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Comcast - PowerPoint PPT Presentation


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Comcast. Tyler Smith. Presentation Outline. Snapshot Current Position Profile Current News Financial Statements Industry Comparison Stock Comparison Trend Analysis Common Size Analysis Stock Valuation Model. EVA & MVA Model Free Cash Flow Model ValuePro Valuation

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Presentation Transcript
comcast

Comcast

Tyler Smith

slide2

Presentation Outline

  • Snapshot
  • Current Position
  • Profile
  • Current News
  • Financial Statements
  • Industry Comparison
  • Stock Comparison
  • Trend Analysis
  • Common Size Analysis
  • Stock Valuation Model
  • EVA & MVA Model
  • Free Cash Flow Model
  • ValuePro Valuation
  • Summary of Models
  • Analyst Recommendation
  • Risk
  • Recommendation
slide3

Company Snapshot

  • Market Cap: 64.14 Billion
  • Industry: Broadcasting and Cable TV
  • Sector: Services
  • Recent Stock Price: $29.50
  • 52wk High and low: high: $36.50 low: $26.25
  • Beta: .96
  • Ticker Symbol: CMCSA
slide4

Current Position

Comcast stock was acquired in 2002 in a spin-off involving AT&T stock after AT&T broadband was purchased by Comcast Corp. As part of the spin-off, each share of AT&T Broadband common stock was converted into the right to receive 0.3235 shares of new Comcast common stock. Prior to the acquisition, SMIP owned 100 shares of AT&T Corp. and ended with 32 shares of Comcast Class A common stock.

100 * .3235 = 32.35 shares (CMCSA)

slide5

Current Position

  • 32 Shares
  • Spin-off date - November 15, 2002
  • Acquired @ $25.62 for a value of $818.84
  • Current Market Value @ $29.49 = $944
  • Incurred gain to date = $125.16
slide6

Company Profile

Comcast Corp. develops, manages, and operates hybrid fiber-coaxial

broadband cable communication networks. The Company also

provides programming content for its subscribers. Comcast

is implementing high-speed Internet access service and digital

video applications such as Video on Demand.

Competitors include Direct TV, Echostar and Time Warner Cable

slide7

Current News

Sept. 13: Comcast and Sony Pictures Entertainment announce programming deal

Sept 27: Comcast. and Time Warner Inc. join in talks on a possible joint offer to acquire bankrupt cable company Adelphia Communications Corp.

Oct. 12: Comcast and Time Warner Cable announce plans for a new regional sports network with the New York Mets in 2006

Oct. 27: Comcast releases Q3 earnings

slide8

Financial Statements

See handout…

slide21

Summary of Valuations

  • Basic Stock Valuation
  • Constant Growth Model = $26.41
  • Dividend Earnings Model = $26.72
  • Price / Earnings Model = $30.27
    • EVA - destroying S.H. Wealth
    • MVA - Creating S.H. Wealth
  • Free Cash Flow - Per Share Value = $36.66
  • Value Pro - Intrinsic value = $24.73
slide22

Risk

  • Risk Grade = 99
  • 6 month: min=90; max=132 ; avg.=113
  • CMCSA constitutes 0% of the Portfolios Risk due to our small holding
slide23

Analysts Recommendations

  • Current Month Analyst Recommendations
    • Buys = 62.85% (22 analysts)
    • Holds = 37.14% (13 analysts)
    • Sells = 0% (0 analyst)
slide24

Recommendation

Buy 100 Shares at current market price

Suggested Floor:

- Keep current floor of $26.00/share