Discounted Cash Flow

American Tower Corp. REIT

AMT · Based on 10 years of SEC filings · Converted from INR to USD

Cash flow predictability 81/100 (stable) — FCF YoY std dev 28%, net income 31% (full history)

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $60.6m $8.9m $21.2m 14.7% $2.00
2017 $69.8m (15.2%) $12.1m (35.6%) $22.2m (5.0%) 17.3% (17.7%) $2.69 (34.5%)
2018 $78.0m (11.6%) $12.9m (6.6%) $29.7m (33.6%) 16.5% (-4.6%) $2.79 (3.7%)
2019 $79.4m (1.9%) $19.8m (53.9%) $28.9m (-2.6%) 24.9% (51.0%) $4.27 (53.0%)
2020 $84.3m (6.1%) $17.7m (-10.4%) $29.9m (3.2%) 21.0% (-15.6%) $3.81 (-10.8%)
2021 $98.1m (16.4%) $26.9m (51.9%) $36.1m (20.8%) 27.4% (30.5%) $5.69 (49.3%)
2022 $112.3m (14.5%) $18.5m (-31.2%) $19.1m (-47.1%) 16.5% (-39.9%) $4.43 (-22.1%)
2023 $116.8m (4.0%) $15.5m (-16.0%) $30.6m (60.4%) 13.3% (-19.3%) $3.34 (-24.6%)
2024 $106.1m (-9.1%) $23.6m (52.0%) $38.8m (26.5%) 22.3% (67.3%) $6.92 (107.2%)
2025 $111.6m (5.1%) $26.5m (12.2%) $39.7m (2.2%) 23.8% (6.7%) $5.41 (-21.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in INR. Values above are converted to USD for comparison with the US-listed share price.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model