The streaming industry has been undergoing consolidation over the past few months with the A&T Discovery merger as well as the recent Amazon MGM deal. With the content war heating up, there is bound to be an expectation for media giants like Comcast to up their marketing expenditure in order to stay competitive in the streaming market. The company did manage to deliver a decent result beating Wall Street expectation on all counts. Comcast’s cable communications and Sky businesses performed well but its NBCUniversal segment continued to struggle largely due to the 33% drop in theme park revenues. Its streaming platform, Peacock is growing well and has close to 42 million sign-ups but is trailing well behind giants like Netflix and Disney. To sum up, Comcast’s performance was decent and there is a lot to expect from the latter half of 2021 with a recovery in its studio and theme park business. We maintain our ‘Outperform’ rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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