[Please refer to Appendix. Comcast Corporation (CMCSA) Solid Q3, Though Competition Concerns Weighing on Stock ESTIMATE CHANGE
|
|
- Roy Oswald Walsh
- 5 years ago
- Views:
Transcription
1 October 27, 2016 Baird Equity Research Connected Technology Comcast Corporation (CMCSA) Solid Q3, Though Competition Concerns Weighing on Stock X1 a differentiator. Yesterday morning Comcast reported solid overall Q3 results, with upside to video net additions and NBCU results. We remain positive on the company's overall positioning, growth and execution, though acknowledge the risks that upcoming lower-priced OTT video bundles could pose to the video business. However, given the combination of solid growth, cash flow and consistent execution, Comcast remains our preferred services play. Maintain our Outperform rating and $70 target price. Solid Q3. Consolidated revenue and EBITDA of $21.3 billion and $6.84 billion compared with our $21.2 billion and $6.83 billion estimates. Cable solid. Total cable revenue and EBITDA of $12.6 billion and $5.0 billion were in line with our estimates, with video and HSD net additions both slightly above forecast. - Key operating metrics. HSD net additions of 330,000 compared with 320,000 a year ago and our estimate of 300,000. Similarly, video net additions of 32,000 topped our 5,000 estimate and the year ago loss. - X1 a differentiator. X1 penetration reached 45% of video homes, and should benefit ARPU and churn. NBCU upside. Consolidated NBCU revenue and EBITDA of $9.2 billion and $2.15 billion beat our $8.9 billion and $2.08 billion estimates, driven by Film upside in our model. Film revenue and EBITDA of $1.8 billion and $353.0 million beat our $1.6 billion and $240.5 million estimates, with The Secret Life of Pets success helping soften tough YOY comps. Wireless comments. Comcast reiterated plans to launch a wireless product via its Verizon MVNO deal in mid OTT competition. Comcast remains skeptical that upcoming skinny OTT bundles will gain significant traction, though the DirecTV Now product pricing has raised eyebrows in the industry, and has the potential to be disruptive. Guidance comments. - Margins. CMCSA noted that it expected cable EBITDA margins to decline roughly 40 bps YOY, consistent with Q3 results and prior comments. - Programming cost pressure. Programming costs are expected to grow roughly 10% in 2016, with a similar level likely in 2017, with lower increases thereafter. - Capex. Cable capex 15% of revenue, with NBCU capex up 10% YOY to fund new investments. Revised forecasts. Relatively unchanged. - Q4. Consolidated revenue and EBITDA of $20.6 billion and $6.7 billion Consolidated revenue and EBITDA of $83.0 billion and $27.4 billion. Valuation update. CMCSA is currently trading at 7.3x our 2017 EBITDA forecast vs. peers at 7-8.5x. Comcast owns and operates Comcast Cable, the largest cable provider in the U.S., and NBCUniversal, a large-scale multimedia business. ESTIMATE CHANGE 1-Year Price Chart N-15 D J-16 Stock Data F-16 M-16 A-16 Rating: Outperform Suitability: Higher Risk Price Target: $70 Price (10/27/16): $61.20 Market Cap (mil): $148,777 Shares Out (mil): 2,431.0 Average Daily Vol (mil): 8.32 Dividend Yield: 1.8% Estimates FY Dec 2015A 2016E 2017E Q A 0.87 A Q A 0.83 A Q A 0.92 A Q A 0.87 E Fiscal EPS 3.25 A 3.49 E 3.61 E Previous Est 3.44 E 3.63 E Fiscal P/E 18.8x 17.5x 17.0x Chart/Table Sources: FactSet and Baird Data. Price chart reflects most recent closing price. M-16 J-16 J-16 A-16 S-16 [Please refer to Appendix - Important Disclosures and Analyst Certification] 68 O-16 William V. Power, CFA Sr. Research Analyst wpower@rwbaird.com Charles Erlikh Research Analyst cerlikh@rwbaird.com
