Microsoft Excel LibreOffice Calc

Price to FCFE (P/FCFE)

Difficulty: Intermediate


Free Cash Flow to Equity (FCFE)

Comcast Corp., FCFE calculation

USD $ in millions

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12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Net income attributable to Comcast Corporation 22,714  8,695  8,163  8,380  6,816 
Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock 186  350  250  212  319 
Net noncash charges (1) 11,892  10,585  9,888  8,510 
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures (1,496) (1,697) (220) (1,535) (1,485)
Net cash provided by operating activities 21,403  19,240  18,778  16,945  14,160 
Capital expenditures (9,550) (9,135) (8,499) (7,420) (6,596)
Cash paid for intangible assets (1,747) (1,686) (1,370) (1,122) (1,009)
Proceeds from (repayments of) short-term borrowings, net (1,905) 1,790  135  (504) 1,345 
Proceeds from borrowings 11,466  9,231  5,486  4,182  2,933 
Repurchases and repayments of debt (6,364) (3,052) (4,378) (3,175) (2,444)
Free cash flow to equity (FCFE) 13,303  16,388  10,152  8,906  8,389 
Item Description The company
FCFE Free cash flow to equity is the cash flow available to Comcast Corp.'s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Comcast Corp.'s FCFE increased from 2015 to 2016 but then slightly declined from 2016 to 2017.

Price to FCFE Ratio, Current

Comcast Corp., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 4,581,933,382
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions) 13,303 
FCFE per share 2.90
Current share price (P) 37.81
Ratio
P/FCFE 13.02
Benchmarks
P/FCFE, Competitors
Charter Communications Inc. 6.41
Twenty-First Century Fox Inc. 25.23
Walt Disney Co. 13.36
P/FCFE, Sector
Media 12.03
P/FCFE, Industry
Consumer Services 22.14

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

Comcast Corp., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
No. shares of common stock outstanding1 4,644,508,017 4,751,603,386 4,884,796,726 5,082,134,148 5,213,099,376
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)2 13,303  16,388  10,152  8,906  8,389 
FCFE per share4 2.86 3.45 2.08 1.75 1.61
Share price1, 3 42.53 37.63 29.71 29.69 27.62
Ratio
P/FCFE5 14.85 10.91 14.30 16.94 17.16
Benchmarks
P/FCFE, Competitors
Charter Communications Inc. 7.75 20.50 1.19 2.86 24.36
Twenty-First Century Fox Inc. 13.91 14.09 17.33 24.90 25.01
Walt Disney Co. 12.49 13.74 20.98 21.45 17.29
P/FCFE, Sector
Media 12.01 13.28 11.00 15.37 18.63
P/FCFE, Industry
Consumer Services 18.45 17.08 14.84 17.76 19.37

1 Data adjusted for splits and stock dividends.

2 See Details »

3 Close price on the filing date of Comcast Corp.'s Annual Report.

2017 Calculations

4 FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 13,303,000,000 ÷ 4,644,508,017 = 2.86

5 P/FCFE = Share price ÷ FCFE per share
= 42.53 ÷ 2.86 = 14.85

Ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders' equity. Comcast Corp.'s P/FCFE ratio declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.