{"id":59977,"date":"2025-05-09T10:31:42","date_gmt":"2025-05-09T08:31:42","guid":{"rendered":"https:\/\/www.captrader.com\/?post_type=analyse&#038;p=59977"},"modified":"2026-02-20T08:27:22","modified_gmt":"2026-02-20T07:27:22","slug":"dgi-sample-portfolio-the-comcast-stock","status":"publish","type":"analyse","link":"https:\/\/www.captrader.com\/en\/analyse\/dgi-musterdepot-die-comcast-aktie\/","title":{"rendered":"DGI SAMPLE PORTFOLIO: THE COMCAST SHARE"},"content":{"rendered":"<style id=\"bricks-inline-css-component-lnntzm\">\n\/* BREAKPOINT: Desktop (BASE) *\/\n.block-editor-iframe__body .brxe-rtliac:not(.tag), .block-editor-iframe__body .brxe-rtliac img{aspect-ratio: 1; object-fit: contain}\n.block-editor-iframe__body .brxe-rtliac{width: 65px}\n\n\n\/* BREAKPOINT: Desktop (BASE) *\/\n.block-editor-iframe__body .brxe-lkidxf{border: 3px solid #F6F6F8; margin-top: -60px; background-color: var(--light)}\n\n\n\/* BREAKPOINT: Desktop (BASE) *\/\n.block-editor-iframe__body .brxe-jzmkoh{font-weight: 600; font-size: var(--text-xl); text-transform: uppercase}\n\n\n\/* BREAKPOINT: Desktop (BASE) *\/\n.block-editor-iframe__body .brxe-umltno ul li{ list-style: none; position: relative; padding-left: 30px;} .block-editor-iframe__body .brxe-umltno ul li::before{ content: ''; position: absolute; left: 0; top: 0.4em; width: 15px; height: 15px; background-image: url('\/wp-content\/uploads\/2024\/02\/square-full-solid.svg'); background-size: contain; background-repeat: no-repeat;}\n\n\n\/* BREAKPOINT: Mobil Hochformat *\/\n@media (max-width: 478px){\n.block-editor-iframe__body .brxe-xowhkb{margin-top: 20px}\n}\n\n\/* BREAKPOINT: Desktop (BASE) *\/\n.block-editor-iframe__body .brxe-lnntzm{background-color: #F6F6F8; align-items: center; position: relative; margin-top: 60px; padding-right: var(--space-l); padding-bottom: var(--space-l); padding-left: var(--space-l)}\n\n\n\/* Disable links in editor *\/\n.block-editor-iframe__body a.brxe-lnntzm, .block-editor-iframe__body .brxe-lnntzm a{ pointer-events: none; }\n<\/style><div class=\"brxe-lnntzm brxe-block\"><div class=\"brxe-lkidxf brxe-div radius-full padding-s\"><img decoding=\"async\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/06\/Icons_Uebersicht-blau.svg\" class=\"brxe-rtliac brxe-image css-filter size-full\" alt=\"A simple outline of a document with horizontal lines and a yellow magnifying glass in front of it, symbolizing the document check or search.\" \/><\/div><div class=\"brxe-xowhkb brxe-block\"><h2 class=\"brxe-jzmkoh brxe-heading\">The most important in a nutshell<\/h2><div class=\"brxe-umltno brxe-text\"><ul>\n<li>Comcast is a broad-based and vertically diversified company that generates solid revenues in various parts of the telecommunications value chain<\/li>\n<li>The existing business in the broadband segment provides reliable cash flows that simultaneously enable investment in new growth areas and a very attractive capital allocation<\/li>\n<li>Since dividend payments began in 2007, they have been increased every year. In contrast to its competitors, the management buys back a lot of its own shares<\/li>\n<li>At a historically low price level, the telco has achieved an extremely favorable valuation, with the prospect of considerable upside potential over a medium to long-term investment horizon<\/li>\n<li>Click here for the <a href=\"https:\/\/www.captrader.com\/en\/dividend-custody-account\/portfolio\/\"><strong>DGI model portfolio<\/strong><\/a><strong><\/strong>and here to the overview of this series <a href=\"https:\/\/www.captrader.com\/en\/dividend-custody-account\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The dividend custody account<\/strong><\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div>\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1010\" height=\"462\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienchart-Comcast.jpg\" alt=\"Line chart showing Comcast&#039;s share price from 2016 to 2025, with highs at the end of 2021 and fluctuations, ending at 34.49 $.\" class=\"wp-image-59978\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienchart-Comcast.jpg 1010w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienchart-Comcast-300x137.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienchart-Comcast-768x351.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienchart-Comcast-18x8.jpg 18w\" sizes=\"auto, (max-width: 1010px) 100vw, 1010px\" \/><figcaption class=\"wp-element-caption\"><em>Comcast share chart (source: aktien.guide)<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Company profile and business model: Who is Comcast and what does it do?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Since 1969, the telecommunications group has been operating under the name <strong>Comcast Corporation<\/strong>before going public a short time later in 1972. The company, which specialized in cable television at the time and had previously been known as American Cable Systems, made a large number of acquisitions in the following decades and participated as a co-founder in various joint ventures. Of particular note here is the entry into the <strong>Mobile communications business<\/strong> with the purchase of American Cellular Network (1988). With the increasing popularity of the Internet, the classic <strong>Triple-play offer<\/strong> from telco providers: cable, telephone and Internet connection as a combinable service offer for customers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As if that were not enough, Comcast took over the largest cable television provider<strong> AT&amp;T Broadband<\/strong> in 2001 for the impressive sum of USD 44.5 billion and became the largest provider of cable television in the US. The noughties were characterized by major coups