2 Details Valuation Current valuation. Based on mid-day prices, CMCSA is trading at 7.3x our 2017 EBITDA forecast vs. CHTR at 8.1x and the telcos at 6-7x. Target price. Our $70 target price is based on 8.0x our 2017 adjusted EBITDA forecast, which puts it slightly below CHTR, but above the telcos. Revised Forecasts Q4'16 Estimates (000s) Revised Previous %Change Cable Revenue $12,802,571 $12,828, % NBCU Revenue $8,090,791 $7,965, % Total Revenue $20,643,362 $20,544, % Adj. EBITDA 6,744,721 6,637, % Adj. EBITDA Margin 32.7% 32.3% 40 bps Net Income 2,077,138 2,018, % Diluted GAAP EPS $0.87 $ % Free Cash Flow 2,463,971 1,706, % Capital Expenditures 2,736,840 2,742, % Video Net Adds 75,000 75, % Broadband Net Adds 380, , % Voice Net Adds 44,000 44, % Source: Estimates 2016 Estimates (000s) Revised Previous %Change Cable Revenue $50,007,571 $50,041, % NBCU Revenue $31,232,791 $30,846, % Total Revenue $80,021,362 $79,835, % Adj. EBITDA $26,401,721 $26,288, % Adj. EBITDA Margin 33.0% 32.9% 10 bps Net Income 8,476,138 8,358, % Diluted GAAP EPS $3.49 $ % Free Cash Flow 8,210,971 7,743, % Capital Expenditures 9,298,840 9,171, % Video Net Adds 156, , % Broadband Net Adds 1,368,000 1,333, % Voice Net Adds 212, , % Source: Estimates 2
3 2017 Estimates (000s) Revised Previous %Change Cable Revenue $52,477,912 $52,605, % NBCU Revenue $31,504,632 $31,444, % Total Revenue $82,982,545 $83,049, % Adj. EBITDA $27,411,896 $27,422, % Adj. EBITDA Margin 33.0% 33.0% 0 bps Net Income 8,451,070 8,477, % Diluted GAAP EPS $3.61 $ % Free Cash Flow 8,590,373 8,603, % Capital Expenditures 9,727,465 9,670, % Video Net Adds 35,000 15, % Broadband Net Adds 1,250,000 1,000, % Voice Net Adds 165, , % Source: Estimates Investment Thesis Q3 Summary Q3'16 Results (000s) Q3'16A Year Ago YOY % Estimate % Cable Revenue $12,557,000 $11,751, % $12,564, % NBCU Revenue $9,178,000 $7,152, % $8,916, % Total Revenue $21,319,000 $18,670, % $21,231, % Adj. EBITDA 6,835,000 6,160, % 6,829, % Adj. EBITDA Margin 32.1% 33.0% (90 bps) 32.2% (10 bps) Net Income 2,237,000 1,995, % 2,177, % Diluted GAAP EPS $0.92 $ % $ % Free Cash Flow 1,415,000 2,496, % 1,704, % Capital Expenditures 2,406,000 2,165, % 2,272, % Video Net Adds 32,000 (48,000) % 5, % Broadband Net Adds 330, , % 300, % Voice Net Adds 2,000 17, % 15, % Source: Estimates Best-in-class consumer cable business driven by broadband. With a growing broadband business and a stabilizing video business, we view Comcast s consumer cable business as best in class. In Q3, the company added 330,000 broadband subscribers, 2,000 voice subscribers, and 32,000 video subscribers. Strong ARPU growth. Comcast has generated strong, consistent ARPU growth for the past several quarters. In Q3, the company generated total ARPU (inclusive of business services) of $148.47, growing 3.7% YOY. Q3 video ARPU of $83.30 grew 3.9% YOY, driven in part by digital and advanced services adoption. 3
4 Solid margin outlook despite programming costs. Notably, Comcast expects relatively stable cable margins in 2016 despite an anticipated 10% ramp in programming costs. We currently forecast consolidated 2016 EBITDA margins of 33.0%, with cable margins of 40.1%. NBCU asset provides diversification. Comcast s NBCU acquisition provides revenue diversification and a solid growth profile. We also view NBCU as somewhat of a hedge against over-the-top, mobile, and other off channel video consumption. Business services small, but adds to growth profile. The company has generated strong growth in the business services segment, with revenue of $1.40 billion growing 15.5% YOY in Q3. Comcast has been particularly successful in the small business space. Returning cash to shareholders. Comcast repurchased $6.75 billion worth of shares in 2015 and plans to repurchase another $5 billion in Consumer video and broadband markets highly competitive. Comcast faces competition in video from both satellite operators and from AT&T and Verizon in many markets. Currently, the company estimates its U-Verse and FiOS overlap at 20% and 15%, respectively. Additionally, as wireless speeds increase, Comcast may someday see broadband competition from LTE providers as well. Over-the-top video poses additional disruption threat. As high-speed broadband access becomes more ubiquitous and over-the-top offerings become more robust, Comcast may increasingly face video competition from players like Netflix, Hulu, YouTube, and DirecTV. Risks & Caveats Consumer video and broadband markets highly competitive. Comcast faces competition in video from both satellite operators and from AT&T and Verizon in many markets. Currently, the company estimates its U-Verse and FiOS overlap at 20% and 15%, respectively. Additionally, as wireless speeds increase, Comcast may someday see broadband competition from LTE providers as well. Over-the-top video poses additional disruption threat. As high-speed broadband access becomes more ubiquitous and over-the-top offerings become more robust, Comcast may increasingly face video competition from players like Netflix, Hulu, YouTube, and DirecTV. Programming costs could pressure cable margins longer term. Comcast s Cable video margins are highly sensitive to video programming costs. In 2016, Comcast expects programming costs to grow 10%. Family control risk. The Roberts family owns 100% of Comcast s super-voting Class B shares, which give the family roughly 33% voting power. Together, Brian and Ralph Roberts own just 0.02% of Comcast s Class A shares. NBCU TV businesses subject to ratings risk. NBCU s cable and broadcast businesses are sensitive to patterns in viewership, which can be volatile. Dips in ratings for its broadcast or cable properties could lead to lower advertising revenue. Sensitivity to economic factors. Comcast s cable business is sensitive to various economic factors, including the relative strength of the U.S. housing market. Broad economic weakness could also lead to weakness in Comcast s TV ad business. Additionally, due to the discretionary nature of some of NBCU s offerings, including its film and theme park businesses, the company could be affected by changes in consumer spending patterns. 4
