Intrinsic value of Comcast Cl A - CMCSA

Previous Close

$41.68

  Intrinsic Value

$26.39

stock screener

  Rating & Target

sell

-37%

Previous close

$41.68

 
Intrinsic value

$26.39

 
Up/down potential

-37%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CMCSA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.91
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  80,403
  82,011
  83,897
  86,053
  88,474
  91,156
  94,099
  97,304
  100,773
  104,510
  108,521
  112,812
  117,391
  122,266
  127,447
  132,944
  138,770
  144,937
  151,459
  158,350
  165,626
  173,303
  181,399
  189,933
  198,925
  208,395
  218,366
  228,861
  239,905
  251,524
  263,744
Variable operating expenses, $m
 
  64,389
  65,787
  67,385
  69,180
  71,168
  73,349
  75,725
  78,296
  81,066
  84,039
  83,622
  87,016
  90,629
  94,470
  98,545
  102,864
  107,435
  112,269
  117,377
  122,770
  128,461
  134,462
  140,788
  147,453
  154,473
  161,864
  169,643
  177,830
  186,442
  195,501
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  63,578
  64,389
  65,787
  67,385
  69,180
  71,168
  73,349
  75,725
  78,296
  81,066
  84,039
  83,622
  87,016
  90,629
  94,470
  98,545
  102,864
  107,435
  112,269
  117,377
  122,770
  128,461
  134,462
  140,788
  147,453
  154,473
  161,864
  169,643
  177,830
  186,442
  195,501
Operating income, $m
  16,825
  17,622
  18,110
  18,668
  19,295
  19,989
  20,750
  21,579
  22,477
  23,444
  24,482
  29,190
  30,375
  31,636
  32,977
  34,399
  35,907
  37,502
  39,190
  40,973
  42,856
  44,842
  46,937
  49,145
  51,472
  53,922
  56,502
  59,218
  62,075
  65,082
  68,244
EBITDA, $m
  26,383
  28,787
  29,449
  30,206
  31,056
  31,997
  33,030
  34,155
  35,373
  36,685
  38,092
  39,599
  41,206
  42,917
  44,735
  46,665
  48,710
  50,875
  53,164
  55,583
  58,137
  60,832
  63,674
  66,669
  69,825
  73,150
  76,650
  80,333
  84,210
  88,288
  92,578
Interest expense (income), $m
  2,565
  2,599
  2,710
  2,840
  2,989
  3,156
  3,341
  3,544
  3,765
  4,004
  4,262
  4,539
  4,835
  5,150
  5,487
  5,844
  6,223
  6,625
  7,051
  7,501
  7,976
  8,478
  9,008
  9,566
  10,155
  10,775
  11,429
  12,116
  12,840
  13,602
  14,404
Earnings before tax, $m
  14,353
  15,024
  15,401
  15,828
  16,306
  16,833
  17,410
  18,036
  18,712
  19,440
  20,220
  24,652
  25,540
  26,486
  27,490
  28,555
  29,683
  30,877
  32,139
  33,472
  34,880
  36,364
  37,929
  39,579
  41,317
  43,147
  45,074
  47,101
  49,235
  51,479
  53,840
Tax expense, $m
  5,308
  4,056
  4,158
  4,274
  4,403
  4,545
  4,701
  4,870
  5,052
  5,249
  5,459
  6,656
  6,896
  7,151
  7,422
  7,710
  8,015
  8,337
  8,678
  9,038
  9,417
  9,818
  10,241
  10,686
  11,156
  11,650
  12,170
  12,717
  13,293
  13,899
  14,537
Net income, $m
  8,695
  10,967
  11,243
  11,555
  11,903
  12,288
  12,709
  13,166
  13,660
  14,191
  14,761
  17,996
  18,644
  19,335
  20,068
  20,845
  21,669
  22,540
  23,462
  24,435
  25,462
  26,546
  27,688
  28,893
  30,161
  31,497
  32,904
  34,384
  35,941
  37,580
  39,303