and hopes of growth-accelerating mergers - accompanied by the odd disillusionment. An excerpt from this: In 2004, Comcast actually wanted to <strong>Walt Disney<\/strong> The acquisition famously fell through. The management proved to have a luckier hand with the acquisition of <strong>NBC Universal<\/strong>. The rather complex transaction, which lasted from 2009 until the final closing in 2013, was successfully completed via ties with the original owner, the industrial conglomerate General Electric. With the acquisition, Comcast not only complemented its range of TV channels (including National Broadcasting Company (NBC)) and powerful film studios (e.g. Universal Pictures), but also became the third-largest provider of entertainment and theme parks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, there were other acquisition targets on the management's shopping list. In retrospect, the planned takeover of <strong>Time Warner Cable<\/strong>which later went to competitor AT&amp;T for just under USD 85 billion, was primarily due to the antitrust concerns of the Federal Department of Justice about the deal, which were fueled by competitors such as Netflix, DirectTV and Charter Communications. Less than three years later, in 2017, Comcast launched an attempt to take over 21st Century Fox. However, Walt Disney won the race. However, the failed deal resulted in something else positive for Comcast. Disney divested itself of some assets, including the 39% stake in Sky plc held via Fox. Comcast took over the entire British group shortly afterwards.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since 2018, Sky has been a subsidiary of Comcast that now operates outside North America in<strong> Great Britain<\/strong> gained a foothold. With around 23 million subscribers, Sky can be described as the largest pay-TV broadcaster in Europe with offerings in the UK, Germany, Italy, Austria, Ireland and Switzerland (Sky Ticket). The majority of Sky's revenue is generated in the UK.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"542\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Ueberblick-Comcast-1024x542.jpg\" alt=\"A presentation slide outlining Comcast&#039;s business strategy, key platforms and content offerings, including various TV, streaming and media brands.\" class=\"wp-image-59993\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Ueberblick-Comcast-1024x542.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Ueberblick-Comcast-300x159.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Ueberblick-Comcast-768x406.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Ueberblick-Comcast-18x10.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Ueberblick-Comcast.jpg 1395w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Overview Comcast (Source: <\/em><a href=\"https:\/\/www.cmcsa.com\/static-files\/e15066f6-5b23-4c4f-8c89-9d3d69dfb9d3\" rel=\"nofollow noopener\" target=\"_blank\"><em>Investor Presentation 2024, p. 3<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Today, Comcast is a global media and technology group that operates in the <strong>business model<\/strong> different broadband, television, telephone and streaming services for <strong>51.6 million customers<\/strong> in the USA and Europe. Its broadband, wireless and video services include <strong>Xfinity, Comcast Business<\/strong> and <strong>Sky Brands<\/strong>the media empire are among the better-known names <strong>Universal, Sky Studios, NBC, Telemundo<\/strong> and <strong>Peacock<\/strong> <strong>Streaming<\/strong>. Comcast has a number of assets worthy of being characterized as a moat. Not the least of which is its historic Internet broadband presence, which reaches just over half (51 percent) of American households.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1011\" height=\"469\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/USA-Praesenz-Comcast.jpg\" alt=\"A map of the United States shows major cities with many private broadband customers and blue areas indicating network distribution.\" class=\"wp-image-59996\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/USA-Praesenz-Comcast.jpg 1011w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/USA-Praesenz-Comcast-300x139.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/USA-Praesenz-Comcast-768x356.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/USA-Praesenz-Comcast-18x8.jpg 18w\" sizes=\"auto, (max-width: 1011px) 100vw, 1011px\" \/><figcaption class=\"wp-element-caption\"><em>Comcast's network in the USA <em>(Source: <\/em><\/em><a href=\"https:\/\/www.cmcsa.com\/static-files\/f353e849-8ebe-449c-a6ae-9d769b06eaa9\" rel=\"nofollow noopener\" target=\"_blank\">Annual Report 2024, p. 2<\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The company is currently the second largest broadcasting and cable television provider in the world in terms of revenue, only behind <strong>AT&amp;T<\/strong>. It is also the largest pay-TV provider, the largest cable TV provider, the largest Internet provider in the USA and the third-largest provider of residential telephone services. Comcast provides its services to customers in <strong>40 states<\/strong> the USA.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"552\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segmente-Ueberblick-Comcast-1024x552.jpg\" alt=\"Slide summarizing Comcast&#039;s results for 2023: $121.6 billion in revenue and $37.6 billion in adjusted EBITDA, with breakdown of revenue and EBITDA, key brands and bullet points on growth areas.\" class=\"wp-image-59991\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segmente-Ueberblick-Comcast-1024x552.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segmente-Ueberblick-Comcast-300x162.