5 Regulatory risks. Comcast s cable video business is subject to regulation from federal, state, and local governments, and Internet and VoIP regulation could increase over time. Additionally, NBCU s cable, film, and theme park businesses are also subject to various international, federal, and state laws. Company Description Headquartered in Philadelphia, Pennsylvania, Comcast Communications operates two major businesses: Comcast Cable and NBCUniversal. Comcast Cable is the largest cable provider in the United States, passing over 56 million homes. The business provides cable video, broadband, and voice services to consumers. Additionally, Comcast Cable provides services to small and medium-sized businesses. Comcast Cable s top markets include Philadelphia, Atlanta, Boston, Chicago, and Detroit. NBCU operates a series of entertainment-related businesses including its cable networks, broadcast networks, film, and theme parks businesses. NBCU s assets include cable properties like USA Network and CNBC, Broadcast channels like NBC and Telemundo, Universal Pictures, and theme parks like Universal Studios. 5
6 BAIRD 777 EAST WISCONSIN AVENUE MILWAUKEE, WI Senior Research Analyst: William V. Power, CFA (214) Comcast Corporation Income Statement ($000, Except per-share amounts) Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Year (03/31) (06/30) (09/30) (12/31) (03/31) (06/30) (09/30) (12/31) Act. Act. Act. Act. Act. Act. Act. Act. Act. Est. Est. Est. Revenue Cable 44,165,000 11,441,000 11,740,000 11,751,000 11,996,000 46,928,000 12,204,000 12,444,000 12,557,000 12,802,571 50,007,571 52,477,912 NBC Universal 25,428,000 6,604,000 7,229,000 7,152,000 7,477,000 28,462,000 6,861,000 7,103,000 9,178,000 8,090,791 31,232,791 31,504,632 Total Revenue 68,775,000 17,853,000 18,742,000 18,670,000 19,246,000 74,511,000 18,790,000 19,269,000 21,319,000 20,643,362 80,021,362 82,982,545 YOY Growth Cable 5.6% 6.4% 6.4% 6.3% 6.0% 6.3% 6.7% 6.0% 6.9% 6.7% 6.6% 4.9% NBC Universal 7.5% -4.0% 20.2% 20.8% 13.0% 11.9% 3.9% -1.7% 28.3% 8.2% 9.7% 0.9% Total Revenue 6.4% 2.6% 11.3% 11.2% 8.5% 8.3% 5.2% 2.8% 14.2% 7.3% 7.4% 3.7% Expenses Cable 26,068,000 6,783,000 6,963,000 7,025,000 7,120,000 27,891,000 7,315,000 7,396,000 7,571,000 7,686,431 29,968,431 31,752,317 NBC Universal 19,912,000 5,129,000 5,536,000 5,520,000 5,925,000 22,110,000 5,239,000 5,414,000 7,032,000 6,262,209 23,947,209 23,918,332 Depreciation 6,417,000 1,634,000 1,674,000 1,697,000 1,776,000 6,781,000 1,785,000 1,868,000 1,865,000 1,900,000 7,418,000 7,850,000 Amortization 1,682, , , , ,000 1,899, , , , ,000 2,089,000 2,200,000 Total Operating Expenses 45,852,000 11,897,000 12,475,000 12,487,000 12,973,000 49,832,000 12,423,000 12,814,000 14,484,000 13,898,641 53,619,641 55,570,649 Adjusted EBITDA 22,851,000 5,937,000 6,226,000 6,160,000 6,273,000 24,596,000 6,367,000 6,455,000 6,835,000 6,744,721 26,401,721 27,411,896 Adjusted EBITDA Margin 33.2% 33.3% 33.2% 33.0% 32.6% 33.0% 33.9% 33.5% 32.1% 32.7% 33.0% 33.0% GAAP Operating Income 14,824,000 3,890,000 4,106,000 4,000,000 4,003,000 15,999,000 4,089,000 4,066,000 4,440,000 4,299,721 16,894,721 17,361,896 Operating Margin 21.6% 21.8% 21.9% 21.4% 20.8% 21.5% 21.8% 21.1% 20.8% 20.8% 21.1% 20.9% Interest Expense (2,617,000) (656,000) (713,000) (659,000) (674,000) (2,702,000) (703,000) (732,000) (751,000) (778,011) (2,964,011) (3,112,042) Investment Income 296,000 33,000 17,000 (26,000) 57,000 81,000 30,000 58,000 80,000 61, , ,859 GAAP Income Before Taxes 12,385,000 3,402,000 3,489,000 3,263,000 3,219,000 13,373,000 3,535,000 3,358,000 3,724,000 3,483,421 14,100,421 14,161,713 Income Tax Expense 3,873,000 1,261,000 1,313,000 1,223,000 1,162,000 4,959,000 1,311,000 1,278,000 1,400,000 1,306,283 5,295,283 5,310,642 Minority Interest 212,000 82,000 38,000 45,000 85, ,000 90,000 52,000 87, , , ,000 GAAP Net Income 8,300,000 2,059,000 2,138,000 1,995,000 1,972,000 8,164,000 2,134,000 2,028,000 2,237,000 2,077,138 8,476,138 8,451,070 Diluted Adjusted EPS $2.90 $0.79 $0.84 $0.80 $0.81 $3.25 $0.87 $0.83 $0.92 $0.87 $3.49 $3.61 Diluted GAAP EPS $3.17 $0.81 $0.84 $0.80 $0.79 $3.24 $0.87 $0.83 $0.92 $0.87 $3.49 $3.61 Diluted Shares Outstanding 2,619,750 2,556,000 2,531,000 2,502,000 2,481,000 2,517,500 2,462,000 2,446,000 2,431,000 2,389,000 2,432,000 2,340,000 Research disclosures can be accessed at Source: Estimates, Company Data 10/27/2016 6
