Discounted Cash Flow (DCF) Analysis Levered
T-Mobile US, Inc. (TMUS)
$140.05
+0.35 (+0.25%)
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 | -17,301 | -18,104.55 | -21,379.28 | -25,246.34 | -29,812.87 | -35,205.39 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1,769 | -534 | -3,727 | -7,775 | -520 | -3,961.18 | -4,677.67 | -5,523.76 | -6,522.90 | -7,702.75 |
Weighted Average Cost Of Capital
| Share price | $ 140.05 |
|---|---|
| Beta | 0.547 |
| Diluted Shares Outstanding | 1,255.38 |
| Cost of Debt | |
| Tax Rate | 17.67 |
| After-tax Cost of Debt | 2.57% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.153 |
| Total Debt | 107,858 |
| Total Equity | 175,815.52 |
| Total Capital | 283,673.52 |
| Debt Weighting | 38.02 |
| Equity Weighting | 61.98 |
| 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 | -17,301 | -18,104.55 | -21,379.28 | -25,246.34 | -29,812.87 | -35,205.39 |
| Free Cash Flow | -1,769 | -534 | -3,727 | -7,775 | -520 | -3,961.18 | -4,677.67 | -5,523.76 | -6,522.90 | -7,702.75 |
| WACC | ||||||||||
| PV LFCF | -3,757.88 | -4,209.85 | -4,716.17 | -5,283.40 | -5,918.84 | |||||
| SUM PV LFCF | -23,886.13 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.41 |
| Free cash flow (t + 1) | -7,856.80 |
| Terminal Value | -230,404.83 |
| Present Value of Terminal Value | -177,044.53 |
Intrinsic Value
| Enterprise Value | -200,930.67 |
|---|---|
| Net Debt | 103,351 |
| Equity Value | -304,281.67 |
| Shares Outstanding | 1,255.38 |
| Equity Value Per Share | -242.38 |