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Comcast Corp Class A CMCSA

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Morningstar’s Analysis

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Comcast Posts Solid Q3 Despite Slowing Broadband Growth; Peacock Continues to Underwhelm

Analyst Note

| Michael Hodel, CFA |

As telegraphed in September, Comcast’s broadband customer growth weakened a bit during the third quarter, which seems to have upset some investors. We don’t believe slowing growth is a cause for concern. The firm continues to handily beat its primary rivals, and the pandemic has created uneven demand. That said, we expect fiber network buildouts will create incremental competition over the next several years, causing customer growth to gradually decelerate. We are leaving our fair value estimate at $60 per share. With the stock selling off in recent weeks, we believe valuation is starting to look attractive.

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Company Profile

Business Description

Comcast is made up of three parts. The core cable business owns networks capable of providing television, Internet access, and phone services to roughly 60 million U.S. homes and businesses, or nearly half of the country. About 55% of the homes in this territory subscribe to at least one Comcast service. Comcast acquired NBCUniversal from General Electric in 2011. NBCU owns several cable networks, including CNBC, MSNBC, and USA, the NBC broadcast network, several local NBC affiliates, Universal Studios, and several theme parks. Sky, acquired in 2018, is the dominant television provider in the U.K. and has invested heavily in exclusive and proprietary content to build this position. The firm is also the largest pay-television provider in Italy and has a presence in Germany and Austria.

One Comcast Center
Philadelphia, PA, 19103-2838
T +1 215 286-1700
Sector Communication Services
Industry Entertainment
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Classic Growth
Employees 168,000