CMCS.A - Embedded Expectations Analysis - 2021 10 25
Comcast Corporation (CMCS.A:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with an 18.1x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, and management may be concerned about Peacock's content rollout, Xfinity mobile, and their theme park reopenings.Specifically, management may have concerns about the progress of their content rollout on Peacock, their mobile sales, and the standalone profitability of Xfinity mobile. Additionally, they may lack confidence in their ability to sustain advertising revenue growth and Universal Orlando Resort performance, as well as their ability to manage rising nonprogramming expenses. Furthermore, management may be concerned about the costs of Universal Beijing's preopening, persisting challenges at their Japan park, and Olympics cable viewership.
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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