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segmente-Ueberblick-Comcast-768x414.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segmente-Ueberblick-Comcast-18x10.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segmente-Ueberblick-Comcast.jpg 1395w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Comcast's business segments (source: <\/em><a href=\"https:\/\/www.cmcsa.com\/static-files\/e15066f6-5b23-4c4f-8c89-9d3d69dfb9d3\" rel=\"nofollow noopener\" target=\"_blank\"><em>Investor Presentation 2024, p. 6<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Most households in the U.S. today can get landline Internet access service from only two providers: the traditional cable or phone company. Comcast and <strong>Charter Communications (CHTR)<\/strong> together serve 200 million people in the United States. The overlap between the two companies adds up to less than two million people served by both companies.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"547\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Connectivity-Platforms-Comcast-1024x547.jpg\" alt=\"A slide with a business overview showing Comcast&#039;s 2023 revenue breakdown by category, key highlights and logos for Xfinity, Sky and Comcast Business.\" class=\"wp-image-59989\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Connectivity-Platforms-Comcast-1024x547.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Connectivity-Platforms-Comcast-300x160.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Connectivity-Platforms-Comcast-768x410.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Connectivity-Platforms-Comcast-18x10.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Connectivity-Platforms-Comcast.jpg 1405w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Connectivity &amp; Platforms business segment <em>(Source: <\/em><\/em><a href=\"https:\/\/www.cmcsa.com\/static-files\/e15066f6-5b23-4c4f-8c89-9d3d69dfb9d3\" rel=\"nofollow noopener\" target=\"_blank\">Investor Presentation 2024, p. 8<\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Comcast is over <strong>Universal Pictures<\/strong> is also active in film production. This is relevant for its own distribution of media content, as the launch of its own streaming service <strong>Peacock<\/strong> this content can be utilized itself. Peacock has increased its paid subscriber numbers by almost 20% year-on-year and is gradually gaining market share with a total of over 41 million customers (Q1 2025). Finally, the company is the owner of <strong>Universal Parks &amp; Resorts<\/strong>which includes the theme parks.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"547\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Content-Experiences-Comcast-1024x547.jpg\" alt=\"Infographic showing Comcast&#039;s 2023 business overview for content and experiences with revenue, EBITDA and segment breakdown for theme parks, studios and media.\" class=\"wp-image-59990\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Content-Experiences-Comcast-1024x547.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Content-Experiences-Comcast-300x160.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Content-Experiences-Comcast-768x410.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Content-Experiences-Comcast-18x10.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Segment-Content-Experiences-Comcast.jpg 1397w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Content &amp; Experiences business segment (source: <\/em><a href=\"https:\/\/www.cmcsa.com\/static-files\/e15066f6-5b23-4c4f-8c89-9d3d69dfb9d3\" rel=\"nofollow noopener\" target=\"_blank\"><em>Investor Presentation 2024, p. 16<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">I would also like to mention the participation in the streaming service <strong>Hulu<\/strong>which accounts for around one third. Disney holds the majority stake in Hulu. Hulu has around 50 million streaming subscribers and offers a large selection of current series, films, TV shows and even live TV. Interesting detail in passing: the CEO <strong>Daniel Loeb<\/strong> of the hedge fund <strong>Third Point<\/strong> already made in the <a href=\"https:\/\/whatsondisneyplus.com\/third-point-investor-daniel-loeb-urges-hulu-to-merge-into-disney\/\" rel=\"nofollow noopener\" target=\"_blank\">The past<\/a> Disney's management to buy the stake from Comcast. The contractually guaranteed minimum value of Comcast's Hulu stake is approximately USD 9.1 billion. Analysts estimate the value of Comcast's Hulu stake at <a href=\"https:\/\/seekingalpha.com\/news\/4029270-hulus-valuation-still-up-in-the-air-as-disney-to-buy-comcast-stake\" rel=\"nofollow noopener\" target=\"_blank\">USD 9 to 13 billion<\/a>. The question remains as to what extent Hulu's massive subscriber growth has affected the valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Comcast's management has repeatedly affirmed that its primary focus is on the <strong>Wireless business<\/strong> as the means with the greatest leverage to reduce customer churn for broadband connections. Lower profitability and the associated loss of profitability are accepted, as competition in the broadband sector is constantly increasing. <strong>Xfinity Mobile<\/strong>which is based on the mobile network of <strong>Verizon<\/strong> together with the streaming service Peacock, will enjoy strategic importance as potent profit centers in the future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the <a href=\"https:\/\/www.cmcsa.com\/static-files\/3d94e6a2-8fad-4ba1-b780-3459e68482f8\" rel=\"nofollow noopener\" target=\"_blank\">last November<\/a> Comcast management announced a plan to spin off NBCUniversal's portfolio of cable television channels and take it public as a separate company (\"SpinCo\"). This new company will cover news, sports and entertainment content (including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, Golf Channel) and potentially reach 70 million households in the US. The transaction is expected to be completed in approximately one year. Based on the last financial year, the division to be spun off generated revenues of around USD 7 billion. SpinCo will have the same two-class share structure as Comcast. Finally, a quick look at the <strong>Geographical distribution<\/strong> of the revenues. 