Small Cells Are Not the Impediment They Once Were to Crown Castle’s Business

Crown Castle has a different strategy than its two biggest competitors, which focus almost exclusively on towers and have a multinational footprint. Crown operates exclusively in the United States and has aggressively invested in fiber to pursue small cell communications sites. After years of disappointment and sucking up capital, we think the small cell business is past the point of destroying value, making it much more attractive to operate or to sell.