Discounted Cash Flow (DCF) Analysis Unlevered

Crown Castle Inc. (CCI)

$126.08

-3.41 (-2.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 107.23 | 126.08 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 5,4235,7635,8406,3406,9867,446.327,936.978,459.959,017.399,611.56
Revenue (%)
EBITDA 2,8383,1153,3503,3934,0974,109.044,379.794,668.384,975.985,303.86
EBITDA (%)
EBIT 1,3101,5431,7421,7492,3902,123.062,262.952,412.062,570.992,740.40
EBIT (%)
Depreciation 1,5281,5721,6081,6441,7071,985.982,116.842,256.322,404.992,563.46
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 277323232292156320.55341.67364.18388.18413.76
Total Cash (%)
Account Receivables 501471431543720650.25693.09738.76787.44839.33
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 313302230246236330.75352.54375.77400.53426.92
Accounts Payable (%)
Capital Expenditure -1,741-2,057-1,624-1,229-1,310-1,991.77-2,123.01-2,262.90-2,412.01-2,570.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 126.08
Beta 0.665
Diluted Shares Outstanding 434
Cost of Debt
Tax Rate 0.95
After-tax Cost of Debt 2.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.637
Total Debt 27,960
Total Equity 54,718.72
Total Capital 82,678.72
Debt Weighting 33.82
Equity Weighting 66.18
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 5,4235,7635,8406,3406,9867,446.327,936.978,459.959,017.399,611.56
EBITDA 2,8383,1153,3503,3934,0974,109.044,379.794,668.384,975.985,303.86
EBIT 1,3101,5431,7421,7492,3902,123.062,262.952,412.062,570.992,740.40
Tax Rate 2.75%2.38%1.86%7.04%0.95%3.00%3.00%3.00%3.00%3.00%
EBIAT 1,273.931,506.221,709.621,625.872,367.392,059.442,195.142,339.782,493.952,658.28
Depreciation 1,5281,5721,6081,6441,7071,985.982,116.842,256.322,404.992,563.46
Accounts Receivable -3040-112-17769.75-42.85-45.67-48.68-51.89
Inventories ----------
Accounts Payable --11-7216-1094.7521.7923.2324.7626.39
Capital Expenditure -1,741-2,057-1,624-1,229-1,310-1,991.77-2,123.01-2,262.90-2,412.01-2,570.94
UFCF 1,060.931,040.221,661.621,944.872,577.392,218.152,167.912,310.762,463.022,625.31
WACC
PV UFCF 2,107.901,957.781,983.062,008.682,034.62
SUM PV UFCF 10,092.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.23
Free cash flow (t + 1) 2,677.82
Terminal Value 82,904.63
Present Value of Terminal Value 64,251.15

Intrinsic Value

Enterprise Value 74,343.19
Net Debt 27,804
Equity Value 46,539.19
Shares Outstanding 434
Equity Value Per Share 107.23