reports
Comcast Announces New Xfinity Military Discount Program and $1 Million...
PHILADELPHIA--(BUSINESS WIRE)-- Today, Comcast Corporation built on its long-standing commitment to veterans, service members, and their families with the introduction of several new initiatives. Timed with National Military Appreciation Month, the company unveiled “The Aviators,” an epic advertising campaign directed by Oscar winner Kathryn Bigelow, launched a new Xfinity Military discount program, and committed to invest more than $1 million in nonprofits that serve the military community in 2024. This press release features multimedia. View the full release here: For National Military Appr...
- Blair Levin
NSR Policy: The Interconnections of ACP, Spectrum, Title II, and the S...
In this weekend update, we reconsider our initial takes on several events last week and how they could be affected by events this week. Specifically, we look at the interplay of the FCC’s Title II Order, the Second Circuit opinion upholding New York State’s mandate for ISPs to offer low-income households a low-cost broadband offering, Senator Cantwell’s draft spectrum bill, and how all are affected by the end of ACP funding in the next few weeks.
- Jonathan Chaplin
Charter Model Update
This note focuses mostly on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. We lowered broadband adds, revenue and EBITDA. We also expect leverage to approach 4.25x by the end of the year. This likely rules out further repurchases this year, unless EBITDA is stronger than we expect. No change to thesis, though we expect Broadband stocks to be challenged for at least next few quarters. Price target is $431 (+69%).
- Jonathan Chaplin
CHTR: quick thoughts following the call
What's new: in this note we cover the change to leverage and what it means for management’s confidence in the business, our evolving thoughts on broadband market growth, our outlook for 2Q24 for broadband adds, ARPU, and EBITDA, and thoughts on long-term pricing strategy.
- Jonathan Chaplin
CHTR 1Q24 Quick Take: Financial results in-line; subscribers soft
What's new: Revenue and EBITDA in-line; FCF low due to working capital drag (timing); subscriber metrics worse than expected. Leverage down very slightly, as expected. Investors will be very focused on what management says about leverage targets on the call. We don’t have a lot to add on results, at this stage. We touch briefly on the following: Broadband market growth Charter's broadband growth Broadband ARPU growth EBITDA growth FCF and Leverage Lumos overhang
- Jonathan Chaplin
Comcast Model Update
What’s new: 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. We lowered broadband adds, revenue and EBITDA. No change to thesis, though we expect Broadband stocks to be challenged for next few quarters. Price target is $51 (+34%).
- Jonathan Chaplin
CMCSA: quick thoughts following the call
What's new: in this note we cover our thoughts on Broadband market growth, the strength in Broadband market pricing, the impact of ACP, our expectations for Comcast’s net adds and ARPU in 2Q24 and the second half of the year, the impact of the “Now” products, the outlook for Connectivity EBITDA, and our expectations for leverage and repurchases. We are still working through numbers for Content & Experiences, and we will cover these in our Model Update note at the end of the day.
- Jonathan Chaplin
CMCSA 1Q24 Quick Take - Results mostly in-line
What’s new: Revenue and EBITDA were roughly in-line, while FCF beat handily on lower capex, cash taxes, and interest. Leverage inched down. Repurchases were higher than our estimate, but lower than consensus. Connectivity financials were fine, but subscriber metrics a little worse than expected. Content financials were similarly fine, with better Media OCF offsetting softer Theme Parks OCF. We suspect the FCF beat is largely due to timing and full year estimates are unlikely to move much. Contex...
- Jonathan Chaplin
AT&T Model Update
What's new: This note covers changes to the model after results. We increased postpaid phone adds, FWA adds, Consolidated EBITDA, and FCF slightly. We also lowered fiber adds slightly. Consensus EBITDA likely increases, with a more valuable business mix. No change to thesis. Neutral: $21 (+30% total return).
- Jonathan Chaplin
AT&T: quick thoughts following the call
What’s new: we start with a diatribe focused on the improving quality of the business, of management’s decisions, and of disclosure (with small suggestions for further improvements). We then touch on AT&T’s FWA strategy and its implications for others, the impact of Gigapower on fiber trends and the prospect of seeing other Broadband companies pursuing a similar strategy, what we learned about broadband market growth (which is less than we had hoped), what we learned about wireless market growth...
