New Street Research - Comcast Corporation Class A (CMCSA) CMCSA: quick thoughts following the 3Q24 call

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New Street Research

Jonathan Chaplin

EUR 9218.00 For Business Accounts Only

CMCSA: quick thoughts following the 3Q24 call

In this quick follow-up we cover the potential spin-off of cable networks; potential streaming partnerships; updated thoughts on ACP impacts for the group; updated thoughts on storm impacts; Comcast’s broadband adds in 4Q24; Cable’s competitiveness in broadband generally; updated thoughts on broadband market growth; and puts and takes to 4Q24 EBITDA for Comcast.

31/10/2024 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

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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:

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Pan European Telecom Services and Cable

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Analysts

Jonathan Chaplin

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Comcast Post-3Q24 Model Update

In this note, we cover changes to our estimates, and comparisons with guidance and consensus. Please see separate notes reviewing results and thoughts following the earnings call. The most significant change was lower broadband losses in 4Q. We expect Consensus to lower broadband losses a touch also, but remain where they are on EBITDA. No change to thesis. Price target is $50 (+15%).

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CMCSA 3Q24 Quick Take: Strong results; broadband adds +VE

Results beat expectations for revenue, EBITDA, and FCF. Both C&P and C&E delivered better than expected revenue and EBITDA. Perhaps most surprisingly, broadband adds were positive excl. ACP impact (with some one-time help). Stock should be up.

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Amazon (AMZN, Buy, $225 target) First Take: Is this the new normal for Retail margins?

What’s New: In this first take following tonight’s results, we focus on: 1. Retail leverage keeps improving: is this the new normal? 2. AWS revenue growth fine, margins better than we feared 3. Gen AI for Retail: still difficult to quantify, but several promising irons in the fire 4. $75B of capex this year, growing again next year

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Reddit (RDDT, Neutral, $105 target) 3Q24 Model Update (Neutral, raising target to $105 from $68)

We raise our target to $105 from $68 based on higher estimates and higher target valuation.

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Jonathan Chaplin

Jonathan Chaplin

Comcast Post-3Q24 Model Update

EUR 9218.00

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CMCSA: quick thoughts following the 3Q24 call

Comcast Post-3Q24 Model Update

CMCSA 3Q24 Quick Take: Strong results; broadband adds +VE

Amazon (AMZN, Buy, $225 target) First Take: Is this the new normal for Retail margins?

Reddit (RDDT, Neutral, $105 target) 3Q24 Model Update (Neutral, raising target to $105 from $68)

Comcast Post-3Q24 Model Update

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