Financials Comcast Corporation

Equities

CMCSA

US20030N1019

Wireless Telecommunications Services

Market Closed - Nasdaq Other stock markets 21:00:00 26/04/2024 BST			5-day change	1st Jan Change
38.57 ^USD	+1.85%		-4.15%	-12.04%

04-26	Telecoms Climb After Alphabet, Snap Earnings - Communications Services Roundup	DJ
04-26	Morgan Stanley Cuts Price Target on Comcast to $48 From $52	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	204,580	239,747	229,954	151,190	176,500	151,334	-	-
Enterprise Value (EV) ¹	301,297	331,767	321,263	241,252	267,375	242,539	243,380	246,191
P/E ratio	15.9 x	23 x	16.6 x	28.9 x	11.8 x	9.92 x	9.26 x	8.26 x
Yield	1.87%	1.76%	1.99%	3.09%	-	3.2%	3.45%	3.71%
Capitalization / Revenue	1.88 x	2.31 x	1.98 x	1.25 x	1.45 x	1.22 x	1.22 x	1.2 x
EV / Revenue	2.77 x	3.2 x	2.76 x	1.99 x	2.2 x	1.95 x	1.97 x	1.95 x
EV / EBITDA	8.79 x	10.8 x	9.26 x	6.62 x	7.1 x	6.29 x	6.21 x	6.05 x
EV / FCF	22.5 x	25 x	18.8 x	19.1 x	20.6 x	17.5 x	16.1 x	15.6 x
FCF Yield	4.45%	4%	5.32%	5.24%	4.85%	5.71%	6.21%	6.42%
Price to Book	2.51 x	2.68 x	2.44 x	1.91 x	-	1.77 x	1.65 x	1.54 x
Nbr of stocks (in thousands)	4,549,250	4,575,323	4,568,923	4,323,409	4,025,080	3,923,626	-	-
Reference price ²	44.97	52.40	50.33	34.97	43.85	38.57	38.57	38.57
Announcement Date	23/01/20	28/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	108,942	103,564	116,385	121,427	121,572	124,185	123,593	126,337
EBITDA ¹	34,258	30,826	34,708	36,459	37,633	38,555	39,218	40,664
EBIT ¹	21,125	17,493	20,817	22,624	23,314	23,981	24,463	25,745
Operating Margin	19.39%	16.89%	17.89%	18.63%	19.18%	19.31%	19.79%	20.38%
Earnings before Tax (EBT) ¹	16,996	14,065	19,093	9,284	20,478	20,325	20,720	21,879
Net income ¹	13,057	10,534	14,159	5,370	15,388	15,164	15,257	16,263
Net margin	11.99%	10.17%	12.17%	4.42%	12.66%	12.21%	12.34%	12.87%
EPS ²	2.830	2.280	3.040	1.210	3.710	3.887	4.167	4.667
Free Cash Flow ¹	13,394	13,280	17,089	12,646	12,962	13,856	15,107	15,814
FCF margin	12.29%	12.82%	14.68%	10.41%	10.66%	11.16%	12.22%	12.52%
FCF Conversion (EBITDA)	39.1%	43.08%	49.24%	34.69%	34.44%	35.94%	38.52%	38.89%
FCF Conversion (Net income)	102.58%	126.07%	120.69%	235.49%	84.23%	91.37%	99.02%	97.24%
Dividend per Share ²	0.8400	0.9200	1.000	1.080	-	1.236	1.331	1.430
Announcement Date	23/01/20	28/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	30,336	31,010	30,016	29,849	30,552	29,691	30,513	30,115	31,253	30,058	30,227	31,953	31,801	30,049	30,467
EBITDA ¹	8,411	9,150	9,827	9,482	8,000	9,415	10,244	9,962	8,012	9,355	10,167	10,253	8,767	9,487	10,331
EBIT ¹	4,821	5,569	6,367	6,158	4,530	5,646	6,709	6,475	4,484	5,810	6,544	6,534	5,097	5,909	6,704
Operating Margin	15.89%	17.96%	21.21%	20.63%	14.83%	19.02%	21.99%	21.5%	14.35%	19.33%	21.65%	20.45%	16.03%	19.66%	22%
Earnings before Tax (EBT) ¹	3,885	4,764	4,502	-3,652	3,670	5,243	5,726	5,465	4,043	5,105	5,604	5,607	4,123	5,197	6,206
Net income ¹	3,057	3,549	3,396	-4,598	3,024	3,834	4,248	4,046	3,260	3,857	4,155	4,171	3,096	3,883	4,599
Net margin	10.08%	11.44%	11.31%	-15.4%	9.9%	12.91%	13.92%	13.44%	10.43%	12.83%	13.75%	13.05%	9.73%	12.92%	15.09%
EPS ²	0.6600	0.7800	0.7600	-1.050	0.7000	0.9100	1.020	0.9800	0.8100	0.9700	1.055	1.072	0.8157	1.033	1.243
Dividend per Share ²	0.2500	0.2700	0.2700	0.2700	0.2700	0.2900	0.2900	0.2900	-	-	0.3070	0.3100	0.3100	0.3379	0.3379
Announcement Date	27/01/22	28/04/22	28/07/22	27/10/22	26/01/23	27/04/23	27/07/23	26/10/23	25/01/24	25/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	96,717	92,020	91,309	90,062	90,875	91,204	92,046	94,857
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.823 x	2.985 x	2.631 x	2.47 x	2.415 x	2.366 x	2.347 x	2.333 x
Free Cash Flow ¹	13,394	13,280	17,089	12,646	12,962	13,856	15,107	15,814
ROE (net income / shareholders' equity)	16.9%	12.2%	16.1%	18.2%	20.2%	19.3%	18.9%	19.5%
ROA (Net income/ Total Assets)	5.07%	3.92%	5.15%	6.06%	5.89%	5.93%	5.95%	6.23%
Assets ¹	257,550	268,642	274,889	88,659	261,044	255,848	256,469	260,913
Book Value Per Share ²	17.90	19.50	20.60	18.30	-	21.70	23.40	25.00
Cash Flow per Share ²	5.570	5.350	6.260	5.960	6.870	7.460	8.020	8.980
Capex ¹	9,953	9,179	9,174	10,626	12,242	12,192	11,500	11,051
Capex / Sales	9.14%	8.86%	7.88%	8.75%	10.07%	9.82%	9.3%	8.75%
Announcement Date	23/01/20	28/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Comcast Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

38.57 USD

Average target price

48.5 USD

Spread / Average Target

+25.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Satellite Service Operators

	1st Jan change	Capi.
COMCAST CORPORATION	-12.04%	151B
CHINA SATELLITE COMMUNICATIONS CO., LTD.	-11.84%	8.9B
ECHOSTAR CORPORATION	-3.44%	4.34B
IRIDIUM COMMUNICATIONS INC.	-23.79%	3.81B
SES S.A.	-7.30%	2.57B
EUTELSAT COMMUNICATIONS	-8.56%	1.97B
SKY PERFECT JSAT HOLDINGS INC.	+34.67%	1.69B
AL YAH SATELLITE COMMUNICATION COMPANY	-8.05%	1.59B
THAICOM	-3.79%	376M
AST SPACEMOBILE, INC.	-63.02%	308M

Satellite Service Operators