Loading...

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 21,239.8222,888.5424,506.8526,345.6927,942.8729,328.8233,188.8435,814.0838,646.9741,703.9545,002.73
EBITDA (%)
EBIT 13,371.0714,869.3015,826.2516,923.2518,257.2518,648.3321,428.9423,123.9624,953.0726,926.8629,056.77
EBIT (%)
Depreciation 7,868.768,019.248,680.599,422.449,685.6110,680.4911,759.9112,690.1113,693.9014,777.0915,945.96
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 5,288.944,511.682,317.315,070.523,426.963,818.514,895.715,282.965,700.846,151.786,638.39
Total Cash (%)
Account Receivables 6,375.186,320.486,892.327,952.968,835.2511,105.8210,291.1911,105.2311,983.6512,931.5613,954.44
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 5,528.175,639.606,214.266,911.406,904.938,497.148,608.299,289.2110,023.9810,816.8811,672.50
Accounts Payable (%)
Capital Expenditure -9,511.04-8,583.20-10,044.16-11,134.14-11,641.44-12,315.65-13,565.20-14,638.21-15,796.09-17,045.56-18,393.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 43.13
Diluted Shares Outstanding -
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 -
Total Capital 107,345.00
Debt Weighting 100.00
Equity Weighting 0.00
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 21,239.8222,888.5424,506.8526,345.6927,942.8729,328.8233,188.8435,814.0838,646.9741,703.9545,002.73
EBIT 13,371.0714,869.3015,826.2516,923.2518,257.2518,648.3321,428.9423,123.9624,953.0726,926.8629,056.77
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 8,441.7610,169.329,845.2710,508.0127,369.0314,477.1117,263.3818,628.9120,102.4621,692.5723,408.45
Depreciation 7,868.768,019.248,680.599,422.449,685.6110,680.4911,759.9112,690.1113,693.9014,777.0915,945.96
Accounts Receivable -54.70-571.84-1,060.64-882.29-2,270.57814.63-814.03-878.42-947.91-1,022.89
Inventories -----------
Accounts Payable -111.43574.66697.14-6.471,592.20111.16680.92734.78792.90855.62
Capital Expenditure --927.841,460.951,089.99507.30674.201,249.551,073.011,157.881,249.471,348.30
UFCF 16,310.5117,426.8519,989.6520,656.9436,673.1725,153.4431,198.6232,258.9234,810.6037,564.1240,535.44
WACC
PV UFCF 30,033.3329,894.1331,053.8732,258.5933,510.06
SUM PV UFCF 242,499.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.88
Free cash flow (t + 1) 42,156.86
Terminal Value -35,130,714.07
Present Value of Terminal Value -29,042,050.26

Intrinsic Value

Enterprise Value -28,799,550.47
Net Debt 103,526.49
Equity Value -28,903,076.95
Shares Outstanding -
Equity Value Per Share -Infinity

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
5.88 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell -Infinity Sell -Infinity Sell
5.38 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell -Infinity Sell
4.88 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell -Infinity Sell
4.38 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell
3.88 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell
3.38 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
2.88 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
2.38 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
1.88 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy