Business Strategy and Outlook
| Michael Hodel |Comcast’s core cable business enjoys significant competitive advantages but has seen growth slow as fixed-wireless offerings have provided a viable option for a subset of customers. NBCUniversal isn’t as well positioned but holds unique assets, including core content franchises and theme parks. We don’t love the firm’s strategy around Peacock, but we expect NBCU’s assets will play a significant role in the media landscape of the future. Overall, we expect Comcast will deliver only modest growth but with strong cash flow for the foreseeable future.