CMCSA 4Q25 Preview

We have updated our model for recent management commentary at investor conferences. Changes to our estimates are minor. We expect broadband losses to remain elevated due to heightened competition from fiber and FWA.

Bible 3Q25 – Telecom: Growth in fixed & semis; mobile stabilizing

Today, we are publishing the Telecom Infrastructure section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Fixed equipment revenues are rebounding from the inventory correction, rising 11% YoY. RAN revenues declined 1% YoY, reflecting the ongoing weak demand following the 5G cycle. Telecom semis ...

AT&T Inc. - September 2025 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Comcast Corporation: Update to credit analysis

Our credit view of this issuer reflects its strategic emphasis on revenue growers within its diversified portfolio of businesses and end markets.

CMCSA Quick Hit: A Merger Between NBCU and WBD?

Press reports indicate that Comcast has submitted a revised bid for Warner Bros. Discovery (WBD) and has offered to merge it with its NBCUniversal division (NBCU). WBD shareholders would receive a mix of cash and stock in the new entity. We think there are merits to this transaction but getting a deal approved by the regulators could prove challenging.

The future of broadband 3Q25: Our updated broadband industry forecast ...

In this report, our latest broadband outlook tome, in addition to forecasting the future of broadband by technology for the next 5 years, we undertake a sensitivity analysis for Cable's end-state market share possibilities. We also refresh our work on the relative competitive positioning of carriers based on end-user cNPS scores via our Recon Analytics partnership.

FWA is on the horizon It has the potential to be disruptive: Keep a v...

FWA has reached 38% penetration in Austria today, 13% in Italy, but is just 1-2% elsewhere in Europe. Furthermore, the EC has just made a major decision to dedicate a further 540MHz of spectrum to mobile carriers increasing their bandwidth by 60%.

Moody's Ratings updates Disclosures Related to Credit Rating Informati...

Moody's Ratings (Moody's) has published an updated Disclosures Related to Credit Rating Information Removed from Website Display report.  To access the report, please go to /documents/PBC_1406020, or alternatively, navigate to the Regulatory Affairs Disclosures page on http...

T’s 4.9 Spectrum Win Faces Court Challenge

In October 2024, the FCC, without dissent, provided T a major spectrum win by providing the FirstNet Authority —and therefore as a practical matter, T-- 50MHz of spectrum in the 4.9 band. A coalition of various public safety and critical infrastructure enterprises, supported by VZ and TMUS, have challenged the FCC decision in court. Next Monday, the U.S. Court of Appeals for the D.C. Circuit will hear arguments related to the challenge. In this note, we preview that argument.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/06/2025

Coffee, Croissants & Credit/Snam, Veolia, Engie, CTP, Vonovia, SES, BT...

Utilities: Snam posted robust 9M25 financials, Veolia 9M25 results show continued strong growth, Engie weak 9M25 results – spread tightening limited. Telecom: SES reports weak 3Q25 earnings, BT reports soft 1H26 results, Swisscom 3Q25 results look mixed, Telecom Italia reports solid 3Q25 results, KPN guides for somewhat higher leverage. Real Estate: CTP 9M25 - robust operating trends, Vonovia 9M25 - guidance confirmed

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 06/11/2025

Swisscom : Q3 2025 : Italy still struggling

Swisscom : Q3 2025 : Italy still struggling

Swisscom (Neutral, TP: CHF 575, -2%) Q3 25: SR miss, but good EBITDA ...

Swisscom has reported a set of Q3 numbers very similar to the Q2s: a small SR miss, a good EBITDA beat, and guidance has been reiterated, suggesting a pull forward of cost out, rather than a more material fundamental improvement. As at Q2, SR trends have deteriorated - Swiss MSR trends are better, but these have been offset by FSR weakness.

Autumn for Broadband 3Q25 – FWA ascendant, Cable struggling

We share here, in our latest Autumn for Broadband report, a quick update on broadband industry trends based on reported company results so far. Industry net adds have improved substantially from a year ago but remain below last year’s when adjusted for ACP impact. Net adds for the quarter were higher than the pre-pandemic norm but trailing twelve-month net adds remain below pre-pandemic levels. We take a deep-dive into FWA’s continued strong momentum by carrier.

Charter: Subscribers and EBITDA growth heading lower

There is a lot that’s common between Charter and Comcast, and yet there is a lot that’s different about the two companies. Both are operating in an environment where broadband subscriber growth remains a distant dream. Where the two companies differ is expectation around EBITDA growth. While both companies expect EBITDA to decline in 4Q25, Charter expects to grow EBITDA in 2026 unlike Comcast which expects EBITDA to decline in 2026. We also think Charter has higher pricing power than Comcast.

TMT 3Q25 results: Verizon, T-Mobile US and AT&T/T-Mobile US, AT&T show...

Verizon, T-Mobile US and AT&T all showed solid numbers over 3Q25. Despite strong competition, all three mobile telecom operators were able to grow revenue and EBITDA. Furthermore, we believe T-Mobile US might benefit from a credit rating upgrade at S&P, while we could see debt increase a bit at Verizon and AT&T because of debt-funded acquisitions. In our view, the Euro notes of T-Mobile US look the most attractive in this credit sub-space.

Comcast: Tough next few quarters

Comcast is making the right moves in trying to fix their Cable business. These moves will take time to deliver tangible results. For now, we expect some near-term pain. Broadband ARPU growth will remain challenged as the company forgoes price hikes in early 2026. ARPU will also remain pressured due to the continued migration of customers to new pricing. ARPU growth is the biggest driver of EBITDA growth. With ARPU growth remaining challenged, we expect EBITDA declines of mid-single digits over t...

CMCSA 3Q25 Quick Take: Improved subscriber trends

Comcast reported broadband losses that were better than expected. On the call, we would be keen to hear the drivers behind the less negative subscriber trends and if these trends may continue into 4Q. We expect the stock to trade up on these results but where it likely winds up for the day will depend on commentary around 4Q trends.