Discounted Cash Flow (DCF) Analysis Unlevered

Crown Castle Inc. (CCI)

$114.91

+1.92 (+1.70%)
All numbers are in Millions, Currency in USD
Stock DCF: 103.64 | 114.91 | 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 2,8383,1153,3503,3934,0714,103.494,373.884,662.084,969.275,296.71
EBITDA (%)
EBIT 1,3101,5431,7421,7492,3642,117.512,257.042,405.762,564.282,733.24
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 $ 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 5,4235,7635,8406,3406,9867,446.327,936.978,459.959,017.399,611.56
EBITDA 2,8383,1153,3503,3934,0714,103.494,373.884,662.084,969.275,296.71
EBIT 1,3101,5431,7421,7492,3642,117.512,257.042,405.762,564.282,733.24
Tax Rate 2.75%2.38%1.86%7.04%0.95%3.00%3.00%3.00%3.00%3.00%
EBIAT 1,273.931,506.221,709.621,625.872,341.632,054.062,189.412,333.672,487.442,651.34
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 1,060.931,040.221,661.621,944.872,551.632,212.772,162.182,304.652,456.512,618.37
WACC
PV UFCF 2,101.601,950.381,974.441,998.802,023.47
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