CMCSA

ACCE thesis

Comcast bundles broadband infrastructure, NBC/Telemundo broadcast networks, Peacock streaming, and Universal theme parks into a cash-generating conglomerate that still controls the last-mile connection for roughly 32 million residential internet subscribers. The broadband moat is real - switching costs are high and overbuilder competition, while real in select markets, hasn't materially dented ARPU, which continues to drift upward as customers trade into higher-speed tiers. Peacock crossed 36 million paid subscribers and is inflecting toward profitability after years of drag, removing the single biggest overhang on segment-level margins. The stock trades at 4.9x trailing earnings and under 7x forward - a multiple more consistent with a melting cable box than a company generating $15B+ in annual operating cash flow, which management has been returning aggressively through buybacks that have reduced share count by double digits over the past five years. The cord-cutting narrative is priced in and then some; the question is whether broadband pricing power and theme park momentum - Orlando attendance records in 2023, Epic Universe opening in 2025 - are enough to re-rate a name the market has effectively written off.