- Jonathan Chaplin
AT&T 1Q24 Quick Take
What’s new: Service revenue was almost in-line, EBITDA beat, but EPS was in-line, and FCF beat (mostly timing). By segment: wireless service revenue was a hair soft, but EBITDA beat handily. Phone adds beat on much lower-than-expected churn. Consumer Wireline revenue was roughly in-line while EBITDA beat handily. Fiber adds were in-line (preannounced), while Internet Air adds were well ahead of estimates. Business Wireline missed on service revenue and EBITDA.
Comcast Lights Up WiFi Boost Delivering Gig Speeds to Xfinity Mobile ...
PHILADELPHIA--(BUSINESS WIRE)-- and devices can now connect to millions of new “Xfinity Mobile” hotspots and receive Internet speeds over WiFi up to 1 Gigabit per second (Gbps). By delivering a faster connection over Xfinity’s WiFi network, Comcast is helping ensure customers can stream, game, chat, download and surf wherever they are. This press release features multimedia. View the full release here: Comcast delivers gig speeds to Xfinity Mobile and Comcast Business Mobile customers (Graphic: Business Wire) Today 90 percent of the mobile data traffic on Xfinity Mobile devices travels over...
Comcast Business Expands Cybersecurity Portfolio with Managed Detectio...
PHILADELPHIA--(BUSINESS WIRE)-- today announced it has expanded its cybersecurity portfolio with the launch of its Comcast Business Managed Detection and Response (MDR) solution. The solution combines an advanced security analytics platform and Security Operations Center (SOC) to help medium and large enterprise customers detect, analyze, and mitigate cyber threats in an ever-evolving and challenging threat landscape. Managed Detection and Response is a cybersecurity service that combines technology and human expertise to perform cyber threat hunting, monitoring, and response. One of the pr...
Comcast Launches NOW – a New Brand and Product Portfolio that Redefine...
PHILADELPHIA--(BUSINESS WIRE)-- Today Comcast introduced NOW, a new brand of quality, low-cost Internet, mobile and streaming TV products that consumers can purchase month-to-month, whenever they want. NOW Internet is a prepaid service that provides more reliability than fixed wireless options for a better price. NOW Mobile is a new prepaid service that includes unlimited 5G data combined with access to more than 23 million WiFi hotspots, unlike any other provider in the prepaid category. This press release features multimedia. View the full release here: Comcast introduces NOW, a new brand o...
News is Out, Word In Black, and Comcast NBCUniversal Welcomes 16 Journ...
PHILADELPHIA--(BUSINESS WIRE)-- Today, and , together announced the 16 fellows selected for The Digital Equity Local Voices Lab, a new initiative powered by Comcast NBCUniversal to place journalists at 16 Black and LGBTQ+ serving news publications across the country. During the year-long fellowship, the group will receive the training and resources needed to tell stories within marginalized communities through media and technology and celebrate the work being done by Black and LGBTQ+ leaders in their communities. This press release features multimedia. View the full release here: News is Out...
- James Ratzer
- Blair Levin
NSR Policy: The DoD’s Spectrum Game
This week we cover spectrum issues, with a particular focus on the implications of last week’s Department of Defense (DoD) report on the feasibility of sharing the 3.1 – 3.45GHz band with wireless carriers. Our New Street colleagues published a note describing the report and its implications for DISH/SATS, T, VZ, and TMUS.
Charter Communications Inc: 1 director
A director at Charter Communications Inc sold 40,803 shares at 288.350USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
- Jonathan Chaplin
Comcast Model Update
In this note, we adjust estimates to reflect comments made at conferences and our evolving view of the broadband market. We think broadband market growth considerably slowed in 1Q24. All broadband providers were likely impacted. In addition, Comcast has adjusted its approach to the broadband market to protect ARPU in a period of slower subscriber growth. No change to thesis. Price target is $50 (+22%).
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