New Street Research - Comcast Corporation Class A (CMCSA) CMCSA: cable networks spin announced – a fast-and-loose analysis

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New Street Research

Jonathan Chaplin

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CMCSA: cable networks spin announced – a fast-and-loose analysis

Comcast announced plans for the spin-off today. This was previewed at earnings, and anticipated in press reports last night. While the announcement was no surprise, it came sooner than we had hoped. We had been meaning to build a model for SpinCo in anticipation of the announcement but hadn’t gotten to it yet. We run some very fast-and-loose analysis in this note, compiled in just a few minutes this morning following the release. If other analysts have made a proper attempt to strip out Comcast’s cable networks and value them, you should probably take their work over ours.

20/11/2024 1 EN

Underlying

Comcast Corporation Class A

Comcast is a media and technology company. The company's segments are: Cable Communications, which provides internet, video, voice, and security and automation services in the United States individually and as bundled services at a discounted rate over its cable distribution system to residential and business customers; NBCUniversal, which includes a portfolio of national cable networks that provide a variety of entertainment, news and information, and sports content, regional sports and news networks, international cable networks, and cable television studio production operations; and Sky, which owns a portfolio of pay television channels that provide entertainment, news, sports and movies.

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US20030N1019 NASDAQ Stock Market United States

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
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Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Jonathan Chaplin

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PHILADELPHIA--(BUSINESS WIRE)-- The signature costumes of Glinda and Elphaba, as worn by Ariana Grande and Cynthia Erivo in Universal Pictures' cinematic event Wicked, are on display in the Comcast Technology Center in Philadelphia. Universal Pictures’ Wicked arrives in theaters November 22, 2024. This press release features multimedia. View the full release here: The signature costumes of Glinda and Elphaba, as worn by Ariana Grande and Cynthia Erivo in Universal Pictures' cinematic event Wicked, on display in the Comcast Technology Center in Philadelphia. (Photo: Comcast)View source version...

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CMCSA: cable networks spin announced – a fast-and-loose analysis

Comcast Corporation: Cable networks spinoff is credit positive, though leverage will rise in wake of separation

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

Glinda and Elphaba Wicked Costumes on Display at the Comcast Technology Center

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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