CMCSA: Potential Value Unlock?
Investors have been asking about the diverging stock price performance between Comcast and Charter. We believe the reason is an expanding conversation about the potential ‘value unlock’ that could emerge were Comcast to split its cable and NBCU businesses. In this note, we estimate what Comcast could be worth were this scenario to play out. To be clear, we are skeptical. Not that it shouldn’t happen, but rather the Roberts’ are too invested in their belief about the synergy between these entities. We acknowledge, however, this is a stock-moving conversation happening in real time. We also share our thoughts on what might be next for these stocks.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.
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
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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