Discounted Cash Flow (DCF) Analysis Levered

T-Mobile US, Inc. (TMUS)

$131.36

+1.04 (+0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: -233.32 | 131.36 | overvalue

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 43,31044,99868,39780,11879,57193,963.71110,959.76131,030.04154,730.60182,718.09
Revenue (%)
Operating Cash Flow 3,8996,8248,64013,91716,78114,143.3716,701.6119,722.5823,289.9827,502.64
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 -1,769-534-3,727-7,7752,811-3,174.48-3,748.67-4,426.73-5,227.43-6,172.96

Weighted Average Cost Of Capital

Share price $ 131.36
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 6.364
Total Debt 106,363
Total Equity 164,906.29
Total Capital 271,269.29
Debt Weighting 39.21
Equity Weighting 60.79
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 43,31044,99868,39780,11879,57193,963.71110,959.76131,030.04154,730.60182,718.09
Operating Cash Flow 3,8996,8248,64013,91716,78114,143.3716,701.6119,722.5823,289.9827,502.64
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 -1,769-534-3,727-7,7752,811-3,174.48-3,748.67-4,426.73-5,227.43-6,172.96
WACC
PV LFCF -2,383.79-2,683.73-3,021.41-3,401.59-3,829.59
SUM PV LFCF -19,450.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.89
Free cash flow (t + 1) -6,296.42
Terminal Value -217,869.27
Present Value of Terminal Value -171,603.27

Intrinsic Value

Enterprise Value -191,053.84
Net Debt 101,856
Equity Value -292,909.84
Shares Outstanding 1,255.38
Equity Value Per Share -233.32