Discounted Cash Flow (DCF) Analysis Levered

Crown Castle Inc. (CCI)

$145.14

-0.83 (-0.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 59.54 | 145.14 | overvalue

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 4,355.605,4235,7635,8406,3406,984.687,694.918,477.359,339.3710,289.03
Revenue (%)
Operating Cash Flow 2,044.192,5022,6983,0552,7273,285.723,619.833,987.914,393.414,840.15
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 816.117616411,4311,4981,285.511,416.231,560.241,718.891,893.67

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 4,355.605,4235,7635,8406,3406,984.687,694.918,477.359,339.3710,289.03
Operating Cash Flow 2,044.192,5022,6983,0552,7273,285.723,619.833,987.914,393.414,840.15
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 816.117616411,4311,4981,285.511,416.231,560.241,718.891,893.67
WACC
PV LFCF 945.14989.211,035.341,083.621,134.15
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