Discounted Cash Flow (DCF) Analysis Levered
Crown Castle Inc. (CCI)
$130.86
+0.60 (+0.46%)
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 | $ 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 | 5,423 | 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 | 1,354.97 | 1,372.60 | 1,390.46 | 1,408.55 | 1,426.88 | |||||
| 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 |