Discounted Cash Flow (DCF) Analysis Unlevered

Comcast Corporation (CMCSA)

$42.21

+0.32 (+0.76%)

All numbers are in Millions, Currency in USD

Stock DCF: 78.83 | 42.21 | undervalue

Operating Data

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 (%)
EBITDA	29,988	33,860	30,739	36,839	35,904	39,854.44	42,549.54	45,426.89	48,498.81	51,778.47
EBITDA (%)
EBIT	19,312	20,907	17,639	23,035	22,083	24,536.82	26,196.09	27,967.56	29,858.82	31,877.98
EBIT (%)
Depreciation	10,676	12,953	13,100	13,804	13,821	15,317.62	16,353.45	17,459.33	18,639.99	19,900.49
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	3,814	5,500	11,740	8,711	4,749	8,249.11	8,806.94	9,402.50	10,038.33	10,717.15
Total Cash (%)
Account Receivables	11,104	11,292	11,466	12,008	12,672	13,985.21	14,930.94	15,940.62	17,018.58	18,169.44
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	8,494	10,826	11,364	12,455	12,544	13,204.97	14,097.94	15,051.29	16,069.11	17,155.76
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price	$ 42.21
Beta	1.061
Diluted Shares Outstanding	4,430
Cost of Debt
Tax Rate	42.16
After-tax Cost of Debt	2.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.164
Total Debt	94,811
Total Equity	186,990.30
Total Capital	281,801.30
Debt Weighting	33.64
Equity Weighting	66.36
Wacc

Build Up Free Cash

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
EBITDA	29,988	33,860	30,739	36,839	35,904	39,854.44	42,549.54	45,426.89	48,498.81	51,778.47
EBIT	19,312	20,907	17,639	23,035	22,083	24,536.82	26,196.09	27,967.56	29,858.82	31,877.98
Tax Rate	23.04%	23.18%	25.10%	25.84%	42.16%	27.86%	27.86%	27.86%	27.86%	27.86%
EBIAT	14,863.47	16,061.59	13,210.75	17,082.31	12,773.13	17,700.06	18,897	20,174.88	21,539.17	22,995.73
Depreciation	10,676	12,953	13,100	13,804	13,821	15,317.62	16,353.45	17,459.33	18,639.99	19,900.49
Accounts Receivable	-	-188	-174	-542	-664	-1,313.21	-945.73	-1,009.68	-1,077.96	-1,150.86
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	2,332	538	1,091	89	660.97	892.97	953.35	1,017.82	1,086.65
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
UFCF	13,830.47	18,730.59	15,040.75	19,378.31	12,252.13	17,657.11	19,494.72	20,813.02	22,220.47	23,723.10
WACC
PV UFCF						16,518.95	17,062.51	17,042.13	17,021.78	17,001.45
SUM PV UFCF										84,646.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.89
Free cash flow (t + 1)	24,197.56
Terminal Value	494,837.60
Present Value of Terminal Value	354,631.50

Intrinsic Value

Enterprise Value	439,278.32
Net Debt	90,062
Equity Value	349,216.32
Shares Outstanding	4,430
Equity Value Per Share	78.83