Discounted Cash Flow

Comcast Corp.

CMCSA · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $80.4b $8.7b $17.5b 10.8% $3.61
2017 $84.5b (5.1%) $22.7b (161.2%) $19.1b (8.9%) 26.9% (148.5%) $4.82 (33.5%)
2018 $94.5b (11.8%) $11.7b (-48.4%) $23.0b (20.6%) 12.4% (-53.8%) $2.56 (-46.9%)
2019 $108.9b (15.3%) $13.1b (11.3%) $23.8b (3.3%) 12.0% (-3.4%) $2.87 (12.1%)
2020 $103.6b (-4.9%) $10.5b (-19.3%) $23.9b (0.5%) 10.2% (-15.1%) $2.30 (-19.9%)
2021 $116.4b (12.4%) $14.2b (34.4%) $29.0b (21.1%) 12.2% (19.6%) $3.09 (34.3%)
2022 $121.4b (4.3%) $5.4b (-62.1%) $24.1b (-16.7%) 4.4% (-63.6%) $1.22 (-60.5%)
2023 $121.6b (0.1%) $15.4b (186.6%) $27.2b (12.6%) 12.7% (186.2%) $3.73 (205.7%)
2024 $123.7b (1.8%) $16.2b (5.2%) $26.6b (-2.2%) 13.1% (3.4%) $4.17 (11.8%)
2025 $123.7b (-0.0%) $20.0b (23.5%) $32.3b (21.6%) 16.2% (23.5%) $5.41 (29.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model