Discounted Cash Flow (DCF) Analysis Unlevered

Comcast Corporation (CMCSA)

$ 49.08
-0.90 (-1.80%)
Stock DCF: 2,651.81 | 49.08 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 80,73685,02994,507108,942103,564110,503.19117,907.33125,807.57134,237.17143,231.58
Revenue (%)
EBITDA 26,35427,93129,32934,25031,58635,021.2137,367.7639,871.5542,543.0945,393.65
EBITDA (%)
EBIT 16,79618,10618,65321,29718,48621,931.2223,400.7024,968.6426,641.6328,426.73
EBIT (%)
Depreciation 9,5589,82510,67612,95313,10013,089.9813,967.0614,902.9115,901.4616,966.92
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 3,3013,4283,8145,50011,7406,307.626,730.257,181.207,662.378,175.78
Total Cash (%)
Account Receivables 7,9558,54611,10411,29211,46611,733.1712,519.3413,358.1814,253.2315,208.26
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6,9156,9268,49410,82611,36410,300.7610,990.9511,727.3912,513.1713,351.60
Accounts Payable (%)
Capital Expenditure -10,821-11,297-11,709-12,428-11,634-13,640.53-14,554.50-15,529.71-16,570.26-17,680.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 49.08
Beta 0.968
Diluted Shares Outstanding 4,624
Cost of Debt
Tax Rate 25.10
After-tax Cost of Debt 3.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.002
Total Debt 103,760
Total Equity 226,945.92
Total Capital 330,705.92
Debt Weighting 31.38
Equity Weighting 68.62
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 80,73685,02994,507108,942103,564110,503.19117,907.33125,807.57134,237.17143,231.58
EBITDA 26,35427,93129,32934,25031,58635,021.2137,367.7639,871.5542,543.0945,393.65
EBIT 16,79618,10618,65321,29718,48621,931.2223,400.7024,968.6426,641.6328,426.73
Tax Rate 39.42%-48.08%23.04%23.18%25.10%12.53%12.53%12.53%12.53%12.53%
EBIAT 10,174.2126,811.6914,356.2716,361.2013,845.1119,182.8520,468.1721,839.6223,302.9624,864.35
Depreciation 9,5589,82510,67612,95313,10013,089.9813,967.0614,902.9115,901.4616,966.92
Accounts Receivable --591-2,558-188-174-267.17-786.17-838.84-895.05-955.02
Inventories ----------
Accounts Payable -111,5682,332538-1,063.24690.19736.44785.78838.43
Capital Expenditure -10,821-11,297-11,709-12,428-11,634-13,640.53-14,554.50-15,529.71-16,570.26-17,680.53
UFCF 8,911.2124,759.6912,333.2819,030.2015,675.1117,301.8819,784.7521,110.4122,524.8924,034.14
WACC
PV UFCF 16,452.9117,890.7918,152.8518,418.7618,688.56
SUM PV UFCF 89,603.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.16
Free cash flow (t + 1) 25,235.85
Terminal Value 15,772,406.54
Present Value of Terminal Value 12,264,365.24

Intrinsic Value

Enterprise Value 12,353,969.11
Net Debt 92,020
Equity Value 12,261,949.11
Shares Outstanding 4,624
Equity Value Per Share 2,651.81