Discounted Cash Flow (DCF) Analysis Levered

Comcast Corporation (CMCSA)

$ 50.75
-0.78 (-1.51%)
Stock DCF: 1,691.72 | 50.75 | undervalue

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 80,73685,02994,507108,942103,564110,503.19117,907.33125,807.57134,237.17143,231.58
Revenue (%)
Operating Cash Flow 19,24021,40324,29725,69724,73727,003.6428,812.9830,743.5632,803.5035,001.46
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 8,41910,10612,58813,26913,10313,363.1014,258.4815,213.8516,233.2417,320.93

Weighted Average Cost Of Capital

Share price $ 50.75
Beta 0.968
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 6.004
Total Debt 103,760
Total Equity 234,668
Total Capital 338,428
Debt Weighting 30.66
Equity Weighting 69.34
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 80,73685,02994,507108,942103,564110,503.19117,907.33125,807.57134,237.17143,231.58
Operating Cash Flow 19,24021,40324,29725,69724,73727,003.6428,812.9830,743.5632,803.5035,001.46
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 8,41910,10612,58813,26913,10313,363.1014,258.4815,213.8516,233.2417,320.93
WACC
PV LFCF 12,704.9812,888.6313,074.9413,263.9413,455.67
SUM PV LFCF 65,388.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.18
Free cash flow (t + 1) 18,186.98
Terminal Value 10,103,875.82
Present Value of Terminal Value 7,849,141.66

Intrinsic Value

Enterprise Value 7,914,529.83
Net Debt 92,020
Equity Value 7,822,509.83
Shares Outstanding 4,624
Equity Value Per Share 1,691.72