Discounted Cash Flow (DCF) Analysis Levered
Comcast Corporation (CMCSA)
$ 49.62
+1.16 (+2.39%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 80,736 | 85,029 | 94,507 | 108,942 | 103,564 | 110,503.19 | 117,907.33 | 125,807.57 | 134,237.17 | 143,231.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 19,240 | 21,403 | 24,297 | 25,697 | 24,737 | 27,003.64 | 28,812.98 | 30,743.56 | 32,803.50 | 35,001.46 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -10,821 | -11,297 | -11,709 | -12,428 | -11,634 | -13,640.53 | -14,554.50 | -15,529.71 | -16,570.26 | -17,680.53 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 8,419 | 10,106 | 12,588 | 13,269 | 13,103 | 13,363.10 | 14,258.48 | 15,213.85 | 16,233.24 | 17,320.93 |
Weighted Average Cost Of Capital
| Share price | $ 49.62 |
|---|---|
| Beta | 0.944 |
| Diluted Shares Outstanding | 4,624 |
| Cost of Debt | |
| Tax Rate | 25.10 |
| After-tax Cost of Debt | 3.31% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.265 |
| Total Debt | 103,760 |
| Total Equity | 229,442.88 |
| Total Capital | 333,202.88 |
| Debt Weighting | 31.14 |
| Equity Weighting | 68.86 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 80,736 | 85,029 | 94,507 | 108,942 | 103,564 | 110,503.19 | 117,907.33 | 125,807.57 | 134,237.17 | 143,231.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 19,240 | 21,403 | 24,297 | 25,697 | 24,737 | 27,003.64 | 28,812.98 | 30,743.56 | 32,803.50 | 35,001.46 |
| Capital Expenditure | -10,821 | -11,297 | -11,709 | -12,428 | -11,634 | -13,640.53 | -14,554.50 | -15,529.71 | -16,570.26 | -17,680.53 |
| Free Cash Flow | 8,419 | 10,106 | 12,588 | 13,269 | 13,103 | 13,363.10 | 14,258.48 | 15,213.85 | 16,233.24 | 17,320.93 |
| WACC | ||||||||||
| PV LFCF | 12,685.69 | 12,849.51 | 13,015.45 | 13,183.54 | 13,353.79 | |||||
| SUM PV LFCF | 65,087.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.34 |
| Free cash flow (t + 1) | 17,667.35 |
| Terminal Value | 528,962.53 |
| Present Value of Terminal Value | 407,810.44 |
Intrinsic Value
| Enterprise Value | 472,898.42 |
|---|---|
| Net Debt | 92,020 |
| Equity Value | 380,878.42 |
| Shares Outstanding | 4,624 |
| Equity Value Per Share | 82.37 |