DCF Studio

    CMCSA · NMS · Communication Services

    Comcast Corporation

    Also onShortfallConsensus DriftCrosscheck

    Implied value per share

    USD 76.66

    Market price

    USD 23.87

    Implied upside

    +221.2%

    10-year forecast · Perpetuity growth terminal value · Mid-year discounting · Base case · Price 2026-11-02 · Accounts to 2025-12-31

    Value Per Share

    Perpetuity growth
    USD 76.66+221.2%
    Exit multiple
    USD 35.39+48.3%
    Market price
    USD 23.87

    Same forecast, different terminal treatment. Percentages vs price.

    Forecast Cashflows

    Reporting currency (USD). Outflows negative.

    0bn9bn17bnFY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
    Nominal FCFFDiscounted to todayUSD
    LineFY26FY27FY28FY29FY30FY31FY32FY33FY34FY35CAGR
    RevenueUSD 119.8bnUSD 116.4bnUSD 113.9bnUSD 112.3bnUSD 111.4bnUSD 111.2bnUSD 111.8bnUSD 113.1bnUSD 115.1bnUSD 118.0bn-0.2%
    EBITUSD 22.0bnUSD 21.3bnUSD 20.9bnUSD 20.6bnUSD 20.4bnUSD 20.4bnUSD 20.5bnUSD 20.7bnUSD 21.1bnUSD 21.6bn-0.2%
    NOPATUSD 17.4bnUSD 16.9bnUSD 16.5bnUSD 16.3bnUSD 16.1bnUSD 16.1bnUSD 16.2bnUSD 16.4bnUSD 16.7bnUSD 17.1bn-0.2%
    Add depreciation & amortisationUSD 14.4bnUSD 14.0bnUSD 13.7bnUSD 13.5bnUSD 13.4bnUSD 13.4bnUSD 13.5bnUSD 13.6bnUSD 13.9bnUSD 14.2bn-0.2%
    Less capital expenditureUSD -14.4bnUSD -14.0bnUSD -13.6bnUSD -13.4bnUSD -13.3bnUSD -13.3bnUSD -13.3bnUSD -13.5bnUSD -13.7bnUSD -14.0bn-0.3%
    Capex, % of revenue12.0%12.0%12.0%12.0%12.0%11.9%11.9%11.9%11.9%11.9%-
    Less increase in working capitalUSD 59.3mUSD 50.7mUSD 37.6mUSD 25.4mUSD 13.8mUSD 2.5mUSD -8.6mUSD -19.9mUSD -31.4mUSD -43.5m-
    Free cashflow to firmUSD 17.5bnUSD 17.0bnUSD 16.6bnUSD 16.4bnUSD 16.3bnUSD 16.2bnUSD 16.3bnUSD 16.5bnUSD 16.8bnUSD 17.3bn-0.1%
    Discount factor0.97020.91320.85950.80910.76150.71680.67470.63510.59770.5626-
    Present valueUSD 17.0bnUSD 15.5bnUSD 14.3bnUSD 13.3bnUSD 12.4bnUSD 11.6bnUSD 11.0bnUSD 10.5bnUSD 10.1bnUSD 9.7bn-
    Present Value Of The ForecastUSD 125.4bn

    Discount Rate

    Source shown per component. All overridable above.

    Risk-free rate4.89%US 10-year Treasury (^TNX), 2026-11-02
    Equity risk premium4.23%Damodaran, January 2026
    Beta0.804Reported 0.707, pulled toward 1.0 (Blume)
    Cost of equity8.29%Risk-free + beta x equity risk premium
    Cost of debt5.67%Risk-free + 78bp, the spread for a A rating at 4.7x interest cover. Book interest / average debt was lower, at 4.5%.
    Market capitalisationUSD 84.8bn46.1% of capital
    Total debtUSD 98.9bn53.9% of capital, book value as a proxy
    Tax rate21.0%Effective, capped at statutory
    WACC6.24%E/V x Re + D/V x Rd x (1 - t)

    Terminal Value

    Perpetuity growth is intrinsic. The exit multiple defaults to the company's current EV/EBITDA, so it answers a different question - what the shares are worth if today's rating holds and EBITDA grows as forecast.

    Perpetuity growth at 2.50%

    Value per shareUSD 76.66

    66% of EV

    Forecast FCFF, final year
    USD 17.3bn
    Capex at depreciation, working capital in reinvestment
    USD 21.5bn
    Less reinvestment at g/ROIC (25.2% of NOPAT)
    USD -5.4bn
    Capitalised
    USD 16.1bn
    ROIC (reported)
    9.9%
    Terminal value, undiscounted
    USD 441.5bn
    Terminal value, discounted
    USD 248.4bn
    Enterprise value
    USD 373.8bn
    Less net debt
    USD 89.5bn
    Equity value
    USD 284.3bn

    Exit at 4.7x EBITDA

    Value per shareUSD 35.39

    43% of EV

    Terminal value, undiscounted
    USD 169.5bn
    Terminal value, discounted
    USD 95.4bn
    Enterprise value
    USD 220.7bn
    Less net debt
    USD 89.5bn
    Equity value
    USD 131.3bn

    Spread between methods: 74%.

    Sensitivity

    Value per share (USD) by discount rate and long-run growth.

    Long-run growth
    Discount rate1.50%2.00%2.50%3.00%3.50%
    4.24%137.92156.07185.14238.34364.52
    5.24%95.50102.00111.17124.80146.72
    6.24%70.9573.3876.6681.2087.67
    7.24%54.9455.6556.6558.0860.07
    8.24%43.6743.5743.5843.7144.03

    Outlined: this model. Green text: above today's price of 23.87. Shading: distance from this model's own value.

    Priced In

    What each input would have to be to justify the current price, one at a time.

    InputActualModelImplied
    Revenue growth, a year0.6%-0.5%-8.6%
    EBIT margin19.2%18.3%6.7%
    Discount rate-6.2%11.1%
    Download as Excel

    Live formulas, not pasted numbers - edit a driver and the workbook reprices.

    Yahoo Finance and RBA data. General information, not advice. Methodology.