As of May 23, 2025, Comcast Corp has a Discounted Cash Flow (DCF) derived fair value of $66.37 per share. With the current market price at $34.59, this represents a potential upside of 91.9%.
| Key Metrics | Value |
|---|---|
| DCF Fair Value (5-year) | $61.15 |
| DCF Fair Value (10-year) | $66.37 |
| Potential Upside (5-year) | 76.8% |
| Potential Upside (10-year) | 91.9% |
| Discount Rate (WACC) | 5.8% - 7.4% |
Revenue is projected to grow from $123731 million in 12-2024 to $154881 million by 12-2034, representing a compound annual growth rate of approximately 2.3%.
| Fiscal Year | Revenue (USD millions) | Growth |
|---|---|---|
| 12-2024 | 123731 | 2% |
| 12-2025 | 123027 | -1% |
| 12-2026 | 126832 | 3% |
| 12-2027 | 131924 | 4% |
| 12-2028 | 134562 | 2% |
| 12-2029 | 137253 | 2% |
| 12-2030 | 139998 | 2% |
| 12-2031 | 142798 | 2% |
| 12-2032 | 145654 | 2% |
| 12-2033 | 148567 | 2% |
| 12-2034 | 154881 | 4% |
Net profit margin is expected to improve from 13% in 12-2024 to 11% by 12-2034, driven by operational efficiency and economies of scale.
| Fiscal Year | Net Profit (USD millions) | Profit Margin |
|---|---|---|
| 12-2024 | 15877 | 13% |
| 12-2025 | 13697 | 11% |
| 12-2026 | 14121 | 11% |
| 12-2027 | 14688 | 11% |
| 12-2028 | 14981 | 11% |
| 12-2029 | 15281 | 11% |
| 12-2030 | 15587 | 11% |
| 12-2031 | 15898 | 11% |
| 12-2032 | 16216 | 11% |
| 12-2033 | 16541 | 11% |
| 12-2034 | 17243 | 11% |
with a 5-year average of $13626 million. Projected CapEx is expected to maintain at approximately 12% of revenue.
Depreciation is based on an average useful life of 5 years for capital assets.
| Fiscal Year | D&A (USD millions) |
|---|---|
| 12-2025 | 14150 |
| 12-2026 | 14678 |
| 12-2027 | 14982 |
| 12-2028 | 14993 |
| 12-2029 | 15148 |
| 12-2030 | 15542 |
Net working capital is expected to increase gradually, with projected changes affecting free cash flow.
| Components | Average Days |
|---|---|
| Days Receivables | 40 |
| Days Inventory | 0 |
| Days Payables | 0 |
| Fiscal Year | EBITDA | Tax | CapEx | Change in NWC | FCF |
|---|---|---|---|---|---|
| 9M/2025 | 28360 | 3652 | 10693 | (146) | 14161 |
| 2026 | 39074 | 5020 | 14698 | 632 | 18723 |
| 2027 | 40357 | 5222 | 15288 | 458 | 19390 |
| 2028 | 40875 | 5326 | 15593 | 288 | 19667 |
| 2029 | 41548 | 5433 | 15905 | 336 | 19874 |
| Valuation Method | Fair Price (USD) | Potential Upside |
|---|---|---|
| 5-Year DCF (Growth) | 61.15 | 76.8% |
| 10-Year DCF (Growth) | 66.37 | 91.9% |
| 5-Year DCF (EBITDA) | 56.45 | 63.2% |
| 10-Year DCF (EBITDA) | 62.87 | 81.7% |
Is Comcast Corp (CMCSA) a buy or a sell? Comcast Corp is definitely a buy. Based on our DCF analysis, Comcast Corp (CMCSA) appears to be significantly undervalued with upside potential of 91.9%. The company's strong projected growth in revenue and profitability, coupled with consistent capital expenditure, supports our positive outlook on its intrinsic value.
Key investment drivers include:
Investors should consider a strong buy at the current market price of $34.59.