Comcast's Spin-Off to Boost Broadband and Streaming Growth: Goldman Sachs
Comcast's Spin-Off to Boost Broadband and Streaming Growth: Goldman Sachs
SpinCo assets generated approximately $7 billion in trailing twelve-month (TTM) revenue ending September 30, 2024, with an estimated Goldman Sachs analyst Michael Ng maintained a Buy rating on Comcast Corp (NASDAQ:CMCSA) with a price target of $50.
高盛分析师迈克尔·吴维持康卡斯特公司（纳斯达克股票代码：CMCSA）的买入评级，目标股价为50美元。
On November 20, 2024, Comcast announced plans to spin off select cable networks and digital assets into a new publicly traded entity called SpinCo.
2024年11月20日，康卡斯特宣布计划将部分有线电视网络和数字资产分拆为一家名为SpinCo的新上市实体。
The proposed spin-off aims to streamline Comcast's operations and enhance growth by separating its cable networks and complementary digital assets from its broader media and streaming divisions.
拟议的分拆旨在通过将其有线电视网络和补充数字资产与更广泛的媒体和流媒体部门分离来简化康卡斯特的业务并促进增长。
SpinCo assets generated approximately $7 billion in trailing twelve-month (TTM) revenue ending September 30, 2024, with an estimated EBITDA between $2 billion and $3 billion, the analyst said.
该分析师表示，截至2024年9月30日，SpinCo资产在过去的十二个月（TTM）中创造了约70亿美元的收入，估计息税折旧摊销前利润在20亿至30亿美元之间。
About 75% of SpinCo's portfolio will focus on news and sports, while the remaining 25% covers general entertainment.
SpinCo的投资组合中约有75％将集中在新闻和体育方面，其余25％将涵盖一般娱乐。
Comcast expects SpinCo to maintain a traditional cable network EBITDA margin of around 30%, driven by reduced Peacock-related losses and sports licensing costs.
康卡斯特预计，在孔雀相关亏损减少和体育许可成本的推动下，SpinCo将把传统有线电视网络的息税折旧摊销前利润率维持在30％左右。
Post-spin, Comcast's remaining media assets (RemainCo) will include NBC broadcast, Peacock, regional sports networks, and Sky, generating an estimated $40 billion in annual revenue.
此后，康卡斯特的剩余媒体资产（RemainCo）将包括NBC广播、孔雀、地区体育网络和Sky，估计年收入为400亿美元。
Peacock will likely remain largely unaffected by the spin, as only 2% of its content originates from SpinCo, while 98% will continue to come from RemainCo.
孔雀可能基本上不受此次旋转的影响，因为其内容中只有2％来自SpinCo，而98％的内容将继续来自RemainCo。
The spin-off positions SpinCo to pursue growth through organic initiatives and mergers or acquisitions, with a dedicated management team and tailored operational focus.
分拆使SpinCo能够通过有机举措和合并或收购来追求增长，拥有专门的管理团队和量身定制的运营重点。
Mark Lazarus, the current chairman of NBCUniversal Media Group, will serve as SpinCo's CEO, and Anand Kini, NBCUniversal's CFO, will become SpinCo's CFO and COO. Comcast expects the transaction to close within a year, pending regulatory approvals.
NBCUniversal Media Group现任董事长马克·拉撒路将担任SpinCo的首席执行官，NBCUniversal的首席财务官阿南德·基尼将成为SpinCo的首席财务官兼首席运营官。康卡斯特预计，该交易将在一年内完成，尚待监管部门的批准。
Ng highlighted the spin-off as a strategic move to refine Comcast's focus on core growth drivers, including residential broadband, wireless services, and streaming.
吴强调，此次分拆是一项战略举措，旨在完善康卡斯特对核心增长驱动力的关注，包括住宅宽带、无线服务和流媒体。
SpinCo's creation will likely improve CNBC and MSNBC monetization through digital subscription models and potential affiliate fee adjustments.
SpinCo的创建可能会通过数字订阅模式和潜在的加盟费用调整来改善CNBC和MSNBC的获利能力。
Ng views the separation as accretive to revenue growth while maintaining Comcast's leverage neutrality.
吴认为，这种分离有助于收入增长，同时保持康卡斯特的杠杆中立性。
Risks to the strategy include intensified cord-cutting, rising programming costs, and competitive pressures from streaming platforms.
该战略面临的风险包括加紧削线、不断上涨的节目成本以及来自流媒体平台的竞争压力。
Despite these challenges, Ng expects the spin-off to unlock shareholder value and position both SpinCo and RemainCo for sustainable growth.
尽管面临这些挑战，但吴预计，分拆将释放股东价值，并使SpinCo和RemainCo实现可持续增长。
Ng projected fiscal 2024 revenue of $123.42 billion and EPS of $4.24. The analyst estimates fiscal 2025 revenue of $123.43 billion and EPS of $4.43.
Ng预计2024财年收入为1234.2亿美元，每股收益为4.24美元。该分析师估计，2025财年的收入为1234.3亿美元，每股收益为4.43美元。
Price Action: CMCSA stock is up 1.59% at $43.68 at the last check on Thursday.
价格走势：在周四的最后一次支票中，CMCSA股价上涨1.59％，至43.68美元。
