Financials Comcast Corporation

Equities

CMCSA

US20030N1019

Wireless Telecommunications Services

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-14 pm EDT			5-day change	1st Jan Change
39.7 ^USD	0.00%		+3.14%	-9.46%

May. 14	Communications Services Up as Meme Stocks Run -- Communications Services Roundup	DJ
May. 14	News Highlights : Top Company News of the Day - Tuesday at 7 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	155,768	-	-
Enterprise Value (EV) ¹	301,297	331,767	321,263	241,252	267,375	246,733	247,447	250,503
P/E ratio	15.9 x	23 x	16.6 x	28.9 x	11.8 x	10.2 x	9.59 x	8.54 x
Yield	1.87%	1.76%	1.99%	3.09%	-	3.11%	3.35%	3.6%
Capitalization / Revenue	1.88 x	2.31 x	1.98 x	1.25 x	1.45 x	1.26 x	1.26 x	1.23 x
EV / Revenue	2.77 x	3.2 x	2.76 x	1.99 x	2.2 x	1.99 x	2.01 x	1.98 x
EV / EBITDA	8.79 x	10.8 x	9.26 x	6.62 x	7.1 x	6.42 x	6.34 x	6.17 x
EV / FCF	22.5 x	25 x	18.8 x	19.1 x	20.6 x	17.8 x	16.4 x	15.8 x
FCF Yield	4.45%	4%	5.32%	5.24%	4.85%	5.63%	6.11%	6.31%
Price to Book	2.51 x	2.68 x	2.44 x	1.91 x	-	1.83 x	1.7 x	1.59 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	39.70	39.70	39.70
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	124,008	123,369	126,298
EBITDA ¹	34,258	30,826	34,708	36,459	37,633	38,433	39,028	40,615
EBIT ¹	21,125	17,493	20,817	22,624	23,314	23,917	24,338	25,714
Operating Margin	19.39%	16.89%	17.89%	18.63%	19.18%	19.29%	19.73%	20.36%
Earnings before Tax (EBT) ¹	16,996	14,065	19,093	9,284	20,478	20,302	20,593	21,823
Net income ¹	13,057	10,534	14,159	5,370	15,388	15,125	15,314	16,232
Net margin	11.99%	10.17%	12.17%	4.42%	12.66%	12.2%	12.41%	12.85%
EPS ²	2.830	2.280	3.040	1.210	3.710	3.873	4.140	4.650
Free Cash Flow ¹	13,394	13,280	17,089	12,646	12,962	13,899	15,108	15,814
FCF margin	12.29%	12.82%	14.68%	10.41%	10.66%	11.21%	12.25%	12.52%
FCF Conversion (EBITDA)	39.1%	43.08%	49.24%	34.69%	34.44%	36.17%	38.71%	38.94%
FCF Conversion (Net income)	102.58%	126.07%	120.69%	235.49%	84.23%	91.9%	98.66%	97.43%
Dividend per Share ²	0.8400	0.9200	1.000	1.080	-	1.236	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	30,082	31,968	31,723	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	10,106	10,195	8,747	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	6,451	6,443	5,075	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%	21.45%	20.16%	16%	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	5,559	5,583	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	4,121	4,135	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%	13.7%	12.93%	9.75%	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	1.047	1.066	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	0.3100	0.3100	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	90,965	91,679	94,735
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.823 x	2.985 x	2.631 x	2.47 x	2.415 x	2.367 x	2.349 x	2.333 x
Free Cash Flow ¹	13,394	13,280	17,089	12,646	12,962	13,899	15,108	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	255,179	257,426	260,415
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	12,248	11,445	11,040
Capex / Sales	9.14%	8.86%	7.88%	8.75%	10.07%	9.88%	9.28%	8.74%
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

39.7 USD

Average target price

48.25 USD

Spread / Average Target

+21.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Satellite Service Operators

	1st Jan change	Capi.
COMCAST CORPORATION	-9.46%	156B
CHINA SATELLITE COMMUNICATIONS CO., LTD.	-9.99%	9.1B
ECHOSTAR CORPORATION	+1.09%	4.55B
IRIDIUM COMMUNICATIONS INC.	-26.43%	3.68B
SES S.A.	-18.66%	2.29B
GLOBALSTAR, INC.	-38.14%	2.26B
EUTELSAT COMMUNICATIONS	-4.85%	2.08B
SKY PERFECT JSAT HOLDINGS INC.	+28.37%	1.64B
THAICOM	-3.03%	384M
AST SPACEMOBILE, INC.	-58.37%	347M

Satellite Service Operators