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Comcast Corp. (CMCSA)

Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate

Comcast Corp., FCFF calculation

USD $ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Net income attributable to Comcast Corporation
	Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock
	Net noncash charges
	Changes in operating assets and liabilities, net of effects of acquisitions and divestitures
	Net cash provided by operating activities
	Cash payments for interest, net of tax¹
	Capital expenditures
	Cash paid for intangible assets
	Free cash flow to the firm (FCFF)

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Comcast Corp.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Comcast Corp.’s FCFF increased from 2016 to 2017 and from 2017 to 2018.

Comcast Corp., interest paid, net of tax calculation

USD $ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Effective Income Tax Rate (EITR)

	EITR¹
	Interest Paid, Net of Tax
	Cash payments for interest, before tax
	Less: Cash payments for interest, tax²
	Cash payments for interest, net of tax

2018 Calculations

² Cash payments for interest, tax = Cash payments for interest × EITR
= hidden × hidden = hidden

Comcast Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (USD $ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors
Charter Communications Inc.
Twenty-First Century Fox Inc.
Walt Disney Co.
EV/FCFF, Sector
Media
EV/FCFF, Industry
Consumer Services

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Comcast Corp., historical EV/FCFF calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Enterprise value (EV)¹
	Free cash flow to the firm (FCFF)²
	Ratio
	EV/FCFF³
	Benchmarks
	EV/FCFF, Competitors
	Charter Communications Inc.
	Twenty-First Century Fox Inc.
	Walt Disney Co.
	EV/FCFF, Sector
	Media
	EV/FCFF, Industry
	Consumer Services

2018 Calculations

³ EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

Ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Comcast Corp.’s EV/FCFF ratio declined from 2016 to 2017 but then slightly increased from 2017 to 2018.

	Comcast Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality