New Street Research - Comcast Corporation Class A (CMCSA) CMCSA Quick Hit: Versant Spin Accretive to Comcast Valuation

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New Street Research

Vikash Harlalka

CMCSA Quick Hit: Versant Spin Accretive to Comcast Valuation

Comcast filed Form 10 for Versant late last week. Versant includes most of Comcast’s cable networks and some digital media assets. In this short note, we analyze the financials of Versant, the impact of the spin-off on Comcast’s growth, valuation of Versant, and the potential upside to Comcast’s stock following the spin-off.

22/09/2025 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
Asian Internet
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We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Vikash Harlalka

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CMCSA Quick Hit: Versant Spin Accretive to Comcast Valuation

Comcast Pre-3Q25 Model Update

BEAD: Update for 7 more proposals

VZ/FYBR California Timing

TMUS Quick Take: Srini replacing Mike as CEO

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