reports
- Jonathan Chaplin
Thoughts on Altafiber
Based on press reports from a couple of weeks ago, Altafiber has hired advisors for a strategic review. This may not be new; there were rumors that Altafiber was up for sale while the Frontier process was underway. This note explores the assets, the competitive dynamics in their markets, their end-state penetration, and their value. We are mostly using this as a vehicle to preview some of the new features that the Data Analytics team have built into Broadband Insights over the last three mont...
- Blair Levin
NSR Policy Spectrum Battles: A Field Guide
In 2025, the federal government will address multiple issues related to spectrum. While not all the issues will be resolved by the end of the year, the policy and political processes related to specific bands will provide greater clarity about the direction of policy, and the winners and losers, throughout the year.
- Blair Levin
NSR Policy Carr Investigates Comcast; Implications for InvestorsNSR P...
NewsMax reported last night that FCC Chair Brendan Carr had sent Comcast CEO Brian Roberts a letter stating that Carr has “asked the FCC's Enforcement Bureau to open an investigation into Comcast and NBCUniversal….to ensure that your companies are not promoting invidious forms of discrimination in violation of FCC regulations and civil rights laws."
Comcast Teams up With 4x NBA Champion and Olympic Gold Medalist Stephe...
PHILADELPHIA--(BUSINESS WIRE)-- Comcast’s Black Experience on Xfinity teams up with 4x NBA Champion and 2x MVP Stephen Curry and his multimedia company, Unanimous Media, award-winning The WorkShop Content Studios and FreshFly, to premiere Spirit, an inspiring docuseries that follows the co-ed cheer team from George Washington High School in Philadelphia. The four-part series follows the “G-Dub” team as they compete at the district, state, and national levels, and make history as the first cheer squad from the School District of Philadelphia to make it to the National Cheerleaders Association (...
- Jonathan Chaplin
Comcast and Dolby to Deliver First-Ever Super Bowl in Both Dolby Visio...
PHILADELPHIA & SAN FRANCISCO--(BUSINESS WIRE)-- Comcast and Dolby today announced that the Super Bowl LIX on FOX will be delivered in both Dolby Vision® and Dolby Atmos® for the first time ever. The experience will be available to Xfinity TV customers as part of Comcast’s new Enhanced 4K offering on X1. This press release features multimedia. View the full release here: The Super Bowl LIX on FOX will be delivered in both Dolby Vision® and Dolby Atmos® for the first time ever. (Photo: Business Wire) Enhanced 4K provides customers with an unmatched viewing experience with the best picture and a...
- Jonathan Chaplin
Winter for Wireless
Four of the five carriers that have reported so far expect to increase or maintain net adds in 2025. The sell-side has taken them at their word; consensus expectations reflect a sharp increase in adds for the group in 2025. We think net adds will decline in 2025. Somebody will miss expectations, potentially by a lot. We walk through who is most at risk of missing on adds or EBITDA in this note.
- Jonathan Chaplin
Charter Post-4Q24 Model Update
This note focuses on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. The major change was slightly lower broadband losses. We think consensus is in the right place on broadband losses for 2025. Our near-term price target is $386 (+12%). With broadband revaluation and M&A, stock could get to $740 (+115%).
- Jonathan Chaplin
- Jonathan Chaplin
CHTR 4Q24 Quick Take: Subscriber trends better than feared; financials...
After Comcast’s miss yesterday, investors have been braced for disappointing adds at Charter. The loss was better than we expected, though a touch worse than consensus (we suspect buy-side was braced for something closer to our estimate). EBITDA was right inline with our estimate, and ahead of consensus. The Company gave new Capex guidance, which will be a focus on the call. Charter has built up a nice reservoir for repurchases following the Liberty Broadband shareholder vote.
- Jonathan Chaplin
Comcast Post-4Q24 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 higher broadband losses in 2025. We expect Consensus to increase broadband losses also. No change to thesis. Price target is $40 (+22%).
- Jonathan Chaplin
CMCSA: Quick thoughts following the call 4Q24
In this brief note we cover our thoughts on the stock reaction, what we learned about broadband market growth and Cable’s share, management’s refocusing on convergence revenue growth, our expectations for FCF and share repurchases, and the implications for the mobile market of Comcast pushing more aggressively into mobile.
- Jonathan Chaplin
CMCSA 4Q24 Quick Take: Strong consolidated results
Consolidated revenue, EBITDA, and FCF all beat estimates driven mostly by strength in Studios. Peacock results were also strong, and Parks were better-than-expected. Broadband results were a little disappointing, despite warnings towards the end of last year.
