CCI Crown Castle

reit · 2026-10-05

N/A

too hard · 49

Owner-earnings value$42.64

Price$66.44

Margin of safety -35.8%

Returns on capital 6.1/30

Consistency 19.4/22

Margins / pricing power 15.9/16

Balance sheet 0.2/16

Cash conversion 3.3/10

Capital allocation 4.3/6

⚠ negative book equity · sub-hurdle returns (median roic 8% < 9%) · over-levered (net debt/EBITDA 11.0x > 4x)

Median ROIC8.3%

Gross margin73.7%

Net debt / EBITDA11.0x

Share count / yr+0.2%

Profitable years3/4

Owner earnings (TTM)	1.32B
Owner-earnings yield	4.7%
Free-cash-flow yield	8.5%
Growth used (normalized)	0.0%
Market-implied growth (reverse DCF)	10.8%
Terminal growth	3.0%
Discount rate (hurdle)	9.6%

Yr	Owner earnings	Growth	PV
1	1.32B	0.0%	1.21B
2	1.33B	0.3%	1.11B
3	1.34B	0.7%	1.02B
4	1.35B	1.0%	935.47M
5	1.37B	1.3%	864.62M
6	1.39B	1.7%	801.76M
7	1.42B	2.0%	745.91M
8	1.45B	2.3%	696.22M
9	1.49B	2.7%	651.95M
10	1.54B	3.0%	612.48M

⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~11%/yr owner-earnings growth over 10y (reverse DCF); model credits 0%.

Date	Quality	Price	Value	MoS	Rating
2026-10-05	49	$66.44	$42.64	-35.8%	N/A
2026-08-24	49	$75.51	$46.31	-38.7%	N/A
2026-07-10	49	$76.68	$53.52	-30.2%	N/A
2026-07-02	49	$76.53	$53.52	-30.1%	N/A
2026-06-25	49	$82.14	$53.52	-34.8%	N/A
2026-06-23	49	$84.33	$53.52	-36.5%	N/A