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,301
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  180,500
  180,641
  184,796
  189,545
  194,877
  200,785
  207,267
  214,326
  221,967
  230,199
  239,034
  248,485
  258,570
  269,308
  280,719
  292,829
  305,661
  319,245
  333,610
  348,789
  364,815
  381,725
  399,558
  418,355
  438,161
  459,020
  480,983
  504,100
  528,425
  554,017
  580,935
Adjusted assets (=assets-cash), $m
  177,199
  180,641
  184,796
  189,545
  194,877
  200,785
  207,267
  214,326
  221,967
  230,199
  239,034
  248,485
  258,570
  269,308
  280,719
  292,829
  305,661
  319,245
  333,610
  348,789
  364,815
  381,725
  399,558
  418,355
  438,161
  459,020
  480,983
  504,100
  528,425
  554,017
  580,935
Revenue / Adjusted assets
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
Average production assets, $m
  117,987
  120,310
  123,077
  126,240
  129,792
  133,726
  138,044
  142,745
  147,834
  153,317
  159,201
  165,495
  172,212
  179,364
  186,964
  195,029
  203,576
  212,623
  222,190
  232,299
  242,973
  254,236
  266,113
  278,632
  291,823
  305,716
  320,343
  335,739
  351,941
  368,985
  386,913
Working capital, $m
  -5,174
  -3,034
  -3,104
  -3,184
  -3,274
  -3,373
  -3,482
  -3,600
  -3,729
  -3,867
  -4,015
  -4,174
  -4,343
  -4,524
  -4,716
  -4,919
  -5,134
  -5,363
  -5,604
  -5,859
  -6,128
  -6,412
  -6,712
  -7,028
  -7,360
  -7,711
  -8,080
  -8,468
  -8,876
  -9,306
  -9,759
Total debt, $m
  61,046
  60,215
  63,107
  66,412
  70,123
  74,235
  78,747
  83,660
  88,978
  94,708
  100,856
  107,435
  114,454
  121,927
  129,870
  138,298
  147,229
  156,684
  166,682
  177,246
  188,400
  200,169
  212,581
  225,664
  239,449
  253,967
  269,253
  285,342
  302,273
  320,085
  338,820
Total liabilities, $m
  126,557
  125,726
  128,618
  131,923
  135,634
  139,746
  144,258
  149,171
  154,489
  160,219
  166,367
  172,946
  179,965
  187,438
  195,381
  203,809
  212,740
  222,195
  232,193
  242,757
  253,911
  265,680
  278,092
  291,175
  304,960
  319,478
  334,764
  350,853
  367,784
  385,596
  404,331
Total equity, $m
  53,943
  54,915
  56,178
  57,622
  59,243
  61,039
  63,009
  65,155
  67,478
  69,981
  72,666
  75,539
  78,605
  81,869
  85,339
  89,020
  92,921
  97,051
  101,418
  106,032
  110,904
  116,044
  121,466
  127,180
  133,201
  139,542
  146,219
  153,246
  160,641
  168,421
  176,604
Total liabilities and equity, $m
  180,500
  180,641
  184,796
  189,545
  194,877
  200,785
  207,267
  214,326
  221,967
  230,200
  239,033
  248,485
  258,570
  269,307
  280,720
  292,829
  305,661
  319,246
  333,611
  348,789
  364,815
  381,724
  399,558
  418,355
  438,161
  459,020
  480,983
  504,099
  528,425
  554,017
  580,935
Debt-to-equity ratio
  1.132
  1.100
  1.120
  1.150
  1.180
  1.220
  1.250
  1.280
  1.320
  1.350
  1.390
  1.420
  1.460
  1.490
  1.520
  1.550
  1.580
  1.610
  1.640
  1.670
  1.700
  1.720
  1.750
  1.770
  1.800
  1.820
  1.840
  1.860
  1.880
  1.900
  1.920
Adjusted equity ratio
  0.286
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304
  0.304

