Discounted Cash Flow (DCF) Analysis Unlevered

T-Mobile US, Inc. (TMUS)

$ 111.225
-2.18 (-1.92%)
Stock DCF: 339.33 | 111.225 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 37,24240,60443,31044,99868,39780,638.2595,070.35112,085.42132,145.74155,796.32
Revenue (%)
EBITDA 10,30010,81611,76012,35420,73122,451.6526,469.9031,207.3136,792.5943,377.48
EBITDA (%)
EBIT 4,0574,8325,2745,7386,5809,248.1210,903.2812,854.6815,155.3317,867.73
EBIT (%)
Depreciation 6,2435,9846,4866,61614,15113,203.5315,566.6218,352.6321,637.2625,509.76
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 5,5001,2191,2031,52810,3856,310.307,439.688,771.1810,340.9912,191.75
Total Cash (%)
Account Receivables 3,8664,2274,3184,5087,8538,428.439,936.9011,715.3413,812.0716,284.07
Account Receivables (%)
Inventories 1,1111,5661,0849642,5272,448.142,886.293,402.864,011.884,729.90
Inventories (%)
Accounts Payable 5,1636,1825,4874,32210,19610,687.7212,600.5414,855.7117,514.4820,649.11
Accounts Payable (%)
Capital Expenditure -8,670-11,065-5,668-7,358-12,367-15,813.36-18,643.54-21,980.24-25,914.11-30,552.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 111.225
Beta 0.522
Diluted Shares Outstanding 1,251.57
Cost of Debt
Tax Rate 13.20
After-tax Cost of Debt 3.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.896
Total Debt 76,056
Total Equity 139,205.53
Total Capital 215,261.53
Debt Weighting 35.33
Equity Weighting 64.67
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 37,24240,60443,31044,99868,39780,638.2595,070.35112,085.42132,145.74155,796.32
EBITDA 10,30010,81611,76012,35420,73122,451.6526,469.9031,207.3136,792.5943,377.48
EBIT 4,0574,8325,2745,7386,5809,248.1210,903.2812,854.6815,155.3317,867.73
Tax Rate 37.26%-43.50%26.27%24.66%13.20%11.58%11.58%11.58%11.58%11.58%
EBIAT 2,545.436,933.873,888.514,323.135,711.378,177.409,640.9311,366.4113,400.6915,799.06
Depreciation 6,2435,9846,4866,61614,15113,203.5315,566.6218,352.6321,637.2625,509.76
Accounts Receivable --361-91-190-3,345-575.43-1,508.47-1,778.44-2,096.73-2,471.99
Inventories --455482120-1,56378.86-438.15-516.57-609.02-718.02
Accounts Payable -1,019-695-1,1655,874491.721,912.822,255.162,658.783,134.63
Capital Expenditure -8,670-11,065-5,668-7,358-12,367-15,813.36-18,643.54-21,980.24-25,914.11-30,552.05
UFCF 118.432,055.874,402.512,346.138,461.375,562.726,530.217,698.959,076.8610,701.37
WACC
PV UFCF 5,368.386,081.916,919.917,873.388,958.22
SUM PV UFCF 35,201.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.62
Free cash flow (t + 1) 10,874.74
Terminal Value 543,736.82
Present Value of Terminal Value 455,167.04

Intrinsic Value

Enterprise Value 490,368.85
Net Debt 65,671
Equity Value 424,697.85
Shares Outstanding 1,251.57
Equity Value Per Share 339.33