Comcast and Apple Unveil New Integrated Viewing Experience for MLS Sea...
PHILADELPHIA--(BUSINESS WIRE)-- Comcast and Apple today announced plans to offer all Xfinity customers an integrated viewing experience for MLS Season Pass in time for the start of the 2025 season. Customers can sign up for MLS Season Pass directly through Xfinity and soon find every live match seamlessly incorporated throughout the X1 and Xfinity Stream app user interfaces, making it easy for them to watch alongside their other favorite live sports, without having to switch between apps. This press release features multimedia. View the full release here: Comcast and Apple plan to offer all X...
Comcast Introduces Nation’s First Ultra-Low Lag Xfinity Internet Exper...
PHILADELPHIA--(BUSINESS WIRE)-- Comcast is introducing the first customers in the world to a pioneering new, ultra-low lag connectivity experience when they use interactive applications like gaming, videoconferencing, and virtual reality. With the launch, Xfinity Internet latency will be dramatically reduced to faster than the blink of an eye, currently when using FaceTime on iPhone, iPad, Mac, Apple TV, and Apple Vision Pro, apps on Meta’s mixed reality headsets that will support this technology, NVIDIA’s GeForce NOW, many games on Valve’s Steam games platform, and in the future on other appl...
- Blair Levin
The CHTR/CMCSA/TMUS Dance: Comparing Government Approvals?
As the market perceives a larger window opening for M&A, there has been significant interest in the relative ease or difficulty of the antitrust/regulatory path for approval for two potential suitors for CHTR—CMCSA and TMUS. In this note we analyze both the traditional antitrust considerations (advantage CMCSA), the current political elements (advantage TMUS), how both can act in ways to mitigate the risks, events in the future that might change, and how the transaction may affect the ultimate ...
Comcast’s Xfinity Launches $70 Sports and News Video Package
PHILADELPHIA--(BUSINESS WIRE)-- Comcast today announced the launch of Sports & News TV, a new video package for Xfinity Internet customers that brings together live news, top sporting events from NFL, NBA, NHL, MLB and NCAA, hit movies and shows, and primetime TV all in one place. This press release features multimedia. View the full release here: Comcast launches a new video package for Xfinity Internet customers that brings together live news and top sporting events (Photo: Business Wire) is available for a simple, all-in monthly price of $70 when combined with Xfinity Internet, all backed...
Comcast Names Steve Croney Chief Operating Officer of Connectivity & P...
PHILADELPHIA--(BUSINESS WIRE)-- Comcast Corporation (Nasdaq: CMCSA) today announced that Steve Croney has been promoted to a newly created role as Chief Operating Officer for the domestic businesses of its Connectivity & Platforms segment that serves more than 32 million customers. This press release features multimedia. View the full release here: Steve Croney, Chief Operating Officer of Comcast Connectivity & Platforms (Photo: Comcast Corporation) As COO, Croney will lead the teams responsible for Comcast’s residential and commercial businesses in the US, including product strategy, sales a...
Ookla® Research Shows that Xfinity Mobile Speeds Have Skyrocketed 150 ...
PHILADELPHIA--(BUSINESS WIRE)-- Ookla’s latest research credits Xfinity Mobile’s PowerBoost for delivering customers 150 percent faster speeds since the innovative feature launched in 2024. PowerBoost delivers speeds of up to 1 Gigabit per second (Gbps) over WiFi at home or at millions of WiFi hotspots across the country. The feature is free to all customers. This press release features multimedia. View the full release here: 'PowerBoost,' a Feature Available to All Xfinity Mobile Customers that Delivers WiFi Speeds Up To 1 Gig, is Credited for Delivering the Superfast Speeds (Photo: Busine...
Comcast Adds Live Odds From FanDuel Into Xfinity Odds Zone on X1
PHILADELPHIA--(BUSINESS WIRE)-- Comcast today announced it has added sports betting odds from FanDuel into Xfinity Odds Zone on Xfinity X1, giving customers more ways to view live odds, game lines and prop bets for major sporting events without having to take their eyes off their TV. This press release features multimedia. View the full release here: Comcast adds sports betting odds from FanDuel into Xfinity Odds Zone on Xfinity X1 (Graphic: Business Wire) “X1 is the best seat in the house for , and now with FanDuel as part of Odds Zone, we’re making it even better for fans by integrating odd...
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