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. We like the prospects for towers more than small cells and therefore prefer the businesses of Crown’s competitors.
Crown Castle is at the forefront of an industry transition toward small cells that will be necessary with 5G networks.
Crown is spending too much on small cells, which have fewer competitive advantages and lower margin profiles and returns on investment than towers.
|
Metric
|
CCI
|
SBAC
|
AMT
|
|---|---|---|---|
Price/Earnings (Normalized) | 28.14 | 50.69 | 45.65 |
Price/Book Value | 7.72 | — | 21.64 |
Price/Sales | 7.28 | 10.04 | 8.89 |
Price/Cash Flow | 14.54 | 18.77 | 17.83 |
|
Metric
|
CCI
|
SBAC
|
AMT
|
|---|---|---|---|
Quick Ratio | 0.29 | 0.58 | 0.46 |
Current Ratio | 0.44 | 0.69 | 0.56 |
Interest Coverage | 2.98 | 2.18 | 1.44 |
|
Metric
|
CCI
|
SBAC
|
AMT
|
|---|---|---|---|
Return on Assets (Normalized) | 4.68% | 6.70% | 2.59% |
Return on Equity (Normalized) | 25.27% | — | 31.98% |
Return on Invested Capital (Normalized) | 7.30% | 11.17% | 4.73% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|
AMT
| American Tower Corp | Myfjl | $98.1 Bil | |
EQIX
| Equinix Inc | Ynbkpm | $77.4 Bil | |
DLR
| Digital Realty Trust Inc | Cyyqfg | $42.0 Bil | |
SBAC
| SBA Communications Corp Class A | Zrfvb | $27.0 Bil | |
WY
| Weyerhaeuser Co | Kfj | $23.2 Bil | |
IRM
| Iron Mountain Inc | Fhkqm | $19.1 Bil | |
GLPI
| Gaming and Leisure Properties Inc | Klm | $12.7 Bil | |
RYN
| Rayonier Inc | Lcwhs | $4.7 Bil | |
UNIT
| Uniti Group Inc | Wqcb | $1.4 Bil |
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