Discounted Cash Flow (DCF) Analysis Unlevered
Comcast Corporation (CMCSA)
$39.6
-0.81 (-2.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 84,526 | 94,507 | 108,942 | 103,564 | 116,385 | 126,430.60 | 137,343.27 | 149,197.86 | 162,075.65 | 176,064.98 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 28,047 | 29,329 | 34,250 | 31,586 | 37,503 | 40,047.19 | 43,503.80 | 47,258.77 | 51,337.84 | 55,768.99 |
EBITDA (%) | ||||||||||
EBIT | 18,222 | 18,653 | 21,297 | 18,486 | 23,699 | 25,047.52 | 27,209.46 | 29,558 | 32,109.26 | 34,880.72 |
EBIT (%) | ||||||||||
Depreciation | 9,825 | 10,676 | 12,953 | 13,100 | 13,804 | 14,999.67 | 16,294.35 | 17,700.77 | 19,228.59 | 20,888.27 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Total Cash | 3,428 | 3,814 | 5,500 | 11,740 | 8,711 | 8,081.55 | 8,779.10 | 9,536.85 | 10,360.01 | 11,254.22 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 8,546 | 11,104 | 11,292 | 11,466 | 12,008 | 13,556.88 | 14,727.03 | 15,998.17 | 17,379.03 | 18,879.07 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 6,926 | 8,494 | 10,826 | 11,364 | 12,455 | 12,337.98 | 13,402.92 | 14,559.77 | 15,816.48 | 17,181.65 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -11,297 | -11,709 | -12,428 | -11,634 | -12,057 | -14,857.06 | -16,139.43 | -17,532.48 | -19,045.77 | -20,689.68 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 39.6 |
---|---|
Beta | 1.002 |
Diluted Shares Outstanding | 4,654 |
Cost of Debt | |
Tax Rate | 25.84 |
After-tax Cost of Debt | 3.34% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.246 |
Total Debt | 94,850 |
Total Equity | 184,298.40 |
Total Capital | 279,148.40 |
Debt Weighting | 33.98 |
Equity Weighting | 66.02 |
Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 84,526 | 94,507 | 108,942 | 103,564 | 116,385 | 126,430.60 | 137,343.27 | 149,197.86 | 162,075.65 | 176,064.98 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 28,047 | 29,329 | 34,250 | 31,586 | 37,503 | 40,047.19 | 43,503.80 | 47,258.77 | 51,337.84 | 55,768.99 |
EBIT | 18,222 | 18,653 | 21,297 | 18,486 | 23,699 | 25,047.52 | 27,209.46 | 29,558 | 32,109.26 | 34,880.72 |
Tax Rate | -48.24% | 23.04% | 23.18% | 25.10% | 25.84% | 9.78% | 9.78% | 9.78% | 9.78% | 9.78% |
EBIAT | 27,013.09 | 14,356.27 | 16,361.20 | 13,845.11 | 17,574.72 | 22,597.19 | 24,547.64 | 26,666.43 | 28,968.10 | 31,468.44 |
Depreciation | 9,825 | 10,676 | 12,953 | 13,100 | 13,804 | 14,999.67 | 16,294.35 | 17,700.77 | 19,228.59 | 20,888.27 |
Accounts Receivable | - | -2,558 | -188 | -174 | -542 | -1,548.88 | -1,170.14 | -1,271.14 | -1,380.86 | -1,500.05 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 1,568 | 2,332 | 538 | 1,091 | -117.02 | 1,064.93 | 1,156.85 | 1,256.71 | 1,365.18 |
Capital Expenditure | -11,297 | -11,709 | -12,428 | -11,634 | -12,057 | -14,857.06 | -16,139.43 | -17,532.48 | -19,045.77 | -20,689.68 |
UFCF | 25,541.09 | 12,333.28 | 19,030.20 | 15,675.11 | 19,870.72 | 21,073.90 | 24,597.35 | 26,720.43 | 29,026.77 | 31,532.17 |
WACC | ||||||||||
PV UFCF | 19,772.85 | 21,653.94 | 22,070.71 | 22,495.51 | 22,928.48 | |||||
SUM PV UFCF | 108,921.49 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.58 |
Free cash flow (t + 1) | 32,162.81 |
Terminal Value | 702,244.85 |
Present Value of Terminal Value | 510,634.30 |
Intrinsic Value
Enterprise Value | 619,555.78 |
---|---|
Net Debt | 86,139 |
Equity Value | 533,416.78 |
Shares Outstanding | 4,654 |
Equity Value Per Share | 114.61 |