Discounted Cash Flow (DCF) Analysis Levered

Crown Castle Inc. (CCI)

$130.86

+0.60 (+0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 56.10 | 130.86 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 5,4235,7635,8406,3406,9867,446.327,936.978,459.959,017.399,611.56
Revenue (%)
Operating Cash Flow 2,5022,6983,0552,7272,8783,417.473,642.653,882.674,138.514,411.20
Operating Cash Flow (%)
Capital Expenditure -1,741-2,057-1,624-1,229-1,310-1,991.77-2,123.01-2,262.90-2,412.01-2,570.94
Capital Expenditure (%)
Free Cash Flow 7616411,4311,4981,5681,425.701,519.641,619.771,726.501,840.26

Weighted Average Cost Of Capital

Share price $ 130.86
Beta 0.665
Diluted Shares Outstanding 434
Cost of Debt
Tax Rate 0.95
After-tax Cost of Debt 2.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.567
Total Debt 27,960
Total Equity 56,793.24
Total Capital 84,753.24
Debt Weighting 32.99
Equity Weighting 67.01
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 5,4235,7635,8406,3406,9867,446.327,936.978,459.959,017.399,611.56
Operating Cash Flow 2,5022,6983,0552,7272,8783,417.473,642.653,882.674,138.514,411.20
Capital Expenditure -1,741-2,057-1,624-1,229-1,310-1,991.77-2,123.01-2,262.90-2,412.01-2,570.94
Free Cash Flow 7616411,4311,4981,5681,425.701,519.641,619.771,726.501,840.26
WACC
PV LFCF 1,354.971,372.601,390.461,408.551,426.88
SUM PV LFCF 6,953.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.22
Free cash flow (t + 1) 1,877.06
Terminal Value 58,293.91
Present Value of Terminal Value 45,199.30

Intrinsic Value

Enterprise Value 52,152.75
Net Debt 27,804
Equity Value 24,348.75
Shares Outstanding 434
Equity Value Per Share 56.10