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DCF Valuation
Base-case fair value
$35.04
Intrinsic $46.72 · 25% MOS
Current price: $181.09
Base-case summary
Our base-case DCF for American Tower Corp (AMT) projects 10 years of free cash flow growth at 2.0% for years 1–5 and 1.0% for years 6–10, anchored to 1.8% historical FCF growth, then applies a 2.5% perpetual growth rate and a 8.0% discount rate. Starting from $3.8B in trailing free cash flow, this produces an intrinsic value of $46.72 per share. A 25% safety margin gives a fair value of $35.04, suggesting the stock is currently 81% overvalued against the $181.09 market price.
See 3 scenarios side by side
Conservative, Base, and Optimistic fair values, plus the sensitivity matrix and FCF history. Free account.
Model inputs
TTM Free Cash Flow
$3.8B
Cash & equivalents
$1.6B
Total debt
$45.1B
Shares outstanding
467M