Comcast Corporation Class A

Analyst Listing

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
Pacific Crest Securities-KBCM Andy Hargreaves ahargreaves@pacific-crest.com
Nomura Research Anthony DiClemente anthony.diclemente@nomura.com
Deutsche Bank Research Bryan Kraft bryan.kraft@db.com
Raymond James Frank G. Louthan IV frank.louthan@raymondjames.com
Atlantic Equities Hamiton Faber h.faber@atlantic-equities.com
Buckingham Research James Ratcliffe jratcliffe@buckresearch.com
Scotiabank GBM Jeffrey Fan jeff.fan@scotiabank.com
Pivotal Research Group Jeffrey Wlodarczak jeff@pvtl.com
RBC Capital Markets Jonathan Atkin jonathan.atkin@rbccm.com
Wells Fargo Securities Marci Ryvicker marci.ryvicker@wellsfargo.com
Wunderlich Securities Matthew Harrigan mharrigan@wundernet.com
Guggenheim Securities Michael C. Morris michael.morris@guggenheimpartners.com
Jefferies Mike McCormack mmccormack@jefferies.com
Credit Suisse Omar Sheikh omar.sheikh@credit-suisse.com
Oppenheimer Timothy Horan tim.horan@opco.com
Evercore ISI Vijay Jayant vijay.jayant@evercoreisi.com

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Primary Input Data

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Derived Input Data

Derived Input

Label

2015 Value

2016
Value

Equational Form

Net Operating Profit Less Adjusted Taxes NOPLAT  5,629 10,998 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 10,101 9,677 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 1,021 1,115 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 152,410 158,965 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 3.69% 6.92% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv 19,141 16,113 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR  340.04% 146.51% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 25.86% 17.77% WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)
 WACCBook  7.13%  6.74%
Enterprise value
EVMarket  192,800  225,579 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  184,395  216,314
Long-Run Growth
g = IR x ROIC
 12.56%  10.14% Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
g = % \Delta GDP    2.50%    2.50%
Margin from Operations M 11.62%  21.04% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D 50.00%  36.10% D\,\,=\,\,\frac{D+A}{EBITDA}

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form

Observed Value

Single-stage

multiple g solution

Two-stage valuation

model g solution

12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016

EV/SALES 

\frac {EV}{Sales} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)

 2.59  2.81  109.51%  43.67%  34.95%  22.67%

EV/EBITDA

\frac {EV}{EBITDA} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)

11.13 8.52 109.51% 43.67% 34.95% 22.67%

EV/NOPLAT

\frac {EV}{NOPLAT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}

34.25 20.51 109.51% 43.67% 34.95% 22.67%

EV/FCFOPS

\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

19.09 23.31 109.51% 43.67% 34.95% 22.67%

EV/EBIT

\frac {EV}{EBIT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

22.26 13.33 109.51% 43.67% 34.95% 22.67%

EV/IC

\frac {EV}{IC} \,= \,\frac{ROIC\,  -\,  g}{WACC\,-\,g}

1.27 1.42 109.51% 43.67% 34.95% 22.67%

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