COMCAST CORP.

NDQ-CMCSA RECENT
PRICE 43.20 P/ERATIO 10.0(Trailing:
Median: 16.0) P/E RATIO 0.52 YLD 2.9%
10.3 RELATIVE DIV’D VALUE
LINE
TIMELINESS 3 Lowered 11/8/24 High:
Low:
26.0
18.6
29.7
23.9
32.5
25.0
35.7
26.2
42.2
34.1
44.0
30.4
47.3
33.4
52.5
31.7
61.8
46.3
52.1
28.4
47.5
34.6
47.1
36.4
Target Price Range
2027 2028 2029
SAFETY 1 Raised 5/15/20 LEGENDS
7.0 x ″Cash Flow″ p sh 128
TECHNICAL 3 Raised 11/29/24 . . . . Relative Price Strength
2-for-1 split 2/17 96
BETA .85 (1.00 = Market) Options: Yes 80
Shaded area indicates recession
18-Month Target Price Range 64
2-for-1
Low-High Midpoint (% to Mid) 48
40
$38-$65 $52 (20%) 32
2027-29 PROJECTIONS 24
Ann’l Total
Price Gain Return 16
High 80 (+85%) 19% 12
Low 65 (+50%) 13%
% TOT. RETURN 10/24
Institutional Decisions THIS VL ARITH.*
4Q2023 1Q2024 2Q2024 STOCK INDEX
Percent 24 1 yr. 6.7 28.7
to Buy 1095 1116 1009 shares 16
to Sell 1150 1145 1284 3 yr. -9.6 10.7
traded 8
Hld’s(000)336137632734763275360 5 yr. 7.5 73.6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 © VALUE LINE PUB. LLC 27-29
5.95 6.30 6.83 10.32 11.90 12.45 13.58 15.25 16.92 18.20 20.88 23.93 22.61 25.67 28.77 30.63 33.70 36.50 Revenues per sh 46.35
1.58 1.79 1.85 2.22 2.66 2.83 3.24 3.45 3.80 4.33 5.05 5.66 5.09 5.84 6.58 7.20 7.80 8.45 ‘‘Cash Flow’’ per sh 10.75
.46 .63 .65 .79 1.14 1.28 1.47 1.63 1.74 2.06 2.55 3.13 2.61 3.23 3.64 3.98 4.25 4.55 Earnings per sh A 5.65
.13 .15 .19 .23 .33 .39 .45 .50 .55 .61 .76 .84 .90 .98 1.06 1.14 1.22 1.31 Div’ds Decl’d per sh B 1.60
1.00 .90 .89 .98 1.09 1.27 1.47 1.74 1.92 2.06 2.26 2.43 2.33 2.24 2.60 3.12 3.45 3.80 Cap’l Spending per sh 4.25
7.02 7.53 7.99 8.74 9.38 9.76 10.41 10.70 11.35 14.77 15.82 18.17 19.72 21.20 19.18 20.84 22.25 23.70 Book Value per sh E 31.15
5761.3 5675.1 5553.0 5411.9 5260.1 5194.2 5063.2 4884.8 4751.6 4644.5 4526.0 4553.0 4580.7 4533.2 4220.1 3969.3 3663.5 3378.0 Common Shs Outst’g C 2780.0
20.9 11.8 14.3 14.9 14.0 16.9 18.2 18.1 18.2 18.6 14.0 13.5 16.5 17.0 11.1 10.4 Bold figures are Avg Ann’l P/E Ratio 13.0
1.26 .79 .91 .93 .89 .95 .96 .91 .96 .94 .76 .72 .85 .92 .64 .60 Value Line Relative P/E Ratio .70
estimates
1.3% 2.0% 2.1% 1.9% 2.0% 1.8% 1.7% 1.7% 1.7% 1.6% 2.1% 2.0% 2.1% 1.8% 2.6% 2.8% Avg Ann’l Div’d Yield 1.9%
CAPITAL STRUCTURE as of 9/30/24 68775 74510 80403 84526 94507 108942 103564 116385 121427 121572 123400 123300 Revenues ($mill) 128900
Total Debt $101.364 bill. Due in 5 Yrs $26.27 bill. 33.3% 33.1% 32.9% 33.4% 32.1% 31.2% 29.5% 29.7% 30.1% 31.0% 30.5% 30.5% Operating Margin 31.0%
