Charter Faces a Bumpy Road Back to Broadband Customer Growth

Broadband competition has increased over the past three years as fixed-wireless broadband has gained share and fiber networks have expanded. We don't expect Charter to return to broadband customer growth soon. But we still believe it can drive modest growth and generate consistent cash flows, especially after its rural network expansion wraps up. However, with a relatively heavy debt load, Chater shares will remain volatile as it navigates the competitive environment.