Comcast Corp. (CMCSA)

Price to FCFE (P/FCFE)

Difficulty: Intermediate

Comcast Corp., FCFE 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
	Capital expenditures
	Cash paid for intangible assets
	Proceeds from (repayments of) short-term borrowings, net
	Proceeds from borrowings
	Repurchases and repayments of debt
	Free cash flow to equity (FCFE)

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 declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

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

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
Charter Communications Inc.
Twenty-First Century Fox Inc.
Walt Disney Co.
P/FCFE, Sector
Media
P/FCFE, Industry
Consumer Services

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.

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

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)²
	FCFE per share⁴
	Share price^1, 3
	Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors
	Charter Communications Inc.
	Twenty-First Century Fox Inc.
	Walt Disney Co.
	P/FCFE, Sector
	Media
	P/FCFE, Industry
	Consumer Services

¹ Data adjusted for splits and stock dividends.

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

2018 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
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⁵ P/FCFE = Share price ÷ FCFE per share
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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 increased from 2016 to 2017 but then declined significantly 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