美國電話電報公司

NYSE:T

美國 / 通訊服務 / 多元化電訊服務

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股息

10 年 DCF 收入退出價

股價

28.18 USD

公允價值

26.96 USD

Metrics	Range	Conclusion
Discount Rate	10.0% - 9.0%	9.5%
Terminal Revenue Multiple	2.9x - 3.2x	3.0x
Fair Value	$24.10 - $30.01	$26.96
Upside	-14.5% - 6.5%	-4.3%

2.2%

Revenue 10y CAGR

38.2%

10y Avg EBITDA Margin

5.1%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

28.18 USD

公允價值

26.96 USD

看漲

-4.3%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(USD in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	122,336	123,841	125,403	127,451	132,620	136,259	140,053	142,854	145,711	148,625	151,598
% Growth	-0.1%	1.2%	1.3%	1.6%	4.1%	2.7%	2.8%	2.0%	2.0%	2.0%	2.0%

EBITDA	43,954	46,122	47,618	49,289	50,458	52,095	53,680	54,754	55,849	56,966	58,105
% of Revenue	35.9%	37.2%	38.0%	38.7%	38.0%	38.2%	38.3%	38.3%	38.3%	38.3%	38.3%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		46,122	47,618	49,289	50,458	52,095	53,680	54,754	55,849	56,966	58,105
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(20,945)	(21,013)	(20,503)	(20,136)	(20,480)	(21,050)	(21,471)	(21,901)	(22,339)	(22,785)

EBIT		25,177	26,605	28,786	30,322	31,615	32,630	33,282	33,948	34,627	35,319
Pro forma Taxes		(5,539)	(5,853)	(6,333)	(6,671)	(6,955)	(7,179)	(7,322)	(7,469)	(7,618)	(7,770)
NOPAT	20,631	19,638	20,752	22,453	23,651	24,660	25,451	25,960	26,479	27,009	27,549

Capital Expenditures	(20,263)	(20,834)	(20,686)	(20,880)	(21,705)	(21,382)	(21,050)	(21,379)	(21,270)	(21,233)	(21,294)
NWC Investment	(8)	126	131	172	433	305	318	235	239	244	249
(+) D&A	17,504	20,945	21,013	20,503	20,136	20,480	21,050	21,471	21,901	22,339	22,785

Free Cash Flow	17,864	19,875	21,209	22,248	22,516	24,063	25,769	26,287	27,349	28,359	29,290
% Growth			7%	5%	1%	7%	7%	2%	4%	4%	3%

載入錯誤

美國電話電報公司

NYSE:T

美國 / 通訊服務 / 多元化電訊服務

10 年 DCF 收入退出價