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8,695
  10,967
  11,243
  11,555
  11,903
  12,288
  12,709
  13,166
  13,660
  14,191
  14,761
  17,996
  18,644
  19,335
  20,068
  20,845
  21,669
  22,540
  23,462
  24,435
  25,462
  26,546
  27,688
  28,893
  30,161
  31,497
  32,904
  34,384
  35,941
  37,580
  39,303
Depreciation, amort., depletion, $m
  9,558
  11,165
  11,339
  11,538
  11,761
  12,008
  12,280
  12,576
  12,896
  13,241
  13,611
  10,409
  10,831
  11,281
  11,759
  12,266
  12,804
  13,373
  13,974
  14,610
  15,281
  15,990
  16,737
  17,524
  18,354
  19,227
  20,147
  21,116
  22,135
  23,207
  24,334
Funds from operations, $m
  17,543
  22,132
  22,581
  23,092
  23,664
  24,297
  24,989
  25,742
  26,556
  27,432
  28,371
  28,404
  29,475
  30,615
  31,826
  33,111
  34,472
  35,913
  37,436
  39,045
  40,743
  42,535
  44,425
  46,417
  48,515
  50,725
  53,051
  55,500
  58,076
  60,787
  63,637
Change in working capital, $m
  -1,697
  -59
  -70
  -80
  -90
  -99
  -109
  -119
  -128
  -138
  -148
  -159
  -169
  -180
  -192
  -203
  -216
  -228
  -241
  -255
  -269
  -284
  -300
  -316
  -333
  -350
  -369
  -388
  -409
  -430
  -452
Cash from operations, $m
  19,240
  22,192
  22,651
  23,172
  23,754
  24,396
  25,098
  25,860
  26,684
  27,570
  28,520
  28,563
  29,645
  30,796
  32,018
  33,315
  34,688
  36,141
  37,677
  39,300
  41,013
  42,819
  44,725
  46,732
  48,848
  51,075
  53,420
  55,888
  58,485
  61,216
  64,089
Maintenance CAPEX, $m
  0
  -7,421
  -7,567
  -7,741
  -7,940
  -8,163
  -8,410
  -8,682
  -8,978
  -9,298
  -9,643
  -10,013
  -10,409
  -10,831
  -11,281
  -11,759
  -12,266
  -12,804
  -13,373
  -13,974
  -14,610
  -15,281
  -15,990
  -16,737
  -17,524
  -18,354
  -19,227
  -20,147
  -21,116
  -22,135
  -23,207
New CAPEX, $m
  -10,821
  -2,324
  -2,767
  -3,163
  -3,551
  -3,935
  -4,317
  -4,701
  -5,089
  -5,483
  -5,884
  -6,295
  -6,717
  -7,151
  -7,600
  -8,065
  -8,547
  -9,047
  -9,567
  -10,109
  -10,674
  -11,262
  -11,877
  -12,519
  -13,191
  -13,893
  -14,627
  -15,396
  -16,201
  -17,044
  -17,928
Cash from investing activities, $m
  -18,385
  -9,745
  -10,334
  -10,904
  -11,491
  -12,098
  -12,727
  -13,383
  -14,067
  -14,781
  -15,527
  -16,308
  -17,126
  -17,982
  -18,881
  -19,824
  -20,813
  -21,851
  -22,940
  -24,083
  -25,284
  -26,543
  -27,867
  -29,256
  -30,715
  -32,247
  -33,854
  -35,543
  -37,317
  -39,179
  -41,135
Free cash flow, $m
  855
  12,447
  12,317
  12,268
  12,263
  12,298
  12,370
  12,477
  12,617
  12,790
  12,993
  12,256
  12,519
  12,813
  13,137
  13,491
  13,875
  14,290
  14,737
  15,217
  15,729
  16,276
  16,858
  17,476
  18,133
  18,829
  19,565
  20,344
  21,168
  22,037
  22,955
Issuance/(repayment) of debt, $m
  7,969
