Discounted Cash Flow (DCF) Analysis Unlevered

Comcast Corporation (CMCSA)

$41.9

-0.01 (-0.02%)
All numbers are in Millions, Currency in USD
Stock DCF: 85.03 | 41.9 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 108,942103,564116,385121,427121,572125,187.18128,909.88132,743.27136,690.66140,755.43
Revenue (%)
EBITDA 33,86030,73936,83935,90439,03138,579.7539,72740,908.3642,124.8543,377.52
EBITDA (%)
EBIT 20,90717,63923,03522,08324,69523,663.9624,367.6525,092.2725,838.4426,606.80
EBIT (%)
Depreciation 12,95313,10013,80413,82114,33614,915.8015,359.3515,816.0916,286.4116,770.72
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 5,50011,7408,7114,7496,2158,235.418,480.308,732.488,992.169,259.56
Total Cash (%)
Account Receivables 11,29211,46612,00812,67213,81313,408.0313,806.7514,217.3214,640.1015,075.45
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 10,82611,36412,45512,54412,43713,062.6613,451.1013,851.1014,262.9914,687.13
Accounts Payable (%)
Capital Expenditure -12,428-11,634-12,057-13,767-15,540-14,301.72-14,727.01-15,164.95-15,615.91-16,080.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 41.9
Beta 1.014
Diluted Shares Outstanding 4,148
Cost of Debt
Tax Rate 24.86
After-tax Cost of Debt 3.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.071
Total Debt 97,090
Total Equity 173,801.20
Total Capital 270,891.20
Debt Weighting 35.84
Equity Weighting 64.16
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 108,942103,564116,385121,427121,572125,187.18128,909.88132,743.27136,690.66140,755.43
EBITDA 33,86030,73936,83935,90439,03138,579.7539,72740,908.3642,124.8543,377.52
EBIT 20,90717,63923,03522,08324,69523,663.9624,367.6525,092.2725,838.4426,606.80
Tax Rate 23.18%25.10%25.84%42.16%24.86%28.23%28.23%28.23%28.23%28.23%
EBIAT 16,061.5913,210.7517,082.3112,773.1318,556.8316,984.2217,489.2818,009.3618,544.9019,096.37
Depreciation 12,95313,10013,80413,82114,33614,915.8015,359.3515,816.0916,286.4116,770.72
Accounts Receivable --174-542-664-1,141404.97-398.71-410.57-422.78-435.35
Inventories ----------
Accounts Payable -5381,09189-107625.66388.44400411.89424.14
Capital Expenditure -12,428-11,634-12,057-13,767-15,540-14,301.72-14,727.01-15,164.95-15,615.91-16,080.28
UFCF 16,586.5915,040.7519,378.3112,252.1316,104.8318,628.9218,111.3518,649.9219,204.5219,775.60
WACC
PV UFCF 17,415.0915,828.0315,236.7014,667.4814,119.51
SUM PV UFCF 77,266.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.97
Free cash flow (t + 1) 20,368.87
Terminal Value 513,069.73
Present Value of Terminal Value 366,324.88

Intrinsic Value

Enterprise Value 443,591.69
Net Debt 90,875
Equity Value 352,716.69
Shares Outstanding 4,148
Equity Value Per Share 85.03