T AT&T
fair · 61
Owner-earnings value$30.49
Price$23.42
Margin of safety
+30.2%
Quality gate · 61/100
Median ROIC9.2%
Gross margin59.7%
Net debt / EBITDA2.5x
FCF conversion183%
Share count / yr-1.2%
Profitable years3/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 17.65B |
| Owner-earnings yield | 11.0% |
| Free-cash-flow yield | 11.0% |
| Growth used (normalized) | -5.7% |
| Market-implied growth (reverse DCF) | -11.7% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 9.0% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 16.65B | -5.7% | 15.27B |
| 2 | 15.86B | -4.7% | 13.35B |
| 3 | 15.27B | -3.8% | 11.79B |
| 4 | 14.84B | -2.8% | 10.51B |
| 5 | 14.57B | -1.8% | 9.47B |
| 6 | 14.44B | -0.9% | 8.61B |
| 7 | 14.46B | 0.1% | 7.91B |
| 8 | 14.61B | 1.1% | 7.33B |
| 9 | 14.91B | 2.0% | 6.86B |
| 10 | 15.36B | 3.0% | 6.49B |
⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~-12%/yr owner-earnings growth over 10y (reverse DCF); model credits -6%. Capped at market + 6pts.