Comcast Corp Class A

CMCSA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$53.00	Yrlx	Rpmgvfd

Comcast Stock Deeply Undervalued as Market Misinterprets Zero Growth

Michael Hodel

Jul 28, 2022

Comcast’s second quarter was a mixed bag, but the market has keyed in on one negative figure: zero net broadband customer additions during the period, with a loss of 10,000 net residential customers. Very modest broadband growth is likely here to stay; we believe investors are better served focusing on the firm’s ability to generate strong cash flow despite lingering pandemic headwinds and to return that cash to shareholders. Our $60 fair value estimate is unchanged.

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