AT&T Inc. (T) Discounted Free Cash Flow - Perpetuity

AT&T Inc.

T (NYSE)

(%)

Valuation
AT&T Inc. Discounted Free Cash Flow - Perpetuity

"""
    Model: Discounted Free Cash Flow - Perpetuity

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow Model

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

See our [GitHub Model Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%growth_in_perpetuity": "2.5%",
        "historical_years": 10,
        "projection_years": 5,
        "%revenue_growth_rate": None,
        "%operating_cash_flow_margin": None,
        "%capital_expenditure_margin": None,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

data.compute({
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureMargin": "positiveCapitalExpenditure / income:revenue",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%operatingMargin": "income:operatingIncome / income:revenue",
    "%netMargin": "income:netIncome / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth rate between 0% and 25%
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

average_operating_cash_flow_margin = data.average("%operatingCashFlowMargin")
assumptions.set("%operating_cash_flow_margin", average_operating_cash_flow_margin)
# Limit OCF range from 0 to 100% (all revenue converted to OCF)
assumptions.set_bounds(
    "%operating_cash_flow_margin", low=0, high="100%"
)

average_capital_expenditure_margin = data.average("%capitalExpenditureMargin")
assumptions.set("%capital_expenditure_margin", average_capital_expenditure_margin)

# Limit CapEx range from 0 to 90% of OCF Margin
assumptions.set_bounds(
    "%capital_expenditure_margin",
    low=0,
    high=assumptions.get("%operating_cash_flow_margin")*.9
)

data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"""
        income:revenue * 
        {assumptions.get('%operating_cash_flow_margin')}
    """,
    "computedCapitalExpenditure": f"""
        income:revenue * 
        {assumptions.get('%capital_expenditure_margin')}
    """,
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')}
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "%capitalExpenditureMargin": "positiveCapitalExpenditure / income:revenue",
    "%freeCashFlowMargin": "flow:freeCashFlow / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculating the Terminal Value
# TV = FCF * (1 + Growth in Perpetuity) / (Discount Rate - Growth in Perpetuity)
discount_rate = assumptions.get("%discount_rate")
growth_in_perpetuity = assumptions.get("%growth_in_perpetuity")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"""
    flow:freeCashFlow:{end_year} *
    (1 + {growth_in_perpetuity}) / ({discount_rate} - {growth_in_perpetuity})
""")

# Discount the terminal value into the present
tv_discount_rate = (1 + assumptions.get("%discount_rate")) ** assumptions.get('projection_years')
discounted_terminal_value = terminal_value / tv_discount_rate

# Get the sum between current date and projection years
discounted_free_cash_flow_sum = data.sum("discountedFreeCashFlow:1->*")

# Add all Discounted FCFs and the Discounted Terminal Value to calculate the enterprise value
enterprise_value = discounted_terminal_value + discounted_free_cash_flow_sum

# Equity value is calculated by adding cash and subtracting total debt from the enterprise value
equity_value = data.get(f"{enterprise_value} + balance:cashAndShortTermInvestments -  balance:totalDebt")

stock_value = equity_value / data.get("income:weightedAverageShsOut")

model.set_final_value({
    "value": stock_value,
    "units": '$'
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

model.render_results([
    [terminal_value, "Terminal Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Value", "$"],
    [discounted_free_cash_flow_sum, "Sum of Discounted Free Cash Flow", "$"],
    [enterprise_value, "Enterprise Value", "$"],
    [data.get("balance:cashAndCashEquivalents"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "$"],
    [stock_value, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [average_operating_cash_flow_margin, "Average Cash from Operating Activities Margin", "%"],
    [average_capital_expenditure_margin, "Average Capital Expenditure Margin", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow"
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical Values",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow"
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
        "width": "full"
    },
})

# Forecast table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowMargin": "Operating Cash Flow Margin",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowMargin": "Free Cash Flow Margin",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Forecast Data",
        "order": "ascending",
        "include_ltm": False,
        "number_format": "M",
        "width": "full"
    },
})

# Historical table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "%netMargin": "Net Margin",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowMargin": "Cash from Operating Activities Margin",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M"
    },
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%growth_in_perpetuity": r"""
        ## Growth in Perpetuity
        
        The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"%operating_cash_flow_margin": r"""
        ## Operating Cash Flow Margin
        
        `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin`
        
        This margin represents the percentage of revenue used to estimate future Operating Cash Flow.
    """,

"%capital_expenditure_margin": r"""
        ## Capital Expenditure Margin
        
        `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin`
        
        This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.
    """,
})

print(f"End of model.")

