Comcast: Contrarian Media Long Play In A Shortsighted Market

Cable and media giant Comcast (CMCSA) may have lost to Disney (DIS) in the Fox (FOX) (NASDAQ:FOXA) asset grab, but we like CMCSA as a contrarian idea to the market's baked-in cord-cutting fears.

Diversified along the broadband spectrum of video, voice, internet, smart home, and mobile, Comcast is a major provider that should benefit from the net neutrality fiasco. Plus, as does Disney, Comcast owns a major network, a movie studio, an animation studio, and theme parks. Content is king, and there is no reason Comcast cannot compete with Disney in the Netflix (NFLX) and Amazon (AMZN) streaming wars.

The company's shareholder yields are relatively generous and protected by a wide economic moat from a diverse portfolio of entertainment content and technology producing double-digit growth and margins. Despite issues with debt coverage as an insatiable lender, CMCSA is currently presenting as attractive in our three favorite valuation multiples: price to sales, price to cash flow, and enterprise value to operating earnings.

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