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Discounted Cash Flow (DCF) Analysis Unlevered


Comcast Corporation Class A Common Stock

Comcast Corporation Class A Common Stock (CMCSA)

Consumer Cyclical

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 64,657.0068,775.6574,511.5480,740.7085,036.1194,517.64101,993.98110,061.71118,767.59128,162.10138,299.73
Revenue (%)
EBITDA 21,239.8222,888.5424,506.8526,345.6927,942.8729,328.8233,239.8435,869.1138,706.3641,768.0345,071.88
EBITDA (%)
EBIT 13,371.0714,869.3015,826.2516,923.2518,257.2518,648.3321,367.7423,057.9324,881.8126,849.9628,973.79
EBIT (%)
Depreciation 7,868.768,019.248,680.599,422.449,685.6110,680.4911,872.1012,811.1813,824.5514,918.0716,098.09
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 5,288.944,511.682,317.315,070.523,426.963,818.515,477.085,910.316,377.826,882.307,426.70
Total Cash (%)
Account Receivables 6,375.186,320.486,892.327,952.968,835.2511,105.8210,250.4011,061.2011,936.1412,880.2913,899.12
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 5,528.175,639.606,214.266,911.406,904.938,497.148,628.699,311.2210,047.7410,842.5111,700.16
Accounts Payable (%)
Capital Expenditure -9,511.04-8,583.20-10,044.16-11,134.14-11,641.44-12,315.65-13,799.79-14,891.35-16,069.25-17,340.33-18,711.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 42.08
Diluted Shares Outstanding 4,549.50
Cost of Debt
Tax Rate 22.37
After-tax Cost of Debt -1.07
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.28
Total Debt 107,345.00
Total Equity 191,443.16
Total Capital 298,788.16
Debt Weighting 35.93
Equity Weighting 64.07
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 64,657.0068,775.6574,511.5480,740.7085,036.1194,517.64101,993.98110,061.71118,767.59128,162.10138,299.73
EBITDA 21,239.8222,888.5424,506.8526,345.6927,942.8729,328.8233,239.8435,869.1138,706.3641,768.0345,071.88
EBIT 13,371.0714,869.3015,826.2516,923.2518,257.2518,648.3321,367.7423,057.9324,881.8126,849.9628,973.79
Tax Rate 36.87%31.61%37.79%37.91%-49.91%22.37%19.44%19.44%19.44%19.44%19.44%
EBIAT 8,441.7610,169.329,845.2710,508.0127,369.0314,477.1117,214.0818,575.7120,045.0521,630.6223,341.60
Depreciation 7,868.768,019.248,680.599,422.449,685.6110,680.4911,872.1012,811.1813,824.5514,918.0716,098.09
Accounts Receivable -54.70-571.84-1,060.64-882.29-2,270.57855.43-810.81-874.94-944.15-1,018.83
Inventories -----------
Accounts Payable -111.43574.66697.14-6.471,592.20131.56682.53736.52794.78857.64
Capital Expenditure --927.841,460.951,089.99507.30674.201,484.141,091.561,177.911,271.081,371.62
UFCF 16,310.5117,426.8519,989.6520,656.9436,673.1725,153.4431,557.3032,350.1834,909.0837,670.3940,650.12
WACC
PV UFCF 29,052.9427,419.3527,240.1227,062.0626,885.17
SUM PV UFCF 183,615.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.62
Free cash flow (t + 1) 42,276.12
Terminal Value 915,067.61
Present Value of Terminal Value 605,207.34

Intrinsic Value

Enterprise Value 788,822.80
Net Debt 103,526.49
Equity Value 685,296.32
Shares Outstanding 4,549.50
Equity Value Per Share 150.63