Comcast Corp

CMCSA

Cable & Other Pay Television Services

Mkt Cap

$152.6B

PE

10.09

Debt

$96.57B

Cash

$6.586B

EV

$242.6B

FCF

$16.91B

Market Cap

$152.6B

P/E Ratio

10.09

Debt

$96.57B

Cash

$6.586B

EV

$242.6B

FCF

$16.91B

Charts data: {"Earnings":[{"time":"2014-12-30","value":8380000000},{"time":"2015-12-30","value":8163000000},{"time":"2016-12-30","value":8695000000},{"time":"2017-12-30","value":22714000000},{"time":"2018-12-30","value":11731000000},{"time":"2019-12-30","value":13057000000},{"time":"2020-12-30","value":10534000000},{"time":"2021-12-30","value":13833000000},{"time":"2022-12-30","value":4925000000},{"time":"2023-12-30","value":15107000000}],"Sales":[{"time":"2014-12-30","value":68775000000},{"time":"2015-12-30","value":74510000000},{"time":"2016-12-30","value":80403000000},{"time":"2017-12-30","value":84526000000},{"time":"2018-12-30","value":94507000000},{"time":"2019-12-30","value":108942000000},{"time":"2020-12-30","value":103564000000},{"time":"2021-12-30","value":116385000000},{"time":"2022-12-30","value":121427000000},{"time":"2023-12-30","value":121572000000}],"Net Margins":[{"time":"2014-12-30","value":0.12184660123591422},{"time":"2015-12-30","value":0.10955576432693598},{"time":"2016-12-30","value":0.10814273099262466},{"time":"2017-12-30","value":0.2687220500201122},{"time":"2018-12-30","value":0.12412837144338515},{"time":"2019-12-30","value":0.11985276569183602},{"time":"2020-12-30","value":0.10171488161909543},{"time":"2021-12-30","value":0.11885552261889419},{"time":"2022-12-30","value":0.04055934841509714},{"time":"2023-12-30","value":0.12426381074589543}],"Assets":[{"time":"2014-12-30","value":159339000000},{"time":"2015-12-30","value":166574000000},{"time":"2016-12-30","value":180500000000},{"time":"2017-12-30","value":186949000000},{"time":"2018-12-30","value":251684000000},{"time":"2019-12-30","value":263414000000},{"time":"2020-12-30","value":273869000000},{"time":"2021-12-30","value":275905000000},{"time":"2022-12-30","value":257275000000},{"time":"2023-12-30","value":264811000000}],"Stockholders Equity":[{"time":"2014-12-30","value":53068000000},{"time":"2015-12-30","value":53978000000},{"time":"2016-12-30","value":56174000000},{"time":"2017-12-30","value":69449000000},{"time":"2018-12-30","value":72502000000},{"time":"2019-12-30","value":83874000000},{"time":"2020-12-30","value":91738000000},{"time":"2021-12-30","value":97490000000},{"time":"2022-12-30","value":81627000000},{"time":"2023-12-30","value":83226000000}],"ROE":[{"time":"2014-12-30","value":0.15791060526117434},{"time":"2015-12-30","value":0.1512282781874097},{"time":"2016-12-30","value":0.15478691209456333},{"time":"2017-12-30","value":0.3270601448544975},{"time":"2018-12-30","value":0.16180243303633005},{"time":"2019-12-30","value":0.15567398717123304},{"time":"2020-12-30","value":0.11482700734700996},{"time":"2021-12-30","value":0.14189147604882552},{"time":"2022-12-30","value":0.06033542822840482},{"time":"2023-12-30","value":0.18151779491985678}],"ROA":[{"time":"2014-12-30","value":0.093536422344812},{"time":"2015-12-30","value":0.09604139901785393},{"time":"2016-12-30","value":0.0934016620498615},{"time":"2017-12-30","value":0.09621340579516338},{"time":"2018-12-30","value":0.07552724845441108},{"time":"2019-12-30","value":0.08019695232599634},{"time":"2020-12-30","value":0.06387360380327821},{"time":"2021-12-30","value":0.0754498831119407},{"time":"2022-12-30","value":0.05457584296958507},{"time":"2023-12-30","value":0.08804014938956463}]}

Comcast Corporation operates as a media and technology company worldwide. It operates through Cable Communications, Media, Studios, Theme Parks, and Sky segments. The Cable Communications segment provides broadband, video, voice, wireless, and other services to residential and business customers under the Xfinity brand; and advertising services. The Media segment operates NBCUniversal's television and streaming platforms, including national, regional, and international cable networks; the NBC and Telemundo broadcast networks; and Peacock, a direct-to-consumer streaming service. The Studios segment operates NBCUniversal's film and television studio production and distribution operations. The Theme Parks segment consists of Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. The Sky segment offers direct-to-consumer services, such as video, broadband, voice and wireless phone services, and content business operates entertainment networks, the Sky News broadcast network, and Sky Sports networks. The company also owns the Philadelphia Flyers, as well as the Wells Fargo Center arena in Philadelphia, Pennsylvania; and provides streaming service, such as Peacock. Comcast Corporation was founded in 1963 and is headquartered in Philadelphia, Pennsylvania.

Sector

10-Q
9/30/23
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10-K
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12/31/18
10-Q
9/30/18
10-Q
6/30/18
10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Comcast Corp

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$16.91B	$18.16B	$19.46B	$20.8B	$22.17B	$23.57B	$25B	$26.45B	$27.91B	$29.38B	$30.85B	$308.5B
DCF		$15.79B	$14.71B	$13.67B	$12.67B	$11.72B	$10.81B	$9.944B	$9.125B	$8.353B	$7.626B	$76.26B
Value	$190.7B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth 0.063%

Earnings Stability 0.0017%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Over time the ROA has been decreasing indicating a lower marginal ROA with respect to the calculated one, this could impede growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	11%	11%	27%	12%	12%	10%	12%	4.1%	12%	12%
ROA	9.6%	9.3%	9.6%	7.6%	8%	6.4%	7.5%	5.5%	8.8%	8.9%
ROE	15%	15%	33%	16%	16%	11%	14%	6%	18%	18%

What is the average Net Margin?

The average Net Margin over the past 5 years is +10.49%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -0.63%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +7.29%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -0.01%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +13.6%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -0.46%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

The Graham’s stability indicate a relevant drawdown, consider checking when it has occured and why.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	5.12	6.04	5.45	7.69	6.49	6.67	4.85	6.12	6.10	5.71
Debt Equity	0.97	1.09	0.93	1.54	1.22	1.13	0.99	1.18	1.19	1.16
MIN
Graham Stability	-	-	100%	89%	91%	67%	100%	39%	100%	39%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 5.71.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -0.31.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.39.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has been increasing in past years.

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	6.1%	5.2%	5.5%	0.12%	-0.76%
Net Income	8.2%	5.2%	13%	210%	6.6%
Stockholders Equity	5.8%	2.8%	-3.2%	2%	-1.5%
FCF	7%	2.3%	1.5%	3%	-1.3%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +5.17%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -0.76%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +5.19%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +6.56%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +2.8%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -1.5%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +2.28%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -1.32%.