Discounted Cash Flow (DCF) Analysis Levered
Comcast Corporation (CMCSA)
$39.35
+0.11 (+0.28%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 84,526 | 94,507 | 108,942 | 103,564 | 116,385 | 126,430.60 | 137,343.27 | 149,197.86 | 162,075.65 | 176,064.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 21,403 | 24,297 | 25,697 | 24,737 | 29,146 | 31,240.15 | 33,936.60 | 36,865.79 | 40,047.81 | 43,504.48 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -11,297 | -11,709 | -12,428 | -11,634 | -12,057 | -14,857.06 | -16,139.43 | -17,532.48 | -19,045.77 | -20,689.68 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 10,106 | 12,588 | 13,269 | 13,103 | 17,089 | 16,383.09 | 17,797.17 | 19,333.31 | 21,002.04 | 22,814.80 |
Weighted Average Cost Of Capital
| Share price | $ 39.35 |
|---|---|
| Beta | 1.002 |
| Diluted Shares Outstanding | 4,654 |
| Cost of Debt | |
| Tax Rate | 25.84 |
| After-tax Cost of Debt | 3.34% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.257 |
| Total Debt | 94,850 |
| Total Equity | 183,134.90 |
| Total Capital | 277,984.90 |
| Debt Weighting | 34.12 |
| Equity Weighting | 65.88 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 84,526 | 94,507 | 108,942 | 103,564 | 116,385 | 126,430.60 | 137,343.27 | 149,197.86 | 162,075.65 | 176,064.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 21,403 | 24,297 | 25,697 | 24,737 | 29,146 | 31,240.15 | 33,936.60 | 36,865.79 | 40,047.81 | 43,504.48 |
| Capital Expenditure | -11,297 | -11,709 | -12,428 | -11,634 | -12,057 | -14,857.06 | -16,139.43 | -17,532.48 | -19,045.77 | -20,689.68 |
| Free Cash Flow | 10,106 | 12,588 | 13,269 | 13,103 | 17,089 | 16,383.09 | 17,797.17 | 19,333.31 | 21,002.04 | 22,814.80 |
| WACC | ||||||||||
| PV LFCF | 15,371.64 | 15,667.50 | 15,969.05 | 16,276.41 | 16,589.68 | |||||
| SUM PV LFCF | 79,874.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.58 |
| Free cash flow (t + 1) | 23,271.09 |
| Terminal Value | 508,102.51 |
| Present Value of Terminal Value | 369,464.54 |
Intrinsic Value
| Enterprise Value | 449,338.82 |
|---|---|
| Net Debt | 86,139 |
| Equity Value | 363,199.82 |
| Shares Outstanding | 4,654 |
| Equity Value Per Share | 78.04 |