  2,470
  2,892
  3,305
  3,711
  4,112
  4,512
  4,913
  5,318
  5,729
  6,149
  6,578
  7,019
  7,473
  7,943
  8,428
  8,932
  9,454
  9,998
  10,564
  11,154
  11,769
  12,412
  13,083
  13,785
  14,518
  15,286
  16,089
  16,931
  17,812
  18,735
Issuance/(repurchase) of shares, $m
  -4,977
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2,752
  2,470
  2,892
  3,305
  3,711
  4,112
  4,512
  4,913
  5,318
  5,729
  6,149
  6,578
  7,019
  7,473
  7,943
  8,428
  8,932
  9,454
  9,998
  10,564
  11,154
  11,769
  12,412
  13,083
  13,785
  14,518
  15,286
  16,089
  16,931
  17,812
  18,735
Total cash flow (excl. dividends), $m
  3,607
  14,918
  15,209
  15,574
  15,974
  16,410
  16,882
  17,390
  17,935
  18,519
  19,142
  18,834
  19,539
  20,287
  21,080
  21,919
  22,807
  23,745
  24,735
  25,781
  26,883
  28,045
  29,270
  30,559
  31,917
  33,347
  34,851
  36,434
  38,098
  39,849
  41,690
Retained Cash Flow (-), $m
  -1,674
  -972
  -1,263
  -1,444
  -1,621
  -1,796
  -1,971
  -2,146
  -2,323
  -2,502
  -2,686
  -2,873
  -3,066
  -3,264
  -3,469
  -3,681
  -3,901
  -4,129
  -4,367
  -4,614
  -4,872
  -5,141
  -5,421
  -5,714
  -6,021
  -6,341
  -6,677
  -7,028
  -7,395
  -7,780
  -8,183
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  13,946
  13,946
  14,130
  14,353
  14,614
  14,911
  15,244
  15,613
  16,017
  16,456
  15,960
  16,473
  17,022
  17,610
  18,238
  18,906
  19,615
  20,368
  21,166
  22,011
  22,904
  23,848
  24,845
  25,897
  27,006
  28,175
  29,406
  30,703
  32,069
  33,507
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  13,058
  12,149
  11,375
  10,600
  9,825
  9,050
  8,279
  7,516
  6,767
  6,036
  5,026
  4,399
  3,806
  3,253
  2,742
  2,279
  1,865
  1,502
  1,189
  923
  703
  525
  383
  273
  190
  129
  85
  54
  34
  20
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Comcast Corporation is a media and technology company. The Company has two primary businesses: Comcast Cable and NBCUniversal. Its Comcast Cable business operates in the Cable Communications segment. Its NBCUniversal business operates in four business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks. Its Cable Communications segment consists of the operations of Comcast Cable, which provides video, high-speed Internet and voice services to residential customers under the XFINITY brand. Its Cable Networks segment consists of a portfolio of national cable networks. Its Broadcast Television segment operates the NBC and Telemundo broadcast networks. Its Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment across the world, and it also develops, produces and licenses live stage plays. Its Theme Parks segment consists primarily of its Universal theme parks in Orlando, Florida and Hollywood, California.

