Perennial dividend favorite AT&T (NYSE:T) has certainly had a tough time trying to convince investors its stock is a good investment. Shares basically haven't moved for three years despite the massive yield and buybacks that T has produced during that time frame. As T tries to jump start growth via acquisition, is the stock cheap enough to own? In this article I'll take a look at the current state of T as the proposed merger has hit more than a few bumps in the road. To do this I'll use a DCF-type model you can read more about here. The model uses several inputs including earnings estimates, which I've borrowed fromYahoo!, dividends, which I've estimated to grow at 2% annually, and a discount rate, which I've set at the 10 year Treasury rate plus a risk premium of 6.5%. Read more