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Comcast Holdings Corp. (CCZ)

Company Dividend Discount ModelIndustry: BroadcastingSector: Communication Services

Valuation Snapshot

Stable Growth$83.90 - $149.95$111.67
Multi-Stage$86.98 - $95.18$91.00
Blended Fair Value$101.34
Current Price$62.54
Upside62.03%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.21%7.88%1.271.261.251.201.090.990.880.760.690.64
YoY Growth--1.01%0.53%4.61%9.47%10.84%11.43%16.27%10.84%6.73%8.12%
Dividend Yield--2.21%2.24%2.26%1.96%1.66%1.64%1.75%1.46%1.14%1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22,608.00
(-) Cash Dividends Paid (M)6,086.00
(=) Cash Retained (M)16,522.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,521.602,826.001,695.60
Cash Retained (M)16,522.0016,522.0016,522.00
(-) Cash Required (M)-4,521.60-2,826.00-1,695.60
(=) Excess Retained (M)12,000.4013,696.0014,826.40
(/) Shares Outstanding (M)3,788.003,788.003,788.00
(=) Excess Retained per Share3.173.623.91
LTM Dividend per Share1.611.611.61
(+) Excess Retained per Share3.173.623.91
(=) Adjusted Dividend4.775.225.52
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate3.21%4.21%5.21%
Fair Value$83.90$111.67$149.95
Upside / Downside34.15%78.55%139.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22,608.0023,559.0324,550.0725,582.8026,658.9827,780.4228,613.83
Payout Ratio26.92%39.54%52.15%64.77%77.38%90.00%92.50%
Projected Dividends (M)6,086.009,314.2412,803.3116,569.4420,629.7725,002.3826,467.80

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate3.21%4.21%5.21%
Year 1 PV (M)8,456.968,538.918,620.85
Year 2 PV (M)10,554.9610,760.4910,968.00
Year 3 PV (M)12,402.5012,766.5213,137.59
Year 4 PV (M)14,020.4814,571.8215,139.27
Year 5 PV (M)15,428.2616,190.3316,982.22
PV of Terminal Value (M)268,627.08281,895.77295,683.68
Equity Value (M)329,490.23344,723.83360,531.60
Shares Outstanding (M)3,788.003,788.003,788.00
Fair Value$86.98$91.00$95.18
Upside / Downside39.08%45.51%52.19%

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