Discounted Cash Flow (DCF) Analysis Unlevered
Crown Castle Inc. (CCI)
$114.91
+1.92 (+1.70%)
All numbers are in Millions, Currency in USD
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 | 5,423 | 5,763 | 5,840 | 6,340 | 6,986 | 7,446.32 | 7,936.97 | 8,459.95 | 9,017.39 | 9,611.56 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 2,838 | 3,115 | 3,350 | 3,393 | 4,071 | 4,103.49 | 4,373.88 | 4,662.08 | 4,969.27 | 5,296.71 |
EBITDA (%) | ||||||||||
EBIT | 1,310 | 1,543 | 1,742 | 1,749 | 2,364 | 2,117.51 | 2,257.04 | 2,405.76 | 2,564.28 | 2,733.24 |
EBIT (%) | ||||||||||
Depreciation | 1,528 | 1,572 | 1,608 | 1,644 | 1,707 | 1,985.98 | 2,116.84 | 2,256.32 | 2,404.99 | 2,563.46 |
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 | 277 | 323 | 232 | 292 | 156 | 320.55 | 341.67 | 364.18 | 388.18 | 413.76 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 501 | 471 | 431 | 543 | 720 | 650.25 | 693.09 | 738.76 | 787.44 | 839.33 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 313 | 302 | 230 | 246 | 236 | 330.75 | 352.54 | 375.77 | 400.53 | 426.92 |
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 | $ 114.91 |
---|---|
Beta | 0.662 |
Diluted Shares Outstanding | 434 |
Cost of Debt | |
Tax Rate | 0.95 |
After-tax Cost of Debt | 2.39% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.910 |
Total Debt | 27,960 |
Total Equity | 49,870.94 |
Total Capital | 77,830.94 |
Debt Weighting | 35.92 |
Equity Weighting | 64.08 |
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 | 5,423 | 5,763 | 5,840 | 6,340 | 6,986 | 7,446.32 | 7,936.97 | 8,459.95 | 9,017.39 | 9,611.56 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 2,838 | 3,115 | 3,350 | 3,393 | 4,071 | 4,103.49 | 4,373.88 | 4,662.08 | 4,969.27 | 5,296.71 |
EBIT | 1,310 | 1,543 | 1,742 | 1,749 | 2,364 | 2,117.51 | 2,257.04 | 2,405.76 | 2,564.28 | 2,733.24 |
Tax Rate | 2.75% | 2.38% | 1.86% | 7.04% | 0.95% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% |
EBIAT | 1,273.93 | 1,506.22 | 1,709.62 | 1,625.87 | 2,341.63 | 2,054.06 | 2,189.41 | 2,333.67 | 2,487.44 | 2,651.34 |
Depreciation | 1,528 | 1,572 | 1,608 | 1,644 | 1,707 | 1,985.98 | 2,116.84 | 2,256.32 | 2,404.99 | 2,563.46 |
Accounts Receivable | - | 30 | 40 | -112 | -177 | 69.75 | -42.85 | -45.67 | -48.68 | -51.89 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -11 | -72 | 16 | -10 | 94.75 | 21.79 | 23.23 | 24.76 | 26.39 |
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 | 1,060.93 | 1,040.22 | 1,661.62 | 1,944.87 | 2,551.63 | 2,212.77 | 2,162.18 | 2,304.65 | 2,456.51 | 2,618.37 |
WACC | ||||||||||
PV UFCF | 2,101.60 | 1,950.38 | 1,974.44 | 1,998.80 | 2,023.47 | |||||
SUM PV UFCF | 10,048.68 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.29 |
Free cash flow (t + 1) | 2,670.74 |
Terminal Value | 81,177.53 |
Present Value of Terminal Value | 62,733.60 |
Intrinsic Value
Enterprise Value | 72,782.28 |
---|---|
Net Debt | 27,804 |
Equity Value | 44,978.28 |
Shares Outstanding | 434 |
Equity Value Per Share | 103.64 |