LT Debt $98.754 bill. LT Interest $3.9 bill. 8019.0 8680.0 9558.0 10267 11017 11372 11264 11428 11624 12075 12200 12320 Depreciation ($mill) 12700
(Total interest coverage: 6.4x) (54% of Cap’l)
8380.0 8171.0 8485.0 9850.0 11844 14417 12053 15045 16146 16494 16415 16220 Net Profit ($mill) 17145
Leases, Uncapitalized $994.0 mill. 31.1% 37.1% 37.0% 33.7% 23.1% 20.6% 20.8% 24.3% 25.3% 25.9% 26.0% 26.0% Income Tax Rate 26.0%
Pfd Stock None 12.2% 11.0% 10.6% 11.7% 12.5% 13.2% 11.6% 12.9% 13.3% 13.6% 13.3% 13.2% Net Profit Margin 13.3%
d3879 d5875 d5174 d5501 d5755 d4900 d2055 d4541 d6061 d16211 d15000 d14000 Working Cap’l ($mill) d11000
Common Stock 3,826,540,003 shares 44017 48994 55566 59422 107345 102931 105782 97888 98240 95021 95000 95000 Long-Term Debt ($mill) 92000
(3,817,095,628 Class A shs.; 9,444,375 Class B
shs.)D 52711 52269 53943 68606 71613 82726 90323 96092 80944 82703 81460 80065 Shr. Equity ($mill) 86650
as of 10/15/24 10.0% 9.4% 9.1% 8.9% 7.6% 9.0% 7.2% 8.9% 10.1% 10.4% 10.5% 10.5% Return on Total Cap’l 11.0%
MARKET CAP: $165 billion (Large Cap) 15.9% 15.6% 15.7% 14.4% 16.5% 17.4% 13.3% 15.7% 19.9% 19.9% 20.0% 20.5% Return on Shr. Equity 20.0%
CURRENT POSITION 2022 2023 9/30/24 11.6% 11.0% 10.9% 10.2% 11.9% 12.9% 8.8% 10.9% 14.1% 14.2% 14.5% 14.5% Retained to Com Eq 14.0%
($MILL.) 27% 30% 31% 29% 28% 26% 34% 30% 29% 29% 29% 29% All Div’ds to Net Prof 28%
Cash Assets 4748 6215 8814
Receivables 12671 13813 14036 BUSINESS: Comcast Corp. is a global media and telecommunica- Studios is focused on movie production (Universal, DreamWorks, Il-
Other 4407 3959 4336 tions company with two primary businesses. Connectivity & Plat- lumination); and Theme Parks include the Universal Studios
Current Assets 21826 23987 27186 forms (65% of ’23 adj. revenues) provides broadband, pay-TV, and amusement parks. Has 186,000 employees. Chrmn./CEO Brian
wireless services across major U.S. markets and the U.K. Content Roberts owns 100% of class B stock; offs./dirs., less than 1% of
Accts Payable 12544 12437 11779
Debt Due 1743 2069 2610 & Experiences (35%) has three segments: Media includes broad- class A stock (4/24 proxy). Inc.: PA. Addr.: One Comcast Center,
Other 13600 25692 23397 cast, cable, and streaming networks (NBC, Bravo, USA, Peacock); Phila., PA, 19103. Tel.: 215-665-1700. Web: www.comcast.com.
Current Liab. 27887 40198 37786
Comcast intends to spin off MSNBC convention, our projections for Comcast
ANNUAL RATES Past Past Est’d ’21-’23 and other pay-TV networks into a won’t reflect the corporate split until it oc-
of change (per sh) 10 Yrs. 5 Yrs. to ’27-’29 separate, publicly traded company. curs.