78 percent of Comcast's revenue is attributable to the <strong>United States<\/strong>, 12 percent <strong>Great Britain<\/strong> and ten percent is attributable to all other international markets.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"127\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Geographische-Umsatzverteilung-Comcast-1024x127.jpg\" alt=\"Table showing total revenue by region from 2022 to 2024; revenue in the USA is the highest, with total revenue increasing each year in all regions\" class=\"wp-image-59986\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Geographische-Umsatzverteilung-Comcast-1024x127.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Geographische-Umsatzverteilung-Comcast-300x37.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Geographische-Umsatzverteilung-Comcast-768x95.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Geographische-Umsatzverteilung-Comcast-18x2.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Geographische-Umsatzverteilung-Comcast.jpg 1100w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Comcast sales by geographical distribution (source:<\/em> <em>(Source: <\/em><a href=\"https:\/\/www.cmcsa.com\/static-files\/f353e849-8ebe-449c-a6ae-9d769b06eaa9\" rel=\"nofollow noopener\" target=\"_blank\"><em>Annual Report 2024, p. 70<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">At the <strong>ownership structure<\/strong> of Comcast, two points stand out. On the one hand, the company has a very high proportion of <strong>Institutional investors<\/strong> out. This amounts to over 87 percent. On the other hand, the long-standing Chief Executive Officer Brian L. Roberts, who has held the reins since 1990, owns only 0.7 percent of the shares, but all voting Class B shares, which gives him a non-dilutable voting power of 33 percent over the company.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"732\" height=\"464\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Eigentuemerstruktur-Comcast.jpg\" alt=\"The main investors of a company are listed in a table. Their names, the value of the shares held, the percentage of shares issued and the total number of shares held are displayed.\" class=\"wp-image-59982\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Eigentuemerstruktur-Comcast.jpg 732w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Eigentuemerstruktur-Comcast-300x190.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Eigentuemerstruktur-Comcast-18x12.jpg 18w\" sizes=\"auto, (max-width: 732px) 100vw, 732px\" \/><figcaption class=\"wp-element-caption\"><em>Ownership structure of Comcast (Source:<\/em> <em>tikr.com)<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Industry profile and competitive situation<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The characteristics of Comcast's business model shape the <strong>Comparison with listed competitors<\/strong> practicable at the overall Group level. The peer group is made up of the two major competitors AT&amp;T and Verizon Communications. As the revenue share for the media business and theme parks does not dominate, I have not included other players from this segment such as Walt Disney, Charter Communications or Warner Bros. Discovery. In any case, you can form your own opinion based on the evaluated fundamental data of Comcast and possibly continue this on the basis of a segment-by-segment comparison with the leading companies in each division.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"985\" height=\"510\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Wettbewerbsvergleich-Comcast-ATT-Verizon.jpg\" alt=\"Table comparing the financial ratios of Comcast, AT&amp;T and Verizon as of May 6, 2025, including market capitalization, EBITDA, dividends, cash flow and growth rates.\" class=\"wp-image-59997\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Wettbewerbsvergleich-Comcast-ATT-Verizon.jpg 985w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Wettbewerbsvergleich-Comcast-ATT-Verizon-300x155.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Wettbewerbsvergleich-Comcast-ATT-Verizon-768x398.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Wettbewerbsvergleich-Comcast-ATT-Verizon-18x9.jpg 18w\" sizes=\"auto, (max-width: 985px) 100vw, 985px\" \/><figcaption class=\"wp-element-caption\"><em>The competitive comparison with AT&amp;T and Verizon (Source: Own illustration)<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Comcast financial picture<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">After gaining an overview of the industry in general and taking a closer look at the company, management and competition, we take a look at Comcast's balance sheet and the key financial figures derived from it. The focus here is on the following aspects <strong>Growth, profitability<\/strong> and the <strong>Financing<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To analyze the financial situation, the first step is to look at the development of sales, profit and free cash flow. I have already discussed the internal distribution of turnover by segment in the chapter on the business model above. On average, the top line has grown over the last five years by <strong>3.2 percent p.a.