Discounted Cash Flow (DCF) Analysis Levered

Comcast Corporation (CMCSA)

$44.205

+0.08 (+0.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 88.50 | 44.205 | undervalue

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 85,02994,507108,942103,564116,385126,238.15136,925.48148,517.59161,091.08174,729.06
Revenue (%)
Operating Cash Flow 21,40324,29725,69724,73729,14631,154.7833,792.3536,653.2139,756.2743,122.03
Operating Cash Flow (%)
Capital Expenditure -11,297-11,709-12,428-11,634-12,057-14,814.49-16,068.68-17,429.05-18,904.60-20,505.06
Capital Expenditure (%)
Free Cash Flow 10,10612,58813,26913,10317,08916,340.3017,723.6719,224.1520,851.6722,616.97

Weighted Average Cost Of Capital

Share price $ 44.205
Beta 0.979
Diluted Shares Outstanding 4,665
Cost of Debt
Tax Rate 25.84
After-tax Cost of Debt 3.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.364
Total Debt 94,850
Total Equity 206,216.33
Total Capital 301,066.33
Debt Weighting 31.50
Equity Weighting 68.50
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 85,02994,507108,942103,564116,385126,238.15136,925.48148,517.59161,091.08174,729.06
Operating Cash Flow 21,40324,29725,69724,73729,14631,154.7833,792.3536,653.2139,756.2743,122.03
Capital Expenditure -11,297-11,709-12,428-11,634-12,057-14,814.49-16,068.68-17,429.05-18,904.60-20,505.06
Free Cash Flow 10,10612,58813,26913,10317,08916,340.3017,723.6719,224.1520,851.6722,616.97
WACC
PV LFCF 15,400.8515,744.2816,095.3716,454.3016,821.22
SUM PV LFCF 80,516.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.10
Free cash flow (t + 1) 23,069.31
Terminal Value 562,666.15
Present Value of Terminal Value 418,479.19

Intrinsic Value

Enterprise Value 498,995.21
Net Debt 86,139
Equity Value 412,856.21
Shares Outstanding 4,665
Equity Value Per Share 88.50