Discounted Cash Flow (DCF) Analysis Unlevered

Comcast Corporation (CMCSA)

$42.21

+0.32 (+0.76%)
All numbers are in Millions, Currency in USD
Stock DCF: 78.83 | 42.21 | undervalue

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 94,507108,942103,564116,385121,427129,638.31138,404.91147,764.33157,756.66168,424.72
Revenue (%)
EBITDA 29,98833,86030,73936,83935,90439,854.4442,549.5445,426.8948,498.8151,778.47
EBITDA (%)
EBIT 19,31220,90717,63923,03522,08324,536.8226,196.0927,967.5629,858.8231,877.98
EBIT (%)
Depreciation 10,67612,95313,10013,80413,82115,317.6216,353.4517,459.3318,639.9919,900.49
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 3,8145,50011,7408,7114,7498,249.118,806.949,402.5010,038.3310,717.15
Total Cash (%)
Account Receivables 11,10411,29211,46612,00812,67213,985.2114,930.9415,940.6217,018.5818,169.44
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 8,49410,82611,36412,45512,54413,204.9714,097.9415,051.2916,069.1117,155.76
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 94,507108,942103,564116,385121,427129,638.31138,404.91147,764.33157,756.66168,424.72
EBITDA 29,98833,86030,73936,83935,90439,854.4442,549.5445,426.8948,498.8151,778.47
EBIT 19,31220,90717,63923,03522,08324,536.8226,196.0927,967.5629,858.8231,877.98
Tax Rate 23.04%23.18%25.10%25.84%42.16%27.86%27.86%27.86%27.86%27.86%
EBIAT 14,863.4716,061.5913,210.7517,082.3112,773.1317,700.0618,89720,174.8821,539.1722,995.73
Depreciation 10,67612,95313,10013,80413,82115,317.6216,353.4517,459.3318,639.9919,900.49
Accounts Receivable --188-174-542-664-1,313.21-945.73-1,009.68-1,077.96-1,150.86
Inventories ----------
Accounts Payable -2,3325381,09189660.97892.97953.351,017.821,086.65
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 13,830.4718,730.5915,040.7519,378.3112,252.1317,657.1119,494.7220,813.0222,220.4723,723.10
WACC
PV UFCF 16,518.9517,062.5117,042.1317,021.7817,001.45
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