Comcast Corporation: Expect gradual 2H improvement but competitive worries remain

研报英文原文证据摘录

Comcast Corporation: Expect gradual 2H improvement but competitive worries remain

Global Research

23 July 2026ab

Comcast Corporation Equities

AmericasExpect gradual 2H improvement but competitive

worries remain Broadcasting

12-month rating Neutral

12m price target US$32.002Q financials in-line; Connectivity gradually improving & parks softening in 3Q

Results were largely in-line and management pointed to modest improvement in

connectivity financials starting in 3Q while parks headwinds are expected to persist. We Price (23 Jul 2026) US$21.92

are updating our estimates to reflect weaker 2H parks performance but better Media/ RIC: CMCSA.O BBG: CMCSA US

Peacock, keeping our total EBITDA estimates largely unchanged. We now look for 2.6%

revenue growth and 4.2% EBITDA declines in '26E, followed by 1.5% EBITDA declines Trading data and key metrics

in '27E (vs. street's +1.0% pre-earnings). 52-wk range US$35.37-21.92

Market cap. US$78.3b

Results: Total company EBITDA fell 5% yoy in 2Q (adj. for Sky Germany and

Shares o/s 3,570m (COM)

Versant) as connectivity EBITDA declined 5.8% FXN (vs. -4.7% in 1Q) and content

Free float 100%

grew 7% (better Peacock profits and studio net of linear declines and parks

Avg. daily volume ('000) 36,735

softness).

Avg. daily value (m) US$898.8

Outlook: We expect connectivity EBITDA declines to gradually improve in 2H Common s/h equity (12/26E) US$93.7b

(UBSe -4.8%/-2.4% in 3Q/4Q, driving 4.4% declines for the year) as broadband P/BV (12/26E) 0.8x

ARPU declines moderate and free mobile lines convert into paying accounts (mgmt Net debt to EBITDA (12/26E) 2.4x

cited positive early traction). For content, we expect better 2H performance as the

initial NBA deal is lapped and high margin political ad kicks in while parks EPS (UBS, diluted) (USD)