Discounted Cash Flow (DCF) Analysis Levered
T-Mobile US, Inc. (TMUS)
$126.55
-1.99 (-1.55%)
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 | 43,310 | 44,998 | 68,397 | 80,118 | 79,571 | 93,963.71 | 110,959.76 | 131,030.04 | 154,730.60 | 182,718.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,899 | 6,824 | 8,640 | 13,917 | 16,781 | 14,143.37 | 16,701.61 | 19,722.58 | 23,289.98 | 27,502.64 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -5,668 | -7,358 | -12,367 | -21,692 | -13,970 | -17,317.85 | -20,450.28 | -24,149.31 | -28,517.41 | -33,675.60 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1,769 | -534 | -3,727 | -7,775 | 2,811 | -3,174.48 | -3,748.67 | -4,426.73 | -5,227.43 | -6,172.96 |
Weighted Average Cost Of Capital
| Share price | $ 126.55 |
|---|---|
| Beta | 0.555 |
| Diluted Shares Outstanding | 1,255.38 |
| Cost of Debt | |
| Tax Rate | 17.67 |
| After-tax Cost of Debt | 2.60% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.403 |
| Total Debt | 106,363 |
| Total Equity | 158,867.93 |
| Total Capital | 265,230.93 |
| Debt Weighting | 40.10 |
| Equity Weighting | 59.90 |
| 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 | 43,310 | 44,998 | 68,397 | 80,118 | 79,571 | 93,963.71 | 110,959.76 | 131,030.04 | 154,730.60 | 182,718.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,899 | 6,824 | 8,640 | 13,917 | 16,781 | 14,143.37 | 16,701.61 | 19,722.58 | 23,289.98 | 27,502.64 |
| Capital Expenditure | -5,668 | -7,358 | -12,367 | -21,692 | -13,970 | -17,317.85 | -20,450.28 | -24,149.31 | -28,517.41 | -33,675.60 |
| Free Cash Flow | -1,769 | -534 | -3,727 | -7,775 | 2,811 | -3,174.48 | -3,748.67 | -4,426.73 | -5,227.43 | -6,172.96 |
| WACC | ||||||||||
| PV LFCF | -3,026.77 | -3,407.94 | -3,837.12 | -4,320.34 | -4,864.41 | |||||
| SUM PV LFCF | -19,456.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.88 |
| Free cash flow (t + 1) | -6,296.42 |
| Terminal Value | -218,625.76 |
| Present Value of Terminal Value | -172,281.22 |
Intrinsic Value
| Enterprise Value | -191,737.80 |
|---|---|
| Net Debt | 101,856 |
| Equity Value | -293,593.80 |
| Shares Outstanding | 1,255.38 |
| Equity Value Per Share | -233.87 |