CMCSA — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($30.64)
DCF	$0.73	-97.6%
Graham Number	$57.10	+86.4%
Reverse DCF	—	implied g: 17.8%
DDM	$27.19	-11.2%
EV/EBITDA	$31.03	+1.3%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $5.59B

Near-term growth (yrs 1–5)(%)Rev: 1.2% / EPS: -52.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.43%

Computed WACC: 4.43%

Cost of equity (Re)8.59%(Rf 4.30% + β 0.78 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)51.52%

Debt weight (D/V)48.48%

Results

Intrinsic Value / share$66.34

Current Price$30.64

Upside / Downside+116.6%

Net Debt (used)$95.55B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$0.97	$6.55	$13.04	$20.55	$29.21
8.0%	$-3.94	$0.55	$5.77	$11.80	$18.73
9.0%	$-7.35	$-3.61	$0.73	$5.74	$11.49
10.0%	$-9.84	$-6.65	$-2.96	$1.30	$6.19
11.0%	$-11.76	$-8.98	$-5.78	$-2.09	$2.14

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $5.39

Book Value / share($)Yahoo: $26.89

Results

Graham Number$57.10

Current Price$30.64

Margin of Safety+86.4%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.43%

Terminal growth rate(%)

Computed WACC: 4.43%

Cost of equity (Re)8.59%(Rf 4.30% + β 0.78 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)51.52%

Debt weight (D/V)48.48%

Results

Current Price$30.64

Implied Near-term FCF Growth-2.0%

Historical Revenue Growth1.2%

Historical Earnings Growth-52.5%

Base FCF (TTM)$5.59B

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $1.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.19

Current Price$30.64

Upside / Downside-11.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $36.88B

Target EV/EBITDA multipleCurrent: 5.6×

Net Debt($B)Default: $95.55B

Results

Implied Equity Value / share$31.03

Current Price$30.64

Upside / Downside+1.3%

Implied EV$206.90B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$47.55B	$71.55B	$95.55B	$119.55B	$143.55B
1.6x	$3.30	$-3.39	$-10.08	$-16.77	$-23.46
3.6x	$23.85	$17.16	$10.47	$3.79	$-2.90
5.6x	$44.41	$37.72	$31.03	$24.34	$17.65
7.6x	$64.96	$58.27	$51.58	$44.90	$38.21
9.6x	$85.52	$78.83	$72.14	$65.45	$58.76

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