Discounted Cash Flow (DCF) Analysis Levered
Comcast Corporation (CMCSA)
$40.285
-0.07 (-0.16%)
All numbers are in Millions, Currency in USD
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 | 94,507 | 108,942 | 103,564 | 116,385 | 121,427 | 129,638.31 | 138,404.91 | 147,764.33 | 157,756.66 | 168,424.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 24,297 | 25,697 | 24,737 | 29,146 | 26,413 | 31,107.39 | 33,210.98 | 35,456.82 | 37,854.53 | 40,414.39 |
| 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 | 12,588 | 13,269 | 13,103 | 17,089 | 12,646 | 16,399.05 | 17,508.01 | 18,691.97 | 19,955.98 | 21,305.48 |
Weighted Average Cost Of Capital
| Share price | $ 40.285 |
|---|---|
| Beta | 0.994 |
| 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 | 8.414 |
| Total Debt | 94,811 |
| Total Equity | 178,462.55 |
| Total Capital | 273,273.55 |
| Debt Weighting | 34.69 |
| Equity Weighting | 65.31 |
| 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 | 94,507 | 108,942 | 103,564 | 116,385 | 121,427 | 129,638.31 | 138,404.91 | 147,764.33 | 157,756.66 | 168,424.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 24,297 | 25,697 | 24,737 | 29,146 | 26,413 | 31,107.39 | 33,210.98 | 35,456.82 | 37,854.53 | 40,414.39 |
| 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 | 12,588 | 13,269 | 13,103 | 17,089 | 12,646 | 16,399.05 | 17,508.01 | 18,691.97 | 19,955.98 | 21,305.48 |
| WACC | ||||||||||
| PV LFCF | 15,424.24 | 15,488.41 | 15,552.85 | 15,617.56 | 15,682.54 | |||||
| SUM PV LFCF | 77,765.61 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.32 |
| Free cash flow (t + 1) | 21,731.59 |
| Terminal Value | 503,045.95 |
| Present Value of Terminal Value | 370,282.19 |
Intrinsic Value
| Enterprise Value | 448,047.80 |
|---|---|
| Net Debt | 90,062 |
| Equity Value | 357,985.80 |
| Shares Outstanding | 4,430 |
| Equity Value Per Share | 80.81 |