Model Info

Estimated Value

USD

Market Price USD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow Model

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

See our GitHub Model Documentation

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Growth In Perpetuity Growth in Perpetuity The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Operating Cash Flow Margin Operating Cash Flow Margin `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin` This margin represents the percentage of revenue used to estimate future Operating Cash Flow.	%
Capital Expenditure Margin Capital Expenditure Margin `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin` This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.	%

Results
Terminal Value	687.9 Bil. USD
Discounted Terminal Value	533.7 Bil. USD
Sum of Discounted Free Cash Flow	78.75 Bil. USD
Enterprise Value	612.4 Bil. USD
Cash and Equivalents	18.23 Bil. USD
Total Debt	174 Bil. USD
Equity Value	456.7 Bil. USD
Shares Outstanding	7.17 Bil. USD
Estimated Value per Share	63.7 USD
Yield of the U.S. 10 Year Treasury Note	4.04%
Average Cash from Operating Activities Margin	28.19%
Average Capital Expenditure Margin	13.72%
Cost of Equity	6.75%
Equity Weight	54.17%
Cost of Debt	3.91%
Debt Weight	45.83%
Forecasted Revenue - 5 Year CAGR	0%
Forecasted Free Cash Flow - 5 Year CAGR	-1.33%

Historical Values

Monetary values in USD

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"x": "2026-12-31", "y": 35420171200, "oy": 35420171200, "e": true, "d": 2026, "g": -12.07, "og": -12.07}, {"l": "2027", "x": "2027-12-31", "y": 35420171200, "oy": 35420171200, "e": true, "d": 2027, "g": 0.0, "og": 0.0}, {"l": "2028", "x": "2028-12-31", "y": 35420171200, "oy": 35420171200, "e": true, "d": 2028, "g": 0.0, "og": 0.0}, {"l": "2029", "x": "2029-12-31", "y": 35420171200, "oy": 35420171200, "e": true, "d": 2029, "g": 0.0, "og": 0.0}, {"l": "2030", "x": "2030-12-31", "y": 35420171200, "oy": 35420171200, "e": true, "d": 2030, "g": 0.0, "og": 0.0}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [{"l": "2016", "x": "2016-12-31", "y": 17828000000}, {"l": "2017", "x": "2017-12-31", "y": 17363000000}, {"l": "2018", "x": "2018-12-31", "y": 22844000000}, {"l": "2019", "x": "2019-12-31", "y": 29233000000}, {"l": "2020", "x": "2020-12-31", "y": 27455000000}, {"l": "2021", "x": "2021-12-31", "y": 25430000000}, {"l": "2022", "x": "2022-12-31", "y": 12397000000}, {"l": "2023", "x": "2023-12-31", "y": 20461000000}, {"l": "2024", "x": "2024-12-31", "y": 18508000000}, {"l": "2025", "x": "2025-12-31", "y": 19442000000}, {"l": "2026", "x": "2026-12-31", "y": 18181265600, "oy": 18181265600, "e": true, "d": 2026, "g": -6.48, "og": -6.48}, {"l": "2027", "x": "2027-12-31", "y": 18181265600, "oy": 18181265600, "e": true, "d": 2027, "g": 0.0, "og": 0.0}, {"l": "2028", "x": "2028-12-31", "y": 18181265600, "oy": 18181265600, "e": true, "d": 2028, "g": 0.0, "og": 0.0}, {"l": "2029", "x": "2029-12-31", "y": 18181265600, "oy": 18181265600, "e": true, "d": 2029, "g": 0.0, "og": 0.0}, {"l": "2030", "x": "2030-12-31", "y": 18181265600, "oy": 18181265600, "e": true, "d": 2030, "g": 0.0, "og": 0.0}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"l": "2016", "x": "2016-12-31", "y": 21516000000}, {"l": "2017", "x": "2017-12-31", "y": 20647000000}, {"l": "2018", "x": "2018-12-31", "y": 20758000000}, {"l": "2019", "x": "2019-12-31", "y": 19435000000}, {"l": "2020", "x": "2020-12-31", "y": 15675000000}, {"l": "2021", "x": "2021-12-31", "y": 16527000000}, {"l": "2022", "x": "2022-12-31", "y": 19626000000}, {"l": "2023", "x": "2023-12-31", "y": 17853000000}, {"l": "2024", "x": "2024-12-31", "y": 20263000000}, {"l": "2025", "x": "2025-12-31", "y": 20842000000}, {"l": "2026", "x": "2026-12-31", "y": 17238905600}, {"l": "2027", "x": "2027-12-31", "y": 17238905600}, {"l": "2028", "x": "2028-12-31", "y": 17238905600}, {"l": "2029", "x": "2029-12-31", "y": 17238905600}, {"l": "2030", "x": "2030-12-31", "y": 17238905600}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"l": "2016", "x": "2016-12-31", "y": 17828000000}, {"l": "2017", "x": "2017-12-31", "y": 17363000000}, {"l": "2018", "x": "2018-12-31", "y": 22844000000}, {"l": "2019", "x": "2019-12-31", "y": 29233000000}, {"l": "2020", "x": "2020-12-31", "y": 27455000000}, {"l": "2021", "x": "2021-12-31", "y": 25430000000}, {"l": "2022", "x": "2022-12-31", "y": 12397000000}, {"l": "2023", "x": "2023-12-31", "y": 20461000000}, {"l": "2024", "x": "2024-12-31", "y": 18508000000}, {"l": "2025", "x": "2025-12-31", "y": 19442000000}, {"l": "2026", "x": "2026-12-31", "y": 17389619057}, {"l": "2027", "x": "2027-12-31", "y": 16528642090}, {"l": "2028", "x": "2028-12-31", "y": 15708107474}, {"l": "2029", "x": "2029-12-31", "y": 14930383782}, {"l": "2030", "x": "2030-12-31", "y": 14191165948}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}], "editableDates": {"2026-12-31": 42, "2027-12-31": 43, "2028-12-31": 44, "2029-12-31": 45, "2030-12-31": 46}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2026-12-31	2027-12-31	2028-12-31	2029-12-31	2030-12-31

