Comcast remains a tale of three cities: cable, NBC Universal (NBCU), and Sky. Fortunately for investors, the dominant business – cable – is a clear COVID winner with attractive secular prospects. On the other hand, NBCU and Sky are COVID losers facing secular challenges. Results in 3Q20 were very strong in cable led by broadband. […]
“Comcast’s 1Q20 2Q20 earnings report and conference call exposed sharp differences of how the COVID crisis is impacting the company’s three business segments. Already positive trends in the core cable business are getting a boost. NBC Universal and Sky, however, are in the direct path of the virus with little visibility for the pace or […]
Comcast’s 1Q20 earnings report and conference call exposed sharp differences of how the COVID crisis is impacting the company’s three business segments. Already positive trends in the core cable business are getting a boost. NBC Universal and Sky, however, are in the direct path of the virus with little visibility for the pace or timing […]
Comcast reported solid 4Q19 results with strength in the cable business offset by a modest shortfall at NBC Universal’s broadcast and cable TV networks, theme parks, and film studio. As often seems to be the case over the past year, Comcast’s conference call snatched defeat from the jaws of victory when the company discussed specific […]
In what has become routine, Comcast (CMCSA) reported solid results with strength in the cable business offset by weaker trends at NBC Universal. Northlake sees more value creation on the distribution side looking ahead to 2020 and 2021 as the company increasingly becomes a broadband supplier rather than a video distributor. We all read a […]
You would not know it from the constant headlines about cord cutting but things are going quite well at Comcast. This is because the margins are not very good on cable video subscribers which are declining, while the margins are very good and getting better on broadband internet subscribers which are growing. Also growing with […]
After a difficult 2018, Comcast (CMCSA) shares have rebounded to challenge all-time highs reached at the beginning of last year. This might be hard to understand given the constant drumbeat of news stories about cord-cutting. Well, guess what? Cable is actually a good business and getting better financially speaking. Lost in the cord-cutting hysteria is […]
Northlake has been patient with Comcast over the past year as we disliked both the ultimately futile pursuit of 21st Century Fox assets and the ultimately successful purchase of Sky. We have stuck with Comcast due to management’s consistent execution in its operating businesses and our view that cord cutting concerns are overdone. Comcast’s 4Q18 […]
Comcast (CMCSA) still has to convince us and a lot of investors of the wisdom of its acquisition of Sky Plc, Europe’s largest satellite TV provider. Fortunately, the company’s domestic cable business and NBC Universal content operations are performing well giving the company some breathing room. Management can point to a strong record on acquisitions […]
If I told you Comcast had more almost 3% more subscribers today than a year ago, I bet you would think I was crazy. Well, that is the truth. Yes, the company is losing video subscribers to cord cutting in favor of Netflix, Hulu or skinny streaming cable-like channel bundles. But broadband is still growing […]
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