Discounted Cash Flow (DCF) Analysis Levered

Comcast Corporation (CMCSA)

$44.6

+0.36 (+0.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 66.14 | 44.6 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 94,507108,942103,564116,385121,427129,638.31138,404.91147,764.33157,756.66168,424.72
Revenue (%)
Operating Cash Flow 24,29725,69724,73729,14626,41331,107.3933,210.9835,456.8237,854.5340,414.39
Operating Cash Flow (%)
Capital Expenditure -11,709-12,428-11,634-12,057-13,767-14,708.34-15,702.97-16,764.85-17,898.55-19,108.91
Capital Expenditure (%)
Free Cash Flow 12,58813,26913,10317,08912,64616,399.0517,508.0118,691.9719,955.9821,305.48

Weighted Average Cost Of Capital

Share price $ 44.6
Beta 0.987
Diluted Shares Outstanding 4,430
Cost of Debt
Tax Rate 42.16
After-tax Cost of Debt 2.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.282
Total Debt 94,811
Total Equity 197,578
Total Capital 292,389
Debt Weighting 32.43
Equity Weighting 67.57
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 94,507108,942103,564116,385121,427129,638.31138,404.91147,764.33157,756.66168,424.72
Operating Cash Flow 24,29725,69724,73729,14626,41331,107.3933,210.9835,456.8237,854.5340,414.39
Capital Expenditure -11,709-12,428-11,634-12,057-13,767-14,708.34-15,702.97-16,764.85-17,898.55-19,108.91
Free Cash Flow 12,58813,26913,10317,08912,64616,399.0517,508.0118,691.9719,955.9821,305.48
WACC
PV LFCF 15,320.4915,280.7515,241.1115,201.5815,162.15
SUM PV LFCF 76,206.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.04
Free cash flow (t + 1) 21,731.59
Terminal Value 431,182.24
Present Value of Terminal Value 306,853

Intrinsic Value

Enterprise Value 383,059.08
Net Debt 90,062
Equity Value 292,997.08
Shares Outstanding 4,430
Equity Value Per Share 66.14