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"226\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Umsatzentwicklung-Comcast-1024x226.jpg\" alt=\"The line chart entitled &quot;Turnover and margin&quot; shows a steady increase in turnover from 2015 to 2022, reaching over USD 1,225 million at the end of the period.\" class=\"wp-image-59994\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Umsatzentwicklung-Comcast-1024x226.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Umsatzentwicklung-Comcast-300x66.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Umsatzentwicklung-Comcast-768x169.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Umsatzentwicklung-Comcast-1536x339.jpg 1536w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Umsatzentwicklung-Comcast-18x4.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Umsatzentwicklung-Comcast.jpg 1850w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Development of Comcast's sales (source: Aktienfinder)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The (adjusted) <strong>Earnings per share<\/strong> we have seen a moderate upward trend for ten years. If we look at the past financial year 2024, the <strong>Adjusted earnings per share<\/strong> at <strong>8.8 percent<\/strong> (USD 4.33 vs. USD 3.98). In the past financial year, Comcast generated a <strong>Net profit<\/strong> from over <strong>USD 16.2 billion<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"229\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Gewinnentwicklung-Comcast-1024x229.jpg\" alt=\"Line and area diagram showing profits (green), authorized profits (beige) and dividends over time from 2009 to 2023 with steady value growth.\" class=\"wp-image-59987\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Gewinnentwicklung-Comcast-1024x229.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Gewinnentwicklung-Comcast-300x67.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Gewinnentwicklung-Comcast-768x172.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Gewinnentwicklung-Comcast-1536x343.jpg 1536w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Gewinnentwicklung-Comcast-18x4.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Gewinnentwicklung-Comcast.jpg 1852w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Development of Comcast's earnings per share (source: Aktienfinder)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The amount available to the company <strong>Free Cash-Flow<\/strong> can be used for capital investments in organic growth, research and development, repayment of debt, expansion via company acquisitions, distributions of (increasing) dividends or share buybacks. In absolute figures - which I primarily like to use - the picture of operating and free cash flow as well as capital investments (CapEx) for the period 2016 to 2024 is as follows:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"266\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Free-Cash-Flow-Entwicklung-Comcast-1024x266.jpg\" alt=\"Bar chart showing Comcast Corporation&#039;s cash flow from operating activities, capital expenditures and free cash flow from 2016 through 2023, with figures for each financial metric fluctuating annually.\" class=\"wp-image-59984\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Free-Cash-Flow-Entwicklung-Comcast-1024x266.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Free-Cash-Flow-Entwicklung-Comcast-300x78.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Free-Cash-Flow-Entwicklung-Comcast-768x199.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Free-Cash-Flow-Entwicklung-Comcast-1536x398.jpg 1536w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Free-Cash-Flow-Entwicklung-Comcast-18x5.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Free-Cash-Flow-Entwicklung-Comcast.jpg 1565w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Development of Comcast's free cash flow (source: tikr.com)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A look at the <strong>Debt situation<\/strong> tells us that, based on the last financial year, Comcast has interest-bearing financial liabilities of USD 99.1 billion, which in turn is offset by cash and cash equivalents and securities totaling USD 8.6 billion. If we now divide the remaining net debt of USD 90.5 billion by the most recently generated EBITDA of USD 38.3 billion, the result is 2.4, which is below the critical threshold of 3.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"158\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Entwicklung-der-Netto-Verschuldung-Comcast.jpg\" alt=\"Line chart showing the net debt, EBITDA and net debt\/EBITDA ratios of Microsoft Corporation from 2017 to 2023, with EBITDA increasing and net debt\/EBITDA remaining stable.\" class=\"wp-image-59998\" style=\"width:840px;height:auto\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Entwicklung-der-Netto-Verschuldung-Comcast.jpg 602w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Entwicklung-der-Netto-Verschuldung-Comcast-300x79.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Entwicklung-der-Netto-Verschuldung-Comcast-18x5.jpg 18w\" sizes=\"auto, (max-width: 602px) 100vw, 602px\" \/><figcaption class=\"wp-element-caption\"><em>Development of Comcast's net debt and EBITDA (source: tikr.com)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Around the topic <strong>Indebtedness<\/strong> and <strong>External financing<\/strong> it makes sense to look at the <strong>Interest profile<\/strong> and the <strong>Maturity structure<\/strong> of current liabilities. Finally, it is important to assess how vulnerable the company appears to be to the persistently high key interest rates and to what extent new financing or rescheduling of existing debt will be necessary in the near future. Up to <strong>End of 2029<\/strong> a total of USD 27.3 billion of the non-current liabilities will fall due.