO 2.9 years
CEO Bio

Mr. Jay A. Brown is President, Chief Executive Officer and Director at CC Holdings GS V LLC and served as its Chief Financial Officer, Senior Vice President and Treasurer. Mr. Brown has been the Chief Executive Officer and the President of Crown Castle International Corp. since June 01, 2016. Mr. Brown serves as Chief Financial Officer, Senior Vice President and Treasurer of Global Signal Acquisitions LLC. He served as the Chief Financial Officer and Senior Vice President of Crown Castle International Corp. from July 1, 2008 to June 01, 2016 and served as its Treasurer from May 2004 to June 01, 2016. He was responsible for general corporate financing and compliance activities for Crown Castle. Mr. Brown served as a Vice President of Finance at Crown Castle International Corp. from August 2001 to July 1, 2008. He was with Crown Castle since August 1999 and served in a number of positions in corporate development and corporate finance. Prior to joining Crown Castle, he worked for a start-up health care company and Arthur Andersen LLP. He serves as a Director of CC Holdings GS V LLC. He serves as a Director of Global Signal Acquisitions LLC. He has been a Director of Crown Castle International Corp. since May 2016. Mr. Brown serves on the Advisory Board of Governors of NAREIT—the National Association of Real Estate Investment Trusts, the Board of Directors and Executive Committee of the Wireless Industry Association and the Advisory Board of Hankamer School of Business at Baylor University. Mr. Brown is a Certified Public Accountant.

CEO Compensation
  • Jay's compensation has increased by more than 20% in the past year.
  • Jay's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Crown Castle International (REIT) management team in years:

2.9
Average Tenure
47.5
Average Age
  • The tenure for the Crown Castle International (REIT) management team is about average.
Management Team

Jay Brown

TITLE
President
COMPENSATION
$9M
AGE
45
TENURE
2.9 yrs

Dan Schlanger

TITLE
CFO, Senior VP & Treasurer
COMPENSATION
$4M
AGE
44
TENURE
2.9 yrs

Kenneth Simon

TITLE
Senior VP & General Counsel
COMPENSATION
$4M
AGE
57
TENURE
3.3 yrs

Jim Young

TITLE
Senior VP & COO of Fiber
COMPENSATION
$5M
AGE
56
TENURE
10.3 yrs

Bob Collins

TITLE
Principal Accounting Officer
AGE
51
TENURE
2.3 yrs

Ben Lowe

TITLE
Vice President of Corporate Finance
AGE
40
TENURE
1.6 yrs

Fiona McKone

TITLE
Vice President of Communications & Marketing

Phil Kelley

TITLE
Senior Vice President of Corporate Development & Strategy
COMPENSATION
$3M
AGE
45
TENURE
10.7 yrs

Laura Nichol

TITLE
Senior Vice President of Business Support
TENURE
5 yrs

Mike Kavanagh

TITLE
Chief Commercial Officer & Senior VP
AGE
50
TENURE
2.3 yrs
Board of Directors Tenure

Average tenure and age of the Crown Castle International (REIT) board of directors in years:

14.8
Average Tenure
56
Average Age
  • The average tenure for the Crown Castle International (REIT) board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Lanny Martin

