reports
- Blair Levin
A Versant/WBD deal: Prospects for Government Approval
News reports suggest that CMSCA or its cable channel spin-off (Versant) is considering making a bid for WBD. In this note we analyze the prospects for a government review of such a transaction as well as the potential upsides of attempting such a deal even with the odds of DOJ approval being low.
- David Barden
- David Barden
3Q25 Broadband Estimate Deep Dive
If you are one of those eager contrarians looking for the quarter where a combination of discount valuations and even a modest turnaround in cable KPI trends could boost the stocks, this probably ain’t it. The cable industry continues to lose subscribers at an elevated pace with Comcast doing worse than Charter thanks to the 1-2 punch of fiber and FWA.
Moody's Ratings corrects its website display for certain notes issued ...
Moody's Ratings (Moody's) has corrected the display on its websites for Comcast Corporation's Guaranteed Senior Notes due 2047, 2049 and 2052 (CUSIPs 20030NCC3, 20030NCE9 and 20030NCG4) to reflect these notes are senior unsecured. Due to an internal administrative error, an incorrect seniority was d...
- Vikash Harlalka
BEAD: Update for 3 More States
In this latest update, we now include BEAD proposals from 51 states & territories. We have updated our analysis for Alaska, Florida and Utah. Comcast, Brightspeed and AT&T remain at the top of the list among wireline operators. Fiber remains the dominant technology both in terms of locations as well as funding.
- Vikash Harlalka
BEAD: Impact of Price caps on funding
Based on a leaked internal NTIA memo related to BEAD, it seems like the final proposals by the states may not be final and the NTIA may force them to make changes to their plans. We have analyzed all the proposals so far and estimate that Comcast, AT&T and Frontier may be most impacted by these rules. However, the overall impact isn’t material.
- Vikash Harlalka
Cable’s win share among movers
There has been an ongoing debate among investors whether low moves actually hurt the Cable companies. Until now, it wasn’t possible to answer this question due to lack of data. We now have data from Opensignal that helps us answer this question. In this report, we show that the large Cable operators have been winning more than 50% share among movers who are new to their footprint. The win share has declined over time, especially as competitive intensity has increased. Cable operators can reduce ...
- Vikash Harlalka
BEAD: Another Major Update
We are almost in the home stretch of the BEAD proposal process. In this latest update, we now include BEAD proposals from 48 states & territories. We also incorporate the revisions in some state proposals. Comcast and Brightspeed are at the top of the list among wireline operators. Fiber’s share of locations remained unchanged from our last update. Satellite and FWA together account for close to a third of the locations awarded.
- Vikash Harlalka
CMCSA Quick Hit: Versant Spin Accretive to Comcast Valuation
Comcast filed Form 10 for Versant late last week. Versant includes most of Comcast’s cable networks and some digital media assets. In this short note, we analyze the financials of Versant, the impact of the spin-off on Comcast’s growth, valuation of Versant, and the potential upside to Comcast’s stock following the spin-off.
- Philip Burnett
TMUS Quick Take: Srini replacing Mike as CEO
T-Mobile announced that Srini Gopalan will replace Mike Sievert as CEO of T-Mobile on November 1st. Mike will remain as Vice Chairman of the company, a new role that they say will have Mike continue as an operator at the company (rather than purely a figurehead). Srini's new contract runs through November 2030, while Mike's renews annually. The company has also amended the contracts of the existing CFO and President of Marketing, which seems meant to signal that Srini won't replace the entire C-...
- Vikash Harlalka
Charter Pre-3Q25 Model Update
We updated our model for recent management commentary at investor conferences. We lowered 3Q EBITDA slightly but kept full year estimate unchanged. We expect consensus EBITDA estimates for the quarter to come closer to our estimates. Our near-term price target is $479 (+79%).
- Vikash Harlalka
- Vikash Harlalka
BEAD: Update for 7 more proposals
In this latest update, we now include BEAD proposals from 39 states & territories. Comcast and AT&T remain at the top of the list among wireline operators. Fiber’s share of locations has stabilized with small share shifts in either direction with each update (fiber’s share increased slightly after this update). Satellite and FWA together account for close to a third of the locations awarded.
- Vikash Harlalka
BEAD: Funding wins and investments by operator
In this note on BEAD, we summarize the funding wins so far for each operator along with the matching investment they are expected to make based on the cost estimates of each state. Based on the state estimates, they are contributing 63% of the estimated build costs and the operators are expected to invest 37% of the cost. The share of investments needed varies depending on the operator, and in some cases may be lower than estimated.
- Vikash Harlalka
BEAD: NTIA Deadline is here
Today is the deadline for all states to submit their final proposals. We now include proposals from 32 states in this latest update on BEAD. Fiber’s share of locations has nearly stabilized with small share shifts in either direction with each update (fiber’s share declined slightly after this update). Satellite and FWA together account for a third of the locations awarded.
- Vikash Harlalka
BEAD: Half-time report
Our latest BEAD update includes proposals from 25 states. Fiber remains the preferred technology with its share improving slightly from our last update. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies. We also update our summary for BEAD proposals so far.
- Blair Levin
- Vikash Harlalka
BEAD: More state proposals; Fiber share nearly stable
24 states have now reported their BEAD proposals. Fiber remains the preferred technology, and their share of locations slipped only slightly in this latest round of updates. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies. We also update our summary for BEAD proposals so far.
- Vikash Harlalka
BEAD: Fiber slips further; FWA gains some ground
Georgia, New Mexico and Oklahoma have reported their BEAD proposals. We are also including the numbers released by Washington yesterday. While fiber remains the dominant technology, its share slipped further. FWA and satellite increased their share of locations. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.