Atlantic Equities - Comcast Corporation Class A (CMCSA) Updating model ahead of Q2 results

Report

Atlantic Equities

Hamilton Faber

Updating model ahead of Q2 results

We are updating our forecasts ahead of Q2 results to reflect management commentary over the course of the past quarter.

24/07/2018 7 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

Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

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Analysts

Hamilton Faber

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CMCSA: The value unlock trade? Nope. No major change in fundamentals

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CMCSA 4Q25 Quick Take: Results mostly in line; Waiting to hear what’s next

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Model update

This report contains forecasts updated for reported Q218 results. Neither our financial nor PSU estimates are materially changed and we remain Overweight with a 12m PT of $365.

October 1, 2018 October 1, 2018 5 EN

Kunaal Malde ... (+2)

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V/MA: strong core, adjacencies more competitive

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October 1, 2018 October 1, 2018 17 EN

John Heagerty ... (+3)

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Updating model ahead of Q2 results

What Policies Matter to Telco’s Success: Supply Side or Demand Side? Or Something Else?

CMCSA: The value unlock trade? Nope. No major change in fundamentals

CMCSA 4Q25 Quick Take: Results mostly in line; Waiting to hear what’s next

Model update

V/MA: strong core, adjacencies more competitive

Banks: Trading update and 3Q18 preview

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