DCF Tool

CMCSA

Comcast Corporation, incorporated and headquartered in Philadelphia, is the largest American multinational telecommunications and media conglomerate.
Analysis Results
Intrinsic Value $54.20
Latest Price $39.37
Relative Value 27% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -2.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -2.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 11.3 10.7
2025 11.1 9.79
2026 10.8 8.98
2027 10.5 8.23
2028 10.2 7.55
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 244 billion. This corresponds to a present value of 170 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 45.2 billion. Adding in the terminal value gives a total present value of 215 billion.

There are presently 3.96 billion outstanding shares, so the intrinsic value per share is 54.2.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 23,987,000,000
Current Cash 6,215,000,000
Current Liabilities 40,199,000,000
Current Debt 2,069,000,000
Non-Cash Working Capital (NCWC) -20,358,000,000
Change in NCWC -11,292,000,000
EBIT 24,102,000,000
Tax Provision 5,371,000,000
Depreciation and Amortization 14,336,000,000
Capital Expenditure -15,677,000,000
Unlevered Free Cash Flow 5,147,183,229
Current Assets 21,827,000,000
Current Cash 4,749,000,000
Current Liabilities 27,887,000,000
Current Debt 1,743,000,000
Non-Cash Working Capital (NCWC) -9,066,000,000
Change in NCWC 2,054,000,000
EBIT 22,087,000,000
Tax Provision 4,359,000,000
Depreciation and Amortization 13,821,000,000
Capital Expenditure -14,097,000,000
Unlevered Free Cash Flow 13,495,884,975
Current Assets 24,807,000,000
Current Cash 8,711,000,000
Current Liabilities 29,348,000,000
Current Debt 2,132,000,000
Non-Cash Working Capital (NCWC) -11,120,000,000
Change in NCWC -471,000,000
EBIT 22,823,000,000
Tax Provision 5,259,000,000
Depreciation and Amortization 13,804,000,000
Capital Expenditure -13,033,000,000
Unlevered Free Cash Flow 16,836,274,827
Current Assets 26,741,000,000
Current Cash 11,740,000,000
Current Liabilities 28,796,000,000
Current Debt 3,146,000,000
Non-Cash Working Capital (NCWC) -10,649,000,000
Change in NCWC -4,701,000,000
EBIT 17,380,000,000
Tax Provision 3,364,000,000
Depreciation and Amortization 13,100,000,000
Capital Expenditure -11,634,000,000
Unlevered Free Cash Flow 9,988,134,020
Current Assets 25,392,000,000
Current Cash 5,500,000,000
Current Liabilities 30,292,000,000
Current Debt 4,452,000,000
Non-Cash Working Capital (NCWC) -5,948,000,000
Change in NCWC -777,000,000
EBIT 20,620,000,000
Tax Provision 3,673,000,000
Depreciation and Amortization 12,953,000,000
Capital Expenditure -12,428,000,000
Unlevered Free Cash Flow 15,911,818,545
Current Assets 21,848,000,000
Current Cash 3,814,000,000
Current Liabilities 27,603,000,000
Current Debt 4,398,000,000
Non-Cash Working Capital (NCWC) -5,171,000,000
Change in NCWC -1,367,000,000
EBIT 18,304,000,000
Tax Provision 3,380,000,000
Depreciation and Amortization 10,676,000,000
Capital Expenditure -11,709,000,000
Unlevered Free Cash Flow 11,844,984,122
Current Assets 16,060,000,000
Current Cash 3,437,000,000
Current Liabilities 21,561,000,000
Current Debt 5,134,000,000
Non-Cash Working Capital (NCWC) -3,804,000,000
Change in NCWC 963,000,000
EBIT 17,652,000,000
Tax Provision -7,578,000,000
Depreciation and Amortization 9,825,000,000
Capital Expenditure -11,297,000,000
Unlevered Free Cash Flow 17,143,000,000
Current Assets 16,361,000,000
Current Cash 5,073,000,000
Current Liabilities 21,535,000,000
Current Debt 5,480,000,000
Non-Cash Working Capital (NCWC) -4,767,000,000
Change in NCWC -118,000,000
EBIT 16,755,000,000
Tax Provision 5,308,000,000
Depreciation and Amortization 9,558,000,000
Capital Expenditure -10,821,000,000
Unlevered Free Cash Flow 9,177,696,788
Current Assets 12,303,000,000
Current Cash 2,401,000,000
Current Liabilities 18,178,000,000
Current Debt 3,627,000,000
Non-Cash Working Capital (NCWC) -4,649,000,000
Change in NCWC -475,000,000
EBIT 15,673,000,000
Tax Provision 4,959,000,000
Depreciation and Amortization 8,680,000,000
Capital Expenditure -9,869,000,000
Unlevered Free Cash Flow 8,196,675,216
Current Assets 13,531,000,000
Current Cash 4,512,000,000
Current Liabilities 17,410,000,000
Current Debt 4,217,000,000
Non-Cash Working Capital (NCWC) -4,174,000,000
Change in NCWC 2,674,000,000
EBIT 15,001,000,000
Tax Provision 3,873,000,000
Depreciation and Amortization 8,019,000,000
Capital Expenditure -8,585,000,000
Unlevered Free Cash Flow 12,448,039,470
Current Assets 14,075,000,000
Current Cash 5,291,000,000
Current Liabilities 18,912,000,000
Current Debt 3,280,000,000
Non-Cash Working Capital (NCWC) -6,848,000,000
Change in NCWC -86,000,000
EBIT 13,477,000,000
Tax Provision 3,980,000,000
Depreciation and Amortization 16,120,000,000
Capital Expenditure -7,605,000,000
Unlevered Free Cash Flow 17,080,227,620
Current Assets 19,991,000,000
Current Cash 12,415,000,000
Current Liabilities 16,714,000,000
Current Debt 2,376,000,000
Non-Cash Working Capital (NCWC) -6,762,000,000
Change in NCWC -1,787,000,000
EBIT 13,138,000,000
Tax Provision 3,744,000,000
Depreciation and Amortization 17,252,000,000
Capital Expenditure -6,637,000,000
Unlevered Free Cash Flow 17,728,884,658

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