Revenues 9.5% 8.5% 8.5%
‘‘Cash Flow’’ 10.0% 8.5% 8.5% After management announced on Hallow- We have mixed feelings about the
Earnings 13.0% 11.5% 7.5% een that it was exploring such a move, the move. On the plus side, lessening its ex-
Dividends 13.0% 10.5% 7.0% Philadelphia-based media and cable giant posure to a traditional cable-TV ecosystem
Book Value 8.0% 8.0% 7.5%
officially unveiled a de-merger plan in late that is in secular decline may ultimately
Cal- QUARTERLY REVENUES ($ mill.) Full November. According to leadership, the result in a higher valuation for Comcast.
endar Mar.31 Jun.30 Sep.30 Dec.31 Year new standalone company would comprise At the same time, the NewCo should be
2021 27205 28546 30298 30336 116385 a majority of Comcast’s cable networks, in- better positioned to participate in industry
2022 31010 30016 29849 30552 121427 cluding MSNBC, CNBC, USA Network, consolidation, either as an acquirer or
2023 29691 30513 30115 31253 121572 and E!, as well as movie-ticketing platform takeover target. Still, de-coupling the
2024 30058 29688 32070 31584 123400 Fandango and content-review Web site businesses seems like no easy task, espe-
2025 30500 30550 29900 32350 123300 Rotten Tomatoes (among other franchises). cially in the case of NBC and
Cal- EARNINGS PER SHARE A Full Cumulatively, the so-called NewCo’s MSNBC/CNBC, given the fact that the
endar Mar.31 Jun.30 Sep.30 Dec.31 Year businesses generated approximately $7 news outlets share much the same re-
2021 .76 .84 .87 .77 3.23 billion in revenue during the 12-month pe- search and reporting capabilities.
2022 .86 1.01 .96 .82 3.64 riod ended September 30th, representing At the recent quotation, Comcast
2023 .92 1.13 1.08 .84 3.98 just under 6% of Comcast’s total receipts shares may appeal to venturesome,
2024 1.04 1.21 1.12 .88 4.25 over that time frame. Among the media buy-and-hold accounts. Underpinning
2025 1.11 1.20 1.23 1.01 4.55
assets that Comcast plans to retain are our positive long-term stance is the decent
Cal- QUARTERLY DIVIDENDS PAID B Full NBC, the Peacock streaming service, and number of growth drivers from which the
endar Mar.31 Jun.30 Sep.30 Dec.31 Year reality TV-focused cable network Bravo. company stands to benefit, including next
2020 .21 .23 .23 .23 .90 If all goes as planned, the tax-free year’s opening of the Epic Universe amuse-
2021 .23 .25 .25 .25 .98 spin off should take place no later ment park in Orlando, Florida. Too, the
2022 .25 .27 .27 .27 1.06 than December, 2025. It still needs final spin off may ultimately eliminate what
2023 .27 .29 .29 .29 1.14
2024 .29 .31 .31 approval from the board of directors and has likely been a conglomerate discount.
from certain regulators. As per Value Line Nils C. Van Liew December 6, 2024
(A) Earnings based on diluted average class A due to rounding. Next earnings report due late holders entitled to 0.1173 votes per share; Company’s Financial Strength A
and class B shares. Excl. n/r gains/(losses): Jan. (B) Div’d reinstated 4/08. Divs. paid in class B stockholders entitled to 15 votes per Stock’s Price Stability 95
’08, $0.06; ’14, $0.26; ’16, $0.04; ’17, $2.69; March, June, Sept., and Dec. (C) In millions, sh. (E) Incl. intangibles. In ’23: $146.5 bill., Price Growth Persistence 45
’18, ($.02); ’19, ($.30). Earnings may not sum adjusted for stock split. (D) Class A stock- $36.91/sh. Earnings Predictability 95
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