DCF Tool

AMT

American Tower Corp. – Other Financial Vehicles
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 186,000 communications sites.
Analysis Results
Intrinsic Value $299.48
Latest Price $220.60
Relative Value 26% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 11.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 11.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 4.03 3.81
2023 4.49 4.01
2024 5.01 4.22
2025 5.58 4.45
2026 6.22 4.69
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 166 billion. This corresponds to a present value of 118 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 21.2 billion. Adding in the terminal value gives a total present value of 139 billion.

There are presently 466.0 million outstanding shares, so the intrinsic value per share is 299.48.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,729,400,000
Current Cash 1,949,900,000
Current Liabilities 9,067,300,000
Current Debt 4,568,700,000
Non-Cash Working Capital (NCWC) -2,719,100,000
Change in NCWC -1,012,700,000
EBIT 3,328,400,000
Tax Provision 261,800,000
Depreciation and Amortization 2,332,600,000
Capital Expenditure -1,376,700,000
Unlevered Free Cash Flow 2,963,628,302
Current Assets 2,905,600,000
Current Cash 1,746,300,000
Current Liabilities 3,655,500,000
Current Debt 789,800,000
Non-Cash Working Capital (NCWC) -1,706,400,000
Change in NCWC -199,500,000
EBIT 3,127,600,000
Tax Provision 129,600,000
Depreciation and Amortization 1,882,300,000
Capital Expenditure -1,031,700,000
Unlevered Free Cash Flow 3,556,121,909
Current Assets 2,553,800,000
Current Cash 1,501,200,000
Current Liabilities 5,487,700,000
Current Debt 2,928,200,000
Non-Cash Working Capital (NCWC) -1,506,900,000
Change in NCWC -748,200,000
EBIT 2,688,400,000
Tax Provision -200,000
Depreciation and Amortization 1,778,400,000
Capital Expenditure -991,300,000
Unlevered Free Cash Flow 2,727,300,000
Current Assets 2,385,100,000
Current Cash 1,208,700,000
Current Liabilities 4,689,900,000
Current Debt 2,754,800,000
Non-Cash Working Capital (NCWC) -758,700,000
Change in NCWC -256,400,000
EBIT 2,384,600,000
Tax Provision -110,100,000
Depreciation and Amortization 2,110,800,000
Capital Expenditure -913,200,000
Unlevered Free Cash Flow 3,325,800,000
Current Assets 2,038,100,000
Current Cash 803,100,000
Current Liabilities 2,512,100,000
Current Debt 774,800,000
Non-Cash Working Capital (NCWC) -502,300,000
Change in NCWC -8,520,000
EBIT 1,998,400,000
Tax Provision 30,700,000
Depreciation and Amortization 1,715,900,000
Capital Expenditure -803,600,000
Unlevered Free Cash Flow 2,853,337,646
Current Assets 1,689,870,000
Current Cash 791,187,000
Current Liabilities 1,631,269,000
Current Debt 238,806,000
Non-Cash Working Capital (NCWC) -493,780,000
Change in NCWC -19,735,000
EBIT 1,853,029,000
Tax Provision 155,501,000
Depreciation and Amortization 1,525,635,000
Capital Expenditure -682,505,000
Unlevered Free Cash Flow 2,420,488,215
Current Assets 996,468,000
Current Cash 320,686,000
Current Liabilities 1,200,029,000
Current Debt 50,202,000
Non-Cash Working Capital (NCWC) -474,045,000
Change in NCWC -70,151,000
EBIT 1,612,789,000
Tax Provision 157,955,000
Depreciation and Amortization 1,285,328,000
Capital Expenditure -728,753,000
Unlevered Free Cash Flow 1,792,273,541
Current Assets 947,968,000
Current Cash 319,794,000
Current Liabilities 1,929,692,000
Current Debt 897,624,000
Non-Cash Working Capital (NCWC) -403,894,000
Change in NCWC -189,736,000
EBIT 1,486,922,000
Tax Provision 62,505,000
Depreciation and Amortization 1,003,802,000
Capital Expenditure -974,404,000
Unlevered Free Cash Flow 1,219,226,219
Current Assets 952,656,000
Current Cash 312,188,000
Current Liabilities 924,758,000
Current Debt 70,132,000
Non-Cash Working Capital (NCWC) -214,158,000
Change in NCWC -96,903,000
EBIT 1,214,305,000
Tax Provision 59,541,000
Depreciation and Amortization 800,145,000
Capital Expenditure -724,532,000
Unlevered Free Cash Flow 1,059,556,638
Current Assets 829,528,000
Current Cash 374,636,000
Current Liabilities 632,178,000
Current Debt 60,031,000
Non-Cash Working Capital (NCWC) -117,255,000
Change in NCWC 70,210,000
EBIT 1,119,754,000
Tax Provision 107,304,000
Depreciation and Amortization 644,276,000
Capital Expenditure -548,829,000
Unlevered Free Cash Flow 1,114,087,579

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