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"215\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Fremdkapitalstruktur-Comcast-1024x215.jpg\" alt=\"Table summarizing fixed rate debt and interest rate swaps from 2015 to 2029, with total amounts and estimated fair value as at December 31, 2021.\" class=\"wp-image-59985\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Fremdkapitalstruktur-Comcast-1024x215.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Fremdkapitalstruktur-Comcast-300x63.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Fremdkapitalstruktur-Comcast-768x161.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Fremdkapitalstruktur-Comcast-18x4.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Fremdkapitalstruktur-Comcast.jpg 1093w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Debt capital structure of Comcast (source: <\/em><a href=\"https:\/\/www.cmcsa.com\/static-files\/f353e849-8ebe-449c-a6ae-9d769b06eaa9\" rel=\"nofollow noopener\" target=\"_blank\">Annual Report 2024, p. 54<\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In the case of Comcast, I would like to briefly mention the relatively high balance sheet item <strong>Goodwill<\/strong> enter into. In German as <strong>Goodwill<\/strong> Goodwill is defined as intangible assets in the company that arise from the acquisition of other companies or investments. At Comcast, goodwill amounted to USD 59.1 billion as at the end of the 2024 financial year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, we look at the <strong>Profitability<\/strong> of Comcast based on the development of gross, operating and net margins. Here, too, a fundamentally positive or stable trend can be seen in the historical development.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"227\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Margen-Comcast-1024x227.jpg\" alt=\"Line chart showing &quot;Sales and margins&quot; over time with three lines: Net sales, operating margin and net margin, from 31.07.2015 to 31.07.2023.\" class=\"wp-image-59988\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Margen-Comcast-1024x227.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Margen-Comcast-300x67.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Margen-Comcast-768x170.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Margen-Comcast-1536x341.jpg 1536w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Margen-Comcast-18x4.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Margen-Comcast.jpg 1853w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Development of Comcast's margins (source: Aktienfinder)<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Opportunities &amp; risks<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Comcast's existing business delivers reliable cash flows that simultaneously allow the company to invest in new product innovations and media content, allocate capital in an owner-friendly manner and reduce debt in a disciplined manner. Since October 2023, the company has been expanding its hybrid fiber offering to more households in the US via DOCSIS 4.0 technology, which should strengthen competitiveness due to low implementation costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In some regions of the United States, Comcast's business presence has monopolistic characteristics, where the Group can exploit the full potential of the network effects of its service portfolio. The combination of television, film, streaming, broadband, wireless and theme parks forms a globally positioned communications giant with a broadly diversified business model.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nevertheless, there is high competitive pressure in all these segments. Comcast's growth in mobile telephony is currently not compensating for the decline in sales that the cable provider is experiencing due to losses in other areas of its core business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In times of high price inflation (such as 2022), there is a risk that consumers will limit their discretionary spending on entertainment (including theme parks) when budgets are tight. Any (expensive) exclusive contracts for sports content, such as with the Premier League in English soccer, generate lower revenues due to reduced advertising budgets on the part of customers on the one hand and reduced reach (subscription cancellations) on the other.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The balance sheet share of goodwill amounting to almost USD 60 billion in intangible assets (built up through acquisitions and capitalized assets, among other things) are potential amortization items on the equity side. The negative effects resulting from extraordinary goodwill amortization (impairments) are not to be dismissed out of hand for the company's creditworthiness. Finally, the media segment is characterized by a permanent struggle for consumer time in the competition between numerous providers (\"streaming wars\"). The upside potential in the fee model is limited by relatively high price sensitivity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Current valuation of the Comcast share<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For the valuation of companies, I use the so-called <strong>Enterprise Value<\/strong> (EV) is used. In the case of a takeover, the EV indicates the amount required to purchase the assets required for operations and excludes the non-operating assets. I relate this key figure to operating profitability (before interest, taxes and investments (CAPEX)), expressed as EBITDA. The prevailing opinion is that a value of less than 10 indicates a \u201ehealthy valuation\u201c - as is always the case with generic <strong>Rules of thumb <\/strong>the company-specific context must be considered in the analysis by the careful investor himself. In the case of Comcast, we see the <strong>Valuation result of 5.7 <\/strong>a historically favorable multiple:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"322\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Enterprise-Value-EBITDA-Comcast-1024x322.jpg\" alt=\"Line chart showing Comcast&#039;s EV\/EBITDA ratio from 2016 to 2024, with a peak of almost 12 in 2021 and a decline to around 6 by 2024.