Discounted Cash Flow (DCF) Analysis Levered
Crown Castle Inc. (CCI)
$145.14
-0.83 (-0.57%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4,355.60 | 5,423 | 5,763 | 5,840 | 6,340 | 6,984.68 | 7,694.91 | 8,477.35 | 9,339.37 | 10,289.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,044.19 | 2,502 | 2,698 | 3,055 | 2,727 | 3,285.72 | 3,619.83 | 3,987.91 | 4,393.41 | 4,840.15 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,228.07 | -1,741 | -2,057 | -1,624 | -1,229 | -2,000.21 | -2,203.60 | -2,427.67 | -2,674.52 | -2,946.48 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 816.11 | 761 | 641 | 1,431 | 1,498 | 1,285.51 | 1,416.23 | 1,560.24 | 1,718.89 | 1,893.67 |
Weighted Average Cost Of Capital
| Share price | $ 145.14 |
|---|---|
| Beta | 0.628 |
| Diluted Shares Outstanding | 434 |
| Cost of Debt | |
| Tax Rate | 7.04 |
| After-tax Cost of Debt | 2.18% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.579 |
| Total Debt | 27,009 |
| Total Equity | 62,990.76 |
| Total Capital | 89,999.76 |
| Debt Weighting | 30.01 |
| Equity Weighting | 69.99 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4,355.60 | 5,423 | 5,763 | 5,840 | 6,340 | 6,984.68 | 7,694.91 | 8,477.35 | 9,339.37 | 10,289.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,044.19 | 2,502 | 2,698 | 3,055 | 2,727 | 3,285.72 | 3,619.83 | 3,987.91 | 4,393.41 | 4,840.15 |
| Capital Expenditure | -1,228.07 | -1,741 | -2,057 | -1,624 | -1,229 | -2,000.21 | -2,203.60 | -2,427.67 | -2,674.52 | -2,946.48 |
| Free Cash Flow | 816.11 | 761 | 641 | 1,431 | 1,498 | 1,285.51 | 1,416.23 | 1,560.24 | 1,718.89 | 1,893.67 |
| WACC | ||||||||||
| PV LFCF | 945.14 | 989.21 | 1,035.34 | 1,083.62 | 1,134.15 | |||||
| SUM PV LFCF | 6,703.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.26 |
| Free cash flow (t + 1) | 1,931.54 |
| Terminal Value | 59,249.84 |
| Present Value of Terminal Value | 45,853.27 |
Intrinsic Value
| Enterprise Value | 52,556.32 |
|---|---|
| Net Debt | 26,717 |
| Equity Value | 25,839.32 |
| Shares Outstanding | 434 |
| Equity Value Per Share | 59.54 |