Discounted Cash Flow (DCF) Analysis Levered
Crown Castle Inc. (CCI)
$114.91
+1.92 (+1.70%)
All numbers are in Millions, Currency in USD
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 | 5,423 | 5,763 | 5,840 | 6,340 | 6,986 | 7,446.32 | 7,936.97 | 8,459.95 | 9,017.39 | 9,611.56 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,502 | 2,698 | 3,055 | 2,727 | 2,878 | 3,417.47 | 3,642.65 | 3,882.67 | 4,138.51 | 4,411.20 |
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 | 761 | 641 | 1,431 | 1,498 | 1,568 | 1,425.70 | 1,519.64 | 1,619.77 | 1,726.50 | 1,840.26 |
Weighted Average Cost Of Capital
Share price | $ 114.91 |
---|---|
Beta | 0.662 |
Diluted Shares Outstanding | 434 |
Cost of Debt | |
Tax Rate | 0.95 |
After-tax Cost of Debt | 2.39% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.908 |
Total Debt | 27,960 |
Total Equity | 49,870.94 |
Total Capital | 77,830.94 |
Debt Weighting | 35.92 |
Equity Weighting | 64.08 |
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 | 5,423 | 5,763 | 5,840 | 6,340 | 6,986 | 7,446.32 | 7,936.97 | 8,459.95 | 9,017.39 | 9,611.56 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,502 | 2,698 | 3,055 | 2,727 | 2,878 | 3,417.47 | 3,642.65 | 3,882.67 | 4,138.51 | 4,411.20 |
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 | 761 | 641 | 1,431 | 1,498 | 1,568 | 1,425.70 | 1,519.64 | 1,619.77 | 1,726.50 | 1,840.26 |
WACC | ||||||||||
PV LFCF | 1,221.77 | 1,236.96 | 1,252.34 | 1,267.92 | 1,283.68 | |||||
SUM PV LFCF | 6,941.47 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.28 |
Free cash flow (t + 1) | 1,877.06 |
Terminal Value | 57,227.56 |
Present Value of Terminal Value | 44,246.18 |
Intrinsic Value
Enterprise Value | 51,187.66 |
---|---|
Net Debt | 27,804 |
Equity Value | 23,383.66 |
Shares Outstanding | 434 |
Equity Value Per Share | 53.88 |