Comcast Corporation operates broadband, cable, and broadcast television networks as well as operating theme parks and other entertainment assets. The firm was formed in the early 1960s as a regional cable carrier. Today, it’s the second-largest cable entertainment company globally behind AT&T.
While 2020 was a difficult year for CMCSA in terms of its brick and mortar business lines, there was a pandemic-related silver lining as consumers in lockdown spent more on in-home entertainment. The Xfinity/Comcast business unit had record levels of new subscribers which drove 10.5% EBITDA growth for that segment in the third quarter of 2020 versus 2019. Additionally, demand for the new Peacock streaming service was stronger than expected.
However, these gains could not fully offset the impact of theme park closures and other setbacks. Consensus analysts’ forecasts held that CMSA would wind up earning $2.51 per share for 2020, a 6% decline. Critically, CMCSA continues to generate robust cash flows to support debt and to continue its relatively recent dividend program. At $0.92 per share, the dividend represents a yield of 1.88%.
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