Discounted Cash Flow (DCF) Analysis Levered
AT&T Inc. (T)
$19.5908
-0.24 (-1.21%)
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 | 160,546 | 170,756 | 181,193 | 171,760 | 168,864 | 171,219.50 | 173,607.87 | 176,029.55 | 178,485.01 | 180,974.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 39,151 | 43,602 | 48,668 | 43,130 | 41,957 | 43,399.98 | 44,005.37 | 44,619.21 | 45,241.61 | 45,872.69 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -20,647 | -20,758 | -19,435 | -15,675 | -16,527 | -18,716.49 | -18,977.57 | -19,242.29 | -19,510.70 | -19,782.86 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 18,504 | 22,844 | 29,233 | 27,455 | 25,430 | 24,683.49 | 25,027.80 | 25,376.92 | 25,730.91 | 26,089.83 |
Weighted Average Cost Of Capital
| Share price | $ 19.5,908 |
|---|---|
| Beta | 0.732 |
| Diluted Shares Outstanding | 7,199 |
| Cost of Debt | |
| Tax Rate | 25.48 |
| After-tax Cost of Debt | 2.56% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.083 |
| Total Debt | 199,956 |
| Total Equity | 141,034.17 |
| Total Capital | 340,990.17 |
| Debt Weighting | 58.64 |
| Equity Weighting | 41.36 |
| 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 | 160,546 | 170,756 | 181,193 | 171,760 | 168,864 | 171,219.50 | 173,607.87 | 176,029.55 | 178,485.01 | 180,974.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 39,151 | 43,602 | 48,668 | 43,130 | 41,957 | 43,399.98 | 44,005.37 | 44,619.21 | 45,241.61 | 45,872.69 |
| Capital Expenditure | -20,647 | -20,758 | -19,435 | -15,675 | -16,527 | -18,716.49 | -18,977.57 | -19,242.29 | -19,510.70 | -19,782.86 |
| Free Cash Flow | 18,504 | 22,844 | 29,233 | 27,455 | 25,430 | 24,683.49 | 25,027.80 | 25,376.92 | 25,730.91 | 26,089.83 |
| WACC | ||||||||||
| PV LFCF | 23,636.40 | 22,949.44 | 22,282.46 | 21,634.85 | 21,006.07 | |||||
| SUM PV LFCF | 111,509.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.43 |
| Free cash flow (t + 1) | 26,611.63 |
| Terminal Value | 1,095,128.63 |
| Present Value of Terminal Value | 881,736.34 |
Intrinsic Value
| Enterprise Value | 993,245.57 |
|---|---|
| Net Debt | 178,787 |
| Equity Value | 814,458.57 |
| Shares Outstanding | 7,199 |
| Equity Value Per Share | 113.13 |