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	WACC_Market	25.86%	17.77%	$WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)$
Weighted Average Cost of Capital	WACC_Book	7.13%	6.74%
Enterprise value	EV_Market	192,800	225,579	$EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash$
Enterprise value	EV_Book	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.
Long-Run Growth	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
Equational Form	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/FCF_OPS $\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)$	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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