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Comcast: Fewer mergers, more capital structuring ahead

Jul. 08, 2015 9:00 PM ETComcast Corporation (CMCSA) StockCMCSABy: Jason Aycock, SA News Editor1 Comment
  • With its failed bid for Time Warner Cable fading into memory, Comcast's (NASDAQ:CMCSA) earnings call this month is likely to focus on its performance refocus, growth and other metrics -- including its buyback plans, notes Reinhardt Krause.
  • TWC's sizable cash flows would likely have meant a step-up in stock repurchases by the merged company, while Comcast alone is likely to have mostly used up its existing $10B authorization by the end of the year.
  • In an environment when companies are taking on low-interest debt to fuel buybacks, "With capital intensity decreasing longer term, Comcast could buy back 20% of its market cap in 2015-19 while actually deleveraging," says Barclays' Kannan Venkateshwar.
  • Meanwhile, in M&A, few are expecting Comcast to rebound from the failed TWC deal with more deals. A wireless firm likely isn't in its plans, though an Internet content deal (a la Verizon/AOL) isn't out of the question.
  • New CFO Michael Cavanagh will debut in the July 23 earnings call in a year where the company's TV businesses face pressure even as the stock has hit record highs, with no small help from Universal Studios.

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