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General information
Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed Internet, cable television, and communication services. Comcast serves customers worldwide.
  • Bad financial results growth rate -11.4% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (7.8%)
  • Dividend yield for the last twelve months 1.6%
  • Free cash flow yield 8.7% (LTM)
  • Share price is 37.2% higher than minimum and 11.6% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (8.6x vs 9.4x)
  • Fundamental value created in LTM (estimate) -11.7%
Key Financials
Ticker: CMCSA
Share price, USD: 41.98
Common stocks: 4 549 250 254
Dividend Yield:  1.6%
FCF Yield LTM: 8.7%
EV / LTM EBITDA: 8.6x
Last revenue growth (y/y):  -11.7%
Last growth of EBITDA (y/y):  -11.1%
Historical revenue growth:  8.2%
Historical growth of EBITDA:  7.3%
Target EV / EBITDA (hist 75% percentile): 9.4x
Fundamental value created in LTM: -11.7%
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 190 978
Net Debt ($m): 98 475
EV (Enterprise Value): 289 453
EBITDA LTM ($m): 33 533
EV / LTM EBITDA: 8.6x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

Free Cash Flow ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends

Share price

Payment USD per share

Multiple and potential

EV / LTM EBITDA and 75% percentile

Potential dynamics

Value Creation

Fundamental Value Creation is calculated as ratio of value created in the last period to current market cap of the company.

The fundamental value can be created in two ways:
• cash generation in form of dividend payments or debt reduction or share buybacks
• growth of the company enterprise value through improving financial results

The growth of enterprise value in the last period is estimated as product of:
• annualized increase of EBITDA in the last reporting period year over year
• relevant EV/EBITDA multiple (average between actual EV/EBITDA for the company and average general level of 10.0x is applied)

Parameter
#
Formula
Value
    
    
            EBITDA (pre LTM Q)
(1)
8 896
            EBITDA (last Q)
(2)
7 911
            EBITDA LTM
(3)
33 533
    
    
        EBITDA LTM / last Q
(4)
(3) / (2)
4.239
    Gain of EBITDA (mln $)
(5)
( (2)-(1) ) * (4)
-4 175
    
    
            EV
(6)
290 499
        Mult
(7)
(6) / (3)
8.7x
        Mult common
(8)
const
10.0x
    Mult avg
(9)
avgerage
9.3x
    
    
    Equity+
(10)
(5) * (9)
-38 961
    FCF LTM
(11)
16 552
    
    
Value+
(12)
(10) + (11)
-22 409
Cap
(13)
190 978
    
    
Fundamental value creation
(14)
(12) / (13)
-11.7%

Potential

EBITDA LTM       33 533
 
EBITDA E       32 239
Mult aim       9.4x
 
EV E       302 294
NetDebt corr       94 034
 
Cap E       208 260
Cap       190 978
Growth potential            9.0%