Financials Comcast Corporation

Equities

CMCSA

US20030N1019

Wireless Telecommunications Services

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-31 pm EDT			5-day change	1st Jan Change
40.03 ^USD	+2.98%		+3.87%	-8.71%

May. 31	Communication Services Shares Edge Lower -- Communications Services Roundup	DJ
May. 31	News Highlights: Top Company News of the Day - Friday at 5 PM ET	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	204,580	239,747	229,954	151,190	176,500	157,063	-	-
Enterprise Value (EV) ¹	301,297	331,767	321,263	241,252	267,375	247,195	247,686	251,504
P/E ratio	15.9 x	23 x	16.6 x	28.9 x	11.8 x	10.3 x	9.62 x	8.51 x
Yield	1.87%	1.76%	1.99%	3.09%	-	3.09%	3.32%	3.57%
Capitalization / Revenue	1.88 x	2.31 x	1.98 x	1.25 x	1.45 x	1.27 x	1.27 x	1.24 x
EV / Revenue	2.77 x	3.2 x	2.76 x	1.99 x	2.2 x	1.99 x	2.01 x	1.99 x
EV / EBITDA	8.79 x	10.8 x	9.26 x	6.62 x	7.1 x	6.44 x	6.36 x	6.2 x
EV / FCF	22.5 x	25 x	18.8 x	19.1 x	20.6 x	17.9 x	16.4 x	15.9 x
FCF Yield	4.45%	4%	5.32%	5.24%	4.85%	5.59%	6.09%	6.28%
Price to Book	2.51 x	2.68 x	2.44 x	1.91 x	-	1.84 x	1.71 x	1.6 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	40.03	40.03	40.03
Announcement Date	1/23/20	1/28/21	1/27/22	1/26/23	1/25/24	-	-	-

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	123,970	123,334	126,177
EBITDA ¹	34,258	30,826	34,708	36,459	37,633	38,366	38,953	40,550
EBIT ¹	21,125	17,493	20,817	22,624	23,314	23,866	24,257	25,696
Operating Margin	19.39%	16.89%	17.89%	18.63%	19.18%	19.25%	19.67%	20.36%
Earnings before Tax (EBT) ¹	16,996	14,065	19,093	9,284	20,478	20,337	20,594	21,812
Net income ¹	13,057	10,534	14,159	5,370	15,388	15,143	15,328	16,220
Net margin	11.99%	10.17%	12.17%	4.42%	12.66%	12.21%	12.43%	12.85%
EPS ²	2.830	2.280	3.040	1.210	3.710	3.883	4.161	4.703
Free Cash Flow ¹	13,394	13,280	17,089	12,646	12,962	13,820	15,091	15,793
FCF margin	12.29%	12.82%	14.68%	10.41%	10.66%	11.15%	12.24%	12.52%
FCF Conversion (EBITDA)	39.1%	43.08%	49.24%	34.69%	34.44%	36.02%	38.74%	38.95%
FCF Conversion (Net income)	102.58%	126.07%	120.69%	235.49%	84.23%	91.26%	98.46%	97.37%
Dividend per Share ²	0.8400	0.9200	1.000	1.080	-	1.235	1.328	1.430
Announcement Date	1/23/20	1/28/21	1/27/22	1/26/23	1/25/24	-	-	-

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	30,113	31,920	31,710	30,116	30,260
EBITDA ¹	8,411	9,150	9,827	9,482	8,000	9,415	10,244	9,962	8,012	9,355	10,112	10,189	8,743	9,510	10,219
EBIT ¹	4,821	5,569	6,367	6,158	4,530	5,646	6,709	6,475	4,484	5,810	6,478	6,468	5,062	5,925	6,544
Operating Margin	15.89%	17.96%	21.21%	20.63%	14.83%	19.02%	21.99%	21.5%	14.35%	19.33%	21.51%	20.26%	15.96%	19.67%	21.63%
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	5,570	5,579	4,110	5,175	6,017
Net income ¹	3,057	3,549	3,396	-4,598	3,024	3,834	4,248	4,046	3,260	3,857	4,129	4,132	3,094	3,919	4,503
Net margin	10.08%	11.44%	11.31%	-15.4%	9.9%	12.91%	13.92%	13.44%	10.43%	12.83%	13.71%	12.95%	9.76%	13.01%	14.88%
EPS ²	0.6600	0.7800	0.7600	-1.050	0.7000	0.9100	1.020	0.9800	0.8100	0.9700	1.049	1.065	0.8157	1.043	1.217
Dividend per Share ²	0.2500	0.2700	0.2700	0.2700	0.2700	0.2900	0.2900	0.2900	-	0.3100	0.3072	0.3103	0.3103	0.3346	0.3346
Announcement Date	1/27/22	4/28/22	7/28/22	10/27/22	1/26/23	4/27/23	7/27/23	10/26/23	1/25/24	4/25/24	-	-	-	-	-

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	90,133	90,623	94,442
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.823 x	2.985 x	2.631 x	2.47 x	2.415 x	2.349 x	2.326 x	2.329 x
Free Cash Flow ¹	13,394	13,280	17,089	12,646	12,962	13,820	15,091	15,793
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	255,484	257,651	260,217
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	12,215	11,420	10,991
Capex / Sales	9.14%	8.86%	7.88%	8.75%	10.07%	9.85%	9.26%	8.71%
Announcement Date	1/23/20	1/28/21	1/27/22	1/26/23	1/25/24	-	-	-

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

40.03 USD

Average target price

47.9 USD

Spread / Average Target

+19.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Satellite Service Operators

	1st Jan change	Capi.
COMCAST CORPORATION	-8.71%	157B
CHINA SATELLITE COMMUNICATIONS CO., LTD.	-9.94%	9.09B
ECHOSTAR CORPORATION	+15.87%	5.21B
IRIDIUM COMMUNICATIONS INC.	-26.85%	3.66B
EUTELSAT COMMUNICATIONS	+8.99%	2.38B
GLOBALSTAR, INC.	-43.56%	2.05B
SKY PERFECT JSAT HOLDINGS INC.	+31.23%	1.65B
AL YAH SATELLITE COMMUNICATION COMPANY	-15.71%	1.46B
AST SPACEMOBILE, INC.	+37.23%	1.16B
THAICOM	-6.06%	369M

Satellite Service Operators