FINANCIAL RATIOS  of  Comcast Cl A (CMCSA)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 2.5
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 23.5
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.6%
Cap. Spend. - 3 Yr. Gr. Rate 7.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 103%
Total Debt to Equity 113.2%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 16.4%
Return On Equity - 3 Yr. Avg. 16%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 69.6%
Gross Margin - 3 Yr. Avg. 69.6%
EBITDA Margin 32.9%
EBITDA Margin - 3 Yr. Avg. 33%
Operating Margin 20.9%
Oper. Margin - 3 Yr. Avg. 21.3%
Pre-Tax Margin 17.9%
Pre-Tax Margin - 3 Yr. Avg. 18%
Net Profit Margin 10.8%
Net Profit Margin - 3 Yr. Avg. 11.3%
Effective Tax Rate 37%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 29.9%

CMCSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMCSA stock intrinsic value calculation we used $80403 million for the last fiscal year's total revenue generated by Comcast Cl A. The default revenue input number comes from 2016 income statement of Comcast Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CMCSA stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.8%, whose default value for CMCSA is calculated based on our internal credit rating of Comcast Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Comcast Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CMCSA stock the variable cost ratio is equal to 78.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CMCSA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.5% for Comcast Cl A.

Corporate tax rate of 27% is the nominal tax rate for Comcast Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CMCSA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CMCSA are equal to 146.7%.

Life of production assets of 15.9 years is the average useful life of capital assets used in Comcast Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CMCSA is equal to -3.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $53943 million for Comcast Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 4701.87 million for Comcast Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Comcast Cl A at the current share price and the inputted number of shares is $196.0 billion.

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QVCA Liberty Intera 26.72 8.57  str.sell
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VIAB Viacom Cl B 31.96 96.87  str.buy

COMPANY NEWS

▶ Dish Swoons But T-Mobile, Others Gain On Analyst Moves   [Jan-17-18 04:16PM  Investor's Business Daily]
▶ Ann Curry not surprised by Lauer allegations   [10:50AM  American City Business Journals]
▶ Comcast teams up with Amazon company for cloud services   [08:50AM  American City Business Journals]
▶ Business Highlights   [Jan-16-18 05:25PM  Associated Press]
▶ Why Fox Chose Disney over Verizon   [04:35PM  Market Realist]
▶ This Week in Comcast: Can municipal broadband save customers money?   [07:55AM  American City Business Journals]
▶ At $42.44, Is Comcast Corporation (NASDAQ:CMCS.A) A Buy?   [Jan-15-18 06:43PM  Simply Wall St.]
▶ New Comcast product can make small businesses weather-proof   [03:50PM  American City Business Journals]
▶ Sprint Takes on Mediacom in Patent Challenge   [10:30AM  Market Realist]
▶ Is Comcast Corporation a Buy in 2018?   [09:13AM  Motley Fool]
▶ Universal Orlando reveals details on new Harry Potter Hogwarts show   [Jan-12-18 01:00PM  American City Business Journals]
▶ Gauging Hulus Subscriber Growth   [11:20AM  Market Realist]
▶ IBD Rating Upgrades: Comcast Shows Improved Technical Strength   [03:00AM  Investor's Business Daily]
▶ Fewer than 10 spots are left for Super Bowl ads   [06:20PM  American City Business Journals]
▶ TiVo subsidiary sues Comcast for patent infringement   [03:35PM  American City Business Journals]
▶ Comcast up on strong ad sales for NBC   [02:50PM  CNBC Videos]
▶ NBC Sports Chicago names new local sales manager   [03:20PM  American City Business Journals]
▶ Why Rising Debt Remains a Concern for CBS   [09:04AM  Market Realist]
▶ Democrats vow to force vote on net neutrality   [Jan-09-18 05:54PM  Reuters]
▶ What Hurt CBSs Entertainment Segment in 3Q17?   [11:42AM  Market Realist]
▶ Why Comcast prices are up, again   [08:25AM  American City Business Journals]
▶ This Week in Comcast: Why prices are up, again   [08:10AM  American City Business Journals]
▶ This Week in Comcast: Why prices are up, again   [Jan-08-18 10:35PM  American City Business Journals]
▶ Here's what's happening at Universal's newest 600-room hotel project   [01:40PM  American City Business Journals]
▶ Central Florida Theme Parks: Walt Disney Brrr   [Jan-06-18 04:00PM  Motley Fool]
▶ What You Should Know About Net Neutrality   [11:42AM  Investopedia]
▶ Comcast fired hundreds ahead of new year: Report   [09:00AM  American City Business Journals]
▶ 2018: The Return Of 'Animal Spirits'   [Jan-04-18 07:55PM  Forbes]
▶ NFL ratings tackled for loss   [05:21PM  Yahoo Finance Video]
▶ Why Kotb's salary doesn't match Lauer's   [10:50AM  American City Business Journals]
▶ Alexion, PayPal, Comcast & Visa   [01:53PM  CNBC Videos]
Financial statements of CMCSA
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