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	80,736	85,029	94,507	108,942	103,564	110,503.19	117,907.33	125,807.57	134,237.17	143,231.58
Revenue (%)
EBITDA	26,354	27,931	29,329	34,250	31,586	35,021.21	37,367.76	39,871.55	42,543.09	45,393.65
EBITDA (%)
EBIT	16,796	18,106	18,653	21,297	18,486	21,931.22	23,400.70	24,968.64	26,641.63	28,426.73
EBIT (%)
Depreciation	9,558	9,825	10,676	12,953	13,100	13,089.98	13,967.06	14,902.91	15,901.46	16,966.92
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	3,301	3,428	3,814	5,500	11,740	6,307.62	6,730.25	7,181.20	7,662.37	8,175.78
Total Cash (%)
Account Receivables	7,955	8,546	11,104	11,292	11,466	11,733.17	12,519.34	13,358.18	14,253.23	15,208.26
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	6,915	6,926	8,494	10,826	11,364	10,300.76	10,990.95	11,727.39	12,513.17	13,351.60
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	80,736	85,029	94,507	108,942	103,564	110,503.19	117,907.33	125,807.57	134,237.17	143,231.58
EBITDA	26,354	27,931	29,329	34,250	31,586	35,021.21	37,367.76	39,871.55	42,543.09	45,393.65
EBIT	16,796	18,106	18,653	21,297	18,486	21,931.22	23,400.70	24,968.64	26,641.63	28,426.73
Tax Rate	39.42%	-48.08%	23.04%	23.18%	25.10%	12.53%	12.53%	12.53%	12.53%	12.53%
EBIAT	10,174.21	26,811.69	14,356.27	16,361.20	13,845.11	19,182.85	20,468.17	21,839.62	23,302.96	24,864.35
Depreciation	9,558	9,825	10,676	12,953	13,100	13,089.98	13,967.06	14,902.91	15,901.46	16,966.92
Accounts Receivable	-	-591	-2,558	-188	-174	-267.17	-786.17	-838.84	-895.05	-955.02
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	11	1,568	2,332	538	-1,063.24	690.19	736.44	785.78	838.43
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	8,911.21	24,759.69	12,333.28	19,030.20	15,675.11	17,301.88	19,784.75	21,110.41	22,524.89	24,034.14
WACC
PV UFCF						16,452.91	17,890.79	18,152.85	18,418.76	18,688.56
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