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	84,526	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