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AT&T INC.

TCIK 0000732717Telecommunications

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Intrinsic Value

T Intrinsic Valuation

Review the filing-backed discounted cash flow baseline, scenario range, and capital structure context for a fundamentals-first fair value read.

Intrinsic Value

T Intrinsic Valuation

Review the filing-backed discounted cash flow baseline, scenario range, and capital structure context for a fundamentals-first fair value read.

Intrinsic value

Filing-backed DCF baseline

Automated free-cash-flow DCF baseline for AT&T INC., derived from annual filing data.

Read the DCF guide

DCF fair value

$21.21

Implied equity value $152B

Current price

$25.86

Latest available quote for the primary listing.

Margin of safety

-18.0%

Base case against the live quote.

Fair value range

$16.54 – $29.51

Bear

$16.54

Base

$21.21

Bull

$29.51

Current

$25.86

Model assumptions

Cash flow base

$19B

Basis

Operating cash flow less capex (firm-value proxy)

Growth

0.0%

Discount

9.5%

Terminal

2.5%

Horizon

Assumption sensitivity

vs base per share

Base case$21.21Baseline

Growth +1 pt$20.95-$0.26

Intrinsic value

Filing-backed DCF baseline

Automated free-cash-flow DCF baseline for AT&T INC., derived from annual filing data.

Read the DCF guide

DCF fair value

$21.21

Implied equity value $152B

Current price

$25.86

Latest available quote for the primary listing.

Margin of safety

-18.0%

Base case against the live quote.

Fair value range

$16.54 – $29.51

Bear

$16.54

Base

$21.21

Bull

$29.51

Current

$25.86

Model assumptions

Cash flow base

$19B

Basis

Operating cash flow less capex (firm-value proxy)

Growth

0.0%

Discount

9.5%

Terminal

2.5%

Horizon

Assumption sensitivity

vs base per share

Base case$21.21Baseline

Growth +1 pt$20.95-$0.26

What the market is pricing in

At $25.86 the market is pricing in roughly 3.9% annual growth under this model.
Growth anchor: Median of 3Y revenue CAGR, 5Y revenue CAGR, and 5Y free cash flow CAGR. Scenario-derived from +/-2 pts growth and +/-1 pt discount.
Net debt reduces equity value relative to firm value before the per-share target is calculated.

Intrinsic EV-to-equity bridge

Enterprise value

Discounted free cash flows

$269B

Less total debt

− $135B

Plus cash and equivalents

+ $18B

Equity value

After the bridge

$152B

Diluted shares

7,179,000,000

Fair value / share

$21.21