\" class=\"wp-image-59983\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Enterprise-Value-EBITDA-Comcast-1024x322.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Enterprise-Value-EBITDA-Comcast-300x94.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Enterprise-Value-EBITDA-Comcast-768x241.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Enterprise-Value-EBITDA-Comcast-18x6.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Enterprise-Value-EBITDA-Comcast.jpg 1082w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Enterprise Value to EBITDA of Comcast (Source: Seeking Alpha)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Maximum decrease<\/strong> in the last six years amounted to approx. <strong>51 percent<\/strong> in the bear market year 2022:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"997\" height=\"498\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Unterwasser-Chart-Comcast.jpg\" alt=\"Line chart showing share performance from 2019 to 2025, with an overall decline of -20.73 % to -37.94 % and fluctuations throughout the period.\" class=\"wp-image-59995\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Unterwasser-Chart-Comcast.jpg 997w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Unterwasser-Chart-Comcast-300x150.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Unterwasser-Chart-Comcast-768x384.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Unterwasser-Chart-Comcast-18x9.jpg 18w\" sizes=\"auto, (max-width: 997px) 100vw, 997px\" \/><figcaption class=\"wp-element-caption\"><em>Underwater chart of Comcast (source: aktien.guide)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Over the past six years, an investment in Comcast has yielded<strong> Total Return<\/strong>, including dividends received, a <strong>negative<\/strong> <strong>Overall performance<\/strong> from <strong>7.3 percent <\/strong>for the investor, which underlines the challenging situation for established telcos within the industry:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"452\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Total-Return-Comcast.jpg\" alt=\"Line chart comparing two data sets from 2020 to 2025; the yellow line ends at +7.38 %, the blue line ends at -20.31 %, both showing fluctuations over time.\" class=\"wp-image-59992\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Total-Return-Comcast.jpg 975w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Total-Return-Comcast-300x139.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Total-Return-Comcast-768x356.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Total-Return-Comcast-18x8.jpg 18w\" sizes=\"auto, (max-width: 975px) 100vw, 975px\" \/><figcaption class=\"wp-element-caption\"><em>Total return of Comcast (source: aktien.guide)<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Capital allocation of Comcast<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Since meanwhile <strong>18 years<\/strong> Comcast pays an annually higher dividend to its shareholders. This means that the telecommunications group is a so-called <strong>Dividend Contender<\/strong>which increase the dividend between 10 and 24 years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"405\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Dividendenhistorie-Comcast.jpg\" alt=\"Bar chart showing Comcast&#039;s annual dividends in dollars from 2008 to 2029, with steady growth from $0.12 in 2008 to a projected $1.28 in 2029.\" class=\"wp-image-59981\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Dividendenhistorie-Comcast.jpg 975w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Dividendenhistorie-Comcast-300x125.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Dividendenhistorie-Comcast-768x319.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Dividendenhistorie-Comcast-18x7.jpg 18w\" sizes=\"auto, (max-width: 975px) 100vw, 975px\" \/><figcaption class=\"wp-element-caption\"><em>Dividend history of Comcast (source: aktien.guide)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">At the current share price of USD 34.46, this results in a&nbsp;<strong>Dividend yield <\/strong>from<strong> 3.8 percent<\/strong>. The&nbsp;<strong>Five-year dividend growth rate<\/strong>&nbsp;amounts to <strong>8.3 percent<\/strong> p.a. or <strong>10.9 percent<\/strong> p.a. in the <strong>Ten-year period<\/strong>. The company last increased its dividend by 6.5% this January. To round things off, here is an overview of the last five dividend increases:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2024<\/strong>: +6,9 %<\/li>\n\n\n\n<li><strong>2023<\/strong>: +7,4 %<\/li>\n\n\n\n<li><strong>2022<\/strong>: 8 %<\/li>\n\n\n\n<li><strong>2021<\/strong>: 8,70 %<\/li>\n\n\n\n<li><strong>2020<\/strong>: 9,52 %<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>quartalsweise ausgesch\u00fcttete Dividende<\/strong> currently amounts to USD 0.33 per share and is paid out at the beginning of each quarter (January, April, July, October).