Discounted Cash Flow (DCF) Analysis Unlevered
Comcast Corporation (CMCSA)
$42.21
+0.32 (+0.76%)
All numbers are in Millions, Currency in USD
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 |