TITLE
Chairman of the Board
COMPENSATION
$330K
AGE
72
TENURE
17 yrs

Jay Brown

TITLE
President
COMPENSATION
$9M
AGE
45
TENURE
3 yrs

Ari Fitzgerald

TITLE
Director
COMPENSATION
$240K
AGE
55
TENURE
16.8 yrs

Cindy Christy

TITLE
Director
COMPENSATION
$245K
AGE
52
TENURE
11.8 yrs

P. Bartolo

TITLE
Director
COMPENSATION
$272K
AGE
46
TENURE
5.3 yrs

Tony Melone

TITLE
Director
COMPENSATION
$259K
AGE
57
TENURE
4 yrs

Ben Moreland

TITLE
Director
COMPENSATION
$5M
AGE
54
TENURE
12.8 yrs

Edward Hutcheson

TITLE
Director
COMPENSATION
$249K
AGE
72
TENURE
19.8 yrs

Robert McKenzie

TITLE
Director
COMPENSATION
$254K
AGE
74
TENURE
24.3 yrs

Lee Hogan

TITLE
Director
COMPENSATION
$235K
AGE
73
TENURE
18.2 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Crown Castle International (REIT) insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
25. Apr 19 Buy J. Martin Individual 24. Apr 19 24. Apr 19 18,350 $123.35 $2,259,464
27. Feb 19 Sell Kenneth Simon Individual 26. Feb 19 26. Feb 19 -2,000 $118.38 $-236,752
26. Feb 19 Sell Michael Kavanagh Individual 25. Feb 19 25. Feb 19 -2,500 $120.06 $-300,150
12. Feb 19 Buy Edward Hutcheson Individual 08. Feb 19 08. Feb 19 350 $117.95 $41,283
24. Oct 18 Buy Anthony Melone Individual 23. Oct 18 23. Oct 18 5,478 $105.99 $580,610
23. Oct 18 Buy Cynthia Christy-Langenfeld Individual 22. Oct 18 22. Oct 18 900 $106.19 $95,568
30. Aug 18 Sell Robert Garrison Individual 29. Aug 18 29. Aug 18 -2,451 $113.96 $-279,310
09. Aug 18 Buy J. Martin Individual 07. Aug 18 08. Aug 18 9,900 $110.34 $1,090,410
X
Management checks
We assess Crown Castle International (REIT)'s management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Crown Castle International (REIT) has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CCI News

Simply Wall St News

Is Crown Castle International Corp. (REIT)'s (NYSE:CCI) CEO Overpaid Relative To Its Peers?

In 2016 Jay Brown was appointed CEO of Crown Castle International Corp. … This analysis aims first to contrast CEO compensation with other large companies. … View our latest analysis for Crown Castle International (REIT)

Simply Wall St -

What Do Analysts Think About Crown Castle International Corp. (REIT)'s (NYSE:CCI) Growth?

(REIT)'s (NYSE:CCI) earnings announcement on 31 March 2019, … as a 10% rise in profits is expected in the upcoming year, … the higher past 5-year average growth rate of 17%.

Simply Wall St -

Investors Who Bought Crown Castle International (REIT) (NYSE:CCI) Shares Five Years Ago Are Now Up 75%

For example, long term Crown Castle International Corp. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During five years of share price growth, Crown Castle International (REIT) achieved compound earnings per share (EPS) growth of 55% per year.

Simply Wall St -

Have Insiders Been Buying Crown Castle International Corp. (REIT) (NYSE:CCI) Shares This Year?

View our latest analysis for Crown Castle International (REIT). … The Last 12 Months Of Insider Transactions At Crown Castle International (REIT). … Overall, Crown Castle International (REIT) insiders were net buyers last year

Simply Wall St -

With A Return On Equity Of 5.6%, Has Crown Castle International Corp. (REIT)'s (NYSE:CCI) Management Done Well?

Our data shows Crown Castle International (REIT) has a return on equity of 5.6% for the last year. … See our latest analysis for Crown Castle International (REIT)? … Or for Crown Castle International (REIT):

Simply Wall St -

Is Crown Castle International Corp. (REIT) (NYSE:CCI) Undervalued After Accounting For Its Future Growth?

(REIT) (NYSE:CCI) is considered a high-growth stock, but its last closing price of $120.13 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … View our latest analysis for Crown Castle International (REIT)? … What can we expect from Crown Castle International (REIT) in the future.

Simply Wall St -

Should You Invest In Crown Castle International Corp. (REIT) (NYSE:CCI)?

Crown Castle International Corp. … real estate investment trust (REIT) based in Houston, United States. … See our latest analysis for Crown Castle International (REIT).

Simply Wall St -

Is Crown Castle International Corp. (REIT) (NYSE:CCI) Overpaying Its CEO?

First, this article will compare CEO compensation with compensation at other large companies. … (REIT) has a market capitalization of US$45b, and pays its CEO total annual compensation worth US$9.3m. … While we always look at total compensation first, we note that the salary component is less, at US$806k.

Simply Wall St -

How Do Analysts See Crown Castle International Corp. (REIT) (NYSE:CCI) Performing In The Next 12 Months?

(REIT)'s (NYSE:CCI) earnings announcement in September 2018,. … the consensus outlook from analysts appear fairly confident, … as a 43% increase in profits is expected in the upcoming year,

Simply Wall St -

How Many Insiders Bought Crown Castle International Corp (REIT) (NYSE:CCI) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Crown Castle International Corp (REIT) (NYSE:CCI). … Crown Castle International (REIT) Insider Transactions Over The Last Year. … Overall, Crown Castle International (REIT) insiders were net buyers last year

Simply Wall St -

CCI Company Info

Description

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 70,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them.

Details
Name: Crown Castle International Corp. (REIT)
CCI
Exchange: NYSE
Founded: 1994
$52,898,914,741
415,741,235
Website: http://www.crowncastle.com
Address: Crown Castle International Corp. (REIT)
1220 Augusta Drive,
Suite 600,
Houston,
Texas, 77057,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CCI Common Stock New York Stock Exchange US USD 18. Aug 1998
DB 8CW Common Stock Deutsche Boerse AG DE EUR 18. Aug 1998
LSE 0I4W Common Stock London Stock Exchange GB USD 18. Aug 1998
NYSE CCI.PRA 6.875% CON PFD A New York Stock Exchange US USD 21. Jul 2017
Number of employees
Current staff
Staff numbers
5,000
Crown Castle International (REIT) employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 02:40
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.