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If we take the average value of the&nbsp;<strong>Free Cash Flow<\/strong>&nbsp;of the last three years as the basis for determining the <strong>Payout ratio<\/strong> we end up with a comfortable result of <strong>34 percent<\/strong> for the payout ratio of Comcast.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over the past six years, the <strong>Number of shares outstanding<\/strong> added together by <strong>17.5 percent reduction<\/strong>:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1008\" height=\"492\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienrueckkaeufe-Comcast.jpg\" alt=\"The line graph from 2020 to 2025 shows a steady decline from around -5 % to around -17 %, with the value at the beginning labeled as -4.98 % and at the end as -17.39 %.\" class=\"wp-image-59979\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienrueckkaeufe-Comcast.jpg 1008w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienrueckkaeufe-Comcast-300x146.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienrueckkaeufe-Comcast-768x375.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienrueckkaeufe-Comcast-18x9.jpg 18w\" sizes=\"auto, (max-width: 1008px) 100vw, 1008px\" \/><figcaption class=\"wp-element-caption\"><em>Comcast share buybacks (source: aktien.guide)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Together with the recent dividend increase, the company recently announced that the management had been authorized to buy back treasury shares in the amount of <strong>USD 15 billion<\/strong> was issued:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"737\" height=\"515\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienrueckkaufprogramm-Comcast.jpg\" alt=\"A screenshot of a Comcast press release announcing a dividend increase and the approval of a new $15 billion share buyback program, with key details highlighted in yellow.\" class=\"wp-image-59980\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienrueckkaufprogramm-Comcast.jpg 737w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienrueckkaufprogramm-Comcast-300x210.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/05\/Aktienrueckkaufprogramm-Comcast-18x12.jpg 18w\" sizes=\"auto, (max-width: 737px) 100vw, 737px\" \/><figcaption class=\"wp-element-caption\"><em>Comcast share buyback program (source: <\/em><a href=\"https:\/\/www.cmcsa.com\/news-releases\/news-release-details\/comcast-increases-dividend-and-share-repurchase-authorization-1\" rel=\"nofollow noopener\" target=\"_blank\"><em>Official website<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion: Considerations for my decision to invest in Comcast<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Comcast is a broad-based and well-diversified company that currently generates revenues in various industries such as cable TV, pay TV, film, streaming, broadband, wireless and theme parks. In some US regions, Comcast has monopolistic tendencies and can fully exploit the economies of scale and network effects of its broad service portfolio in these areas. What should not be overlooked are the enormous initial capital investments required to seriously compete with the established telcos, even though sales in this segment are stagnating.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Comcast has been in the process of expanding its hybrid fiber optic offering via DOCSIS 4.0 technology since 2023, with the aim of improving the communications group's competitiveness in the customer-relevant areas of network quality and Internet speed. Furthermore, the aim is to offer US households an attractive proposition, as the implementation costs for this upgrade are comparatively low (approx. USD 200 per household) when using existing cable connections.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At a historically low price level, the telecommunications group, which intends to become leaner in the future with the spin-off of cable television, has reached an extremely attractive valuation level. In view of this low market valuation and its solid positioning within the industry, Comcast shares offer considerable catch-up potential with a medium to long-term investment horizon.<\/p>","protected":false},"excerpt":{"rendered":"<p>Unternehmensprofil und Gesch\u00e4ftsmodell: Wer ist und was macht Comcast Seit dem Jahr 1969 firmiert der Telekommunikationskonzern unter dem Namen Comcast Corporation, ehe kurze Zeit sp\u00e4ter 1972 der B\u00f6rsengang erfolgte. Das damalige auf das Kabelfernsehen spezialisierte Unternehmen, welches zuvor den Namen American Cable Systems trug, t\u00e4tigte in den folgenden Jahrzehnten eine Vielzahl von Akquisitionen und beteiligte [&hellip;]<\/p>\n","protected":false},"author":45,"featured_media":47388,"template":"","analysen-kategorie":[4500,850],"class_list":["post-59977","analyse","type-analyse","status-publish","has-post-thumbnail","hentry","analysen-kategorie-comcast","analysen-kategorie-dividenden-depot"],"acf":{"blog_summary":"","blog_faq_schalter":"nein","faq_uberschrift":"","blog_faq_loop":null},"_links":{"self":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analyse\/59977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analyse"}],"about":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/types\/analyse"}],"author":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/users\/45"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media\/47388"}],"wp:attachment":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media?parent=59977"}],"wp:term":[{"taxonomy":"analysen-kategorie","embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analysen-kategorie?post=59977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}