↳ Growth Rate

Forecast Data

Monetary values in USD amounts except #	2025 Dec 31	2026 Dec 31	2027 Dec 31	2028 Dec 31	2029 Dec 31	2030 Dec 31
Revenue	125,648	125,648	125,648	125,648	125,648	125,648
Revenue Growth Rate	2.71%	0%	0%	0%	0%	0%
Operating Cash Flow	40,284	35,420	35,420	35,420	35,420	35,420
Operating Cash Flow Margin	32.06%	28.19%	28.19%	28.19%	28.19%	28.19%
Capital Expenditure	20,842	17,239	17,239	17,239	17,239	17,239
Capital Expenditure Margin	16.59%	13.72%	13.72%	13.72%	13.72%	13.72%
Free Cash Flow	19,442	18,181	18,181	18,181	18,181	18,181
Free Cash Flow Margin	15.47%	14.47%	14.47%	14.47%	14.47%	14.47%
Compounded Discount Rate		4.55%	10%	15.74%	21.77%	28.12%
Discounted Free Cash Flow	19,442	17,390	16,529	15,708	14,930	14,191

Historical Data

Monetary values in USD amounts except #	Average	LTM Feb 14	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31	2021 Dec 31	2020 Dec 31	2019 Dec 31	2018 Dec 31	2017 Dec 31	2016 Dec 31
Revenue	145,353	125,648	125,648	122,336	122,428	120,741	134,038	171,760	181,193	170,756	160,546	163,786
Revenue Growth Rate	-0.999%	0%	2.71%	-0.075%	1.4%	-9.92%	-21.96%	-5.21%	6.11%	6.36%	-1.98%	11.57%
Cost of Revenue	75,380	20,234	25,424	69,801	68,900	50,848	60,407	108,436	112,358	107,849	102,197	102,731
Gross Profit	69,983	105,414	100,224	52,535	53,528	69,893	73,631	63,324	68,907	62,956	58,349	61,055
Gross Margin	49.87%	83.9%	79.77%	42.94%	43.72%	57.89%	54.93%	36.87%	38.03%	36.87%	36.34%	37.28%
Operating Income	22,804	23,583	24,162	24,261	24,768	-4,587	25,897	25,717	30,377	27,289	23,507	25,874
Operating Margin	15.61%	18.77%	19.23%	19.83%	20.23%	-3.8%	19.32%	14.97%	16.76%	15.98%	14.64%	15.8%
Net Income	13,746	21,889	21,889	10,948	14,400	-8,524	20,081	-5,176	13,903	19,370	29,450	12,976
Net Margin	9.61%	17.42%	17.42%	8.95%	11.76%	-7.06%	14.98%	-3.01%	7.67%	11.34%	18.34%	7.92%
Cash from Operating Activities	40,399	40,284	40,284	38,771	38,314	32,023	41,957	43,130	48,668	43,602	38,010	39,344
Cash from Operating Activities Margin	28.19%	32.06%	32.06%	31.69%	31.3%	26.52%	31.3%	25.11%	26.86%	25.53%	23.68%	24.02%
Capital Expenditure	19,453	20,842	20,842	20,263	17,853	19,626	16,527	15,675	19,435	20,758	20,647	21,516
Capital Expenditure Margin	13.72%	16.59%	16.59%	16.56%	14.58%	16.25%	12.33%	9.13%	10.73%	12.16%	12.86%	13.14%
Free Cash Flow	20,946	19,442	19,442	18,508	20,461	12,397	25,430	27,455	29,233	22,844	17,363	17,828