JPM | US Special Situations Daily: June 30, 2026

研报英文原文证据摘录

JPM | US Special Situations Daily: June 30, 2026

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telecom environments had become increasingly competitive, with those conditions unlikely to change "anytime soon," and that

the company had changed its view on the benefits of scale and diversification. Future success for the two businesses, he argued,

will instead be predicated on focus, speed, and strategic flexibility. Overall, we believe the separation will allow Comcast and

NBCUniversal to compete more aggressively in their respective end-markets, while also creating an opportunity for meaningful

cost reduction.”

“Increased odds of cable M&A over the long term. Separating content from connectivity raises the odds of cable M&A longer

term, in our view. Given competitive pressures from fiber, fixed wireless access (FWA), and LEO satellite broadband, we expect

cable to continue consolidating from here. A larger business would benefit from transaction and operating synergies, and would

also support network investment in both fiber upgrades, to fend off market share erosion, and wireless infrastructure, to compete

more effectively with scaled convergence players such as the Big 3 incumbents. Charter's acquisition of Cox is still expected to

close this summer, but we would not be surprised to see Comcast and Charter attempt to combine over the longer term, a scenario

we have explored previously. While the scale of a combined Comcast and Charter may create some noise, we believe the current

competitive environment could allow such a deal to be approved, though capital structure likely remains a key consideration.”

“Sum-of-the-parts valuation of ~$29/share. Our sum-of-the-parts (SOTP) valuation for Comcast implies $29 per share,

illustrating the value unlock of a spin-off.”