CMCSA: Breakup Plan - "Yes, Keep Going!"

Research evidence excerpt

CMCSA: Breakup Plan - "Yes, Keep Going!"

June 29, 2026

Exhibit 1 - CMCSA SOTP Valuation (Not Price Target)

Source: Company Filings, Wolfe Research, LLC. Estimates

Details are limited: (continued from pg. 1)....Comcast has frozen its buyback but will continue to pay the dividend.

Pro forma leverage and capital structures were not discussed. Comcast will retain a 19.9% stake in NBCU/Sky before

liquidating that stake post-spin, tax efficiently, in order to pay down debt.

Why is CMCSA fading intraday, up just 7%? In cable, the fundamental outlook is very difficult - some investors who

held CMCSA or CHTR in hopes of a merger may be selling today's news. And while today's plan would move the merger

ball forward, it also suggests that nothing is imminent. The details of a Comcast/Charter merger include some devils

in the areas of network architecture, very high debt, and control that may have hampered negotiations so far. In media,

after WBD got away (to Paramount), the landscape of potential partners could be just Netflix, unless Amazon or Apple

has an appetite they lacked for WBD. Disney? Yes for Universal's film, TV studios, NBC Sports, and possibly News, but

not for the parks and broadcast stations.

What might CMCSA's future parts trade for? Capitalizing Cable ex-Sky EBITDA at 5x on '27E $28.5B and considering

$79B of net debt, we see Cable equity value of $63B, or ~$17 per CMCSA share. NBCUniversal + Sky could trade at

Disney's EV/EBITDA multiple of 9x '27 EBITDA of $5.6B. Net of an estimated $6B of debt (~1x leverage), we see ~$44B

of NBCUniversal equity value, or $12 per CMCSA share. Combining Cable and NBCU and netting $1.3B of corporate

and eliminations against $5.3B of hidden value (other less NCI and Beijing), we see post-spin equity value potential of