No Longer Better Together, Spinning NBCU+Sky from Comcast Cable, Reiterate Equal-weight

研报英文原文证据摘录

No Longer Better Together, Spinning NBCU+Sky from Comcast Cable, Reiterate Equal-weight

Update

June 30, 2026 03:09 AM GMT

Morgan Stanley & Co. LLCMComcast Corporation | North America Sean Diffley, CFA

Equity Analyst

No Longer Better Together, Sean.DIFFLEY@morganstanley.comDavid M Hamburger +1 212 761-5868

Credit Analyst

David.Hamburger@morganstanley.com +1 212 761-1580

Spinning NBCU+Sky from Patrick A Ho

Patrick.Ho@morganstanley.com +1 212 761-2764

Comcast Cable, Reiterate Equal- Daniel Duran

Daniel.Duran@morganstanley.com +1 212 761-4822

weight Blake Netter, CPA

Blake.Netter@morganstanley.com +1 212 761-4679

Key Takeaways Juliana Gonzalez

Focus, flexibility & speed trump scale & diversification benefits as Comcast Juliana.Gonzalez.Montalvo@morganstanley.com +1 212 761-0918

announces NBCU+Sky spin from Cable business, although peer multiples have

Comcast Corporation (CMCSA.O, CMCSA US)

de-rated.

Telecom & Cable Services | United States of America

Similar to the WBD process, the proposed separation potentially paves the way Stock Rating Equal-weight

Industry View In-Line

for more degrees of freedom from a strategic option standpoint. Price target $33.00

Shr price, close (Jun 26, 2026) $23.17

Cable could benefit from greater scale & synergies with another large ISP, while Mkt cap, curr (mm) $84,980

multiples likely remain depressed vs historical given the competitive backdrop. 52-Week Range $34.34-22.13

NBCU looks more like DIS than other Media assets given Parks, Studio, Broadcast

& Peacock, which argues for a higher multiple. Remain EW with a $33 base PT.

From a credit perspective, we reiterate our CMCSA '35/'55 steepener rec. as

downgrade/structural risk should continue to pressure the long end of the curve.

Please email our team to request our separation analysis.