AT&T Inc. (T)

AT&T Inc., FCFF calculation

USD $ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Net income attributable to AT&T
	Net income attributable to noncontrolling interest
	Net noncash charges
	Changes in operating assets and liabilities
	Net cash provided by operating activities
	Cash paid during the year for interest, net of tax1
	Capitalized interest, net of tax2
	Capital expenditures
	Free cash flow to the firm (FCFF)

Based on: 10-K (filing date: 2019-02-20), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-20).

AT&T Inc., interest paid, net of tax calculation

USD $ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Effective Income Tax Rate (EITR)
	EITR1
	Interest Paid, Net of Tax
	Cash paid during the year for interest, before tax
	Less: Cash paid during the year for interest, tax2
	Cash paid during the year for interest, net of tax
	Interest Costs Capitalized, Net of Tax
	Capitalized interest, before tax
	Less: Capitalized interest, tax3
	Capitalized interest, net of tax

Based on: 10-K (filing date: 2019-02-20), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-20).

2018 Calculations

AT&T Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (USD $ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors
Verizon Communications Inc.
EV/FCFF, Sector
Fixed Line Telecommunications

Based on: 10-K (filing date: 2019-02-20).

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

AT&T Inc., historical EV/FCFF calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Enterprise value (EV)1
	Free cash flow to the firm (FCFF)2
	Ratio
	EV/FCFF3
	Benchmarks
	EV/FCFF, Competitors
	Verizon Communications Inc.
	EV/FCFF, Sector
	Fixed Line Telecommunications

Based on: 10-K (filing date: 2019-02-20), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-20).

2018 Calculations