Discounted Cash Flow (DCF) Analysis Unlevered

Comcast Corporation (CMCSA)

$39.6

-0.81 (-2.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 114.61 | 39.6 | undervalue

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 84,52694,507108,942103,564116,385126,430.60137,343.27149,197.86162,075.65176,064.98
Revenue (%)
EBITDA 28,04729,32934,25031,58637,50340,047.1943,503.8047,258.7751,337.8455,768.99
EBITDA (%)
EBIT 18,22218,65321,29718,48623,69925,047.5227,209.4629,55832,109.2634,880.72
EBIT (%)
Depreciation 9,82510,67612,95313,10013,80414,999.6716,294.3517,700.7719,228.5920,888.27
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 3,4283,8145,50011,7408,7118,081.558,779.109,536.8510,360.0111,254.22
Total Cash (%)
Account Receivables 8,54611,10411,29211,46612,00813,556.8814,727.0315,998.1717,379.0318,879.07
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6,9268,49410,82611,36412,45512,337.9813,402.9214,559.7715,816.4817,181.65
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 84,52694,507108,942103,564116,385126,430.60137,343.27149,197.86162,075.65176,064.98
EBITDA 28,04729,32934,25031,58637,50340,047.1943,503.8047,258.7751,337.8455,768.99
EBIT 18,22218,65321,29718,48623,69925,047.5227,209.4629,55832,109.2634,880.72
Tax Rate -48.24%23.04%23.18%25.10%25.84%9.78%9.78%9.78%9.78%9.78%
EBIAT 27,013.0914,356.2716,361.2013,845.1117,574.7222,597.1924,547.6426,666.4328,968.1031,468.44
Depreciation 9,82510,67612,95313,10013,80414,999.6716,294.3517,700.7719,228.5920,888.27
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 -1,5682,3325381,091-117.021,064.931,156.851,256.711,365.18
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 25,541.0912,333.2819,030.2015,675.1119,870.7221,073.9024,597.3526,720.4329,026.7731,532.17
WACC
PV UFCF 19,772.8521,653.9422,070.7122,495.5122,928.48
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