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Comcast Corp Class A CMCSA

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Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Comcast Continues to Post Exceptional Customer Growth; Fair Value Estimate to $60

Analyst Note

| Michael Hodel, CFA |

Comcast continued to put up stellar cable metrics and resumed share repurchases during the second quarter. Management also reiterated its view that Comcast doesn’t need to undertake acquisitions to gain scale in the media business and announced that Peacock will be made available to Sky customers for free. We’re increasing our fair value estimate to $60 from $54. We believe the stock is fairly valued, but we also view it as a core portfolio holding at current prices.

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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.

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

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