7 BAIRD 777 EAST WISCONSIN AVENUE MILWAUKEE, WI Senior Research Analyst: William V. Power, CFA (214) Comcast Corporation Cable Metrics ($000, Except subscriber and ARPU figures) Video Customers Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Year (03/31) (06/30) (09/30) (12/31) (03/31) (06/30) (09/30) (12/31) Act. Act. Act. Act. Act. Act. Act. Act. Act. Est. Est. Est. Beginning Subscribers 22,577,000 22,383,000 22,375,000 22,306,000 22,258,000 22,383,000 22,347,000 22,400,000 22,396,000 22,428,000 22,347,000 22,503,000 Net Additions (195,000) (8,000) (69,000) (48,000) 89,000 (36,000) 53,000 (4,000) 32,000 75, ,000 35,000 Ending Subscribers 22,383,000 22,375,000 22,306,000 22,258,000 22,347,000 22,347,000 22,400,000 22,396,000 22,428,000 22,503,000 22,503,000 22,538,000 Growth % -0.9% -1.0% -0.7% -0.5% -0.2% -0.2% 0.1% 0.4% 0.8% 0.7% 0.7% 0.2% Penetration of Homes Passed % 40.9% 40.8% 40.4% 40.1% 40.1% 40.1% 40.1% 39.9% 39.9% 39.8% 39.8% 39.5% Video ARPU Growth % 2.1% 3.9% 4.5% 3.9% 4.8% 4.3% 3.9% 2.5% 3.9% 2.9% 3.3% 1.8% Broadband Customers Beginning Subscribers 20,662,000 21,962,000 22,369,000 22,548,000 22,868,000 21,962,000 23,329,000 23,767,000 23,987,000 24,316,000 23,329,000 24,696,000 Net Additions 1,276, , , , ,000 1,367, , , , ,000 1,368,000 1,250,000 Ending Subscribers 21,962,000 22,369,000 22,548,000 22,868,000 23,329,000 23,329,000 23,767,000 23,987,000 24,316,000 24,696,000 24,696,000 25,946,000 Growth % 6.3% 6.2% 6.0% 5.9% 6.2% 6.2% 6.2% 6.4% 6.3% 5.9% 5.9% 5.1% Penetration of Homes Passed % 40.2% 40.7% 40.8% 41.2% 41.9% 41.9% 42.5% 42.8% 43.2% 43.7% 43.7% 45.4% Broadband ARPU Growth % 2.9% 4.2% 3.7% 4.0% 3.5% 3.8% 1.3% 2.2% 2.3% 2.5% 2.1% 1.9% Voice Customers Beginning Subscribers 10,723,000 11,193,000 11,270,000 11,319,000 11,336,000 11,193,000 11,475,000 11,577,000 11,641,000 11,643,000 11,475,000 11,687,000 Net Additions 470,000 77,000 49,000 17, , , ,000 64,000 2,000 44, , ,000 Ending Subscribers 11,193,000 11,270,000 11,319,000 11,336,000 11,475,000 11,475,000 11,577,000 11,641,000 11,643,000 11,687,000 11,687,000 11,852,000 Growth % 4.4% 3.7% 2.9% 2.4% 2.5% 2.5% 2.7% 2.8% 2.7% 1.8% 1.8% 1.4% Penetration of Homes Passed % 20.5% 20.5% 20.5% 20.4% 20.6% 20.6% 20.7% 20.8% 20.7% 20.7% 20.7% 20.7% Voice ARPU Growth % -5.5% -5.4% -5.2% -4.0% -4.2% -4.7% -3.6% -3.8% -5.1% -5.0% -4.4% -2.5% Video Revenue 20,783,000 5,331,000 5,431,000 5,348,000 5,416,000 21,526,000 5,538,000 5,581,000 5,591,000 5,613,795 22,323,795 22,829,162 Growth % 1.2% 3.0% 3.7% 3.3% 4.4% 3.6% 3.9% 2.8% 4.5% 3.7% 3.7% 2.3% Broadband Revenue 11,321,000 3,044,000 3,101,000 3,129,000 3,197,000 12,471,000 3,275,000 3,369,000 3,405,000 3,476,603 13,525,603 14,534,970 Growth % 9.6% 10.7% 10.0% 10.2% 9.8% 10.2% 7.6% 8.6% 8.8% 8.7% 8.5% 7.5% Voice Revenue 3,671, , , , ,000 3,608, , , , ,482 3,540,482 3,499,345 Growth % 0.4% -1.5% -2.1% -1.4% -1.9% -1.7% -1.1% -1.1% -2.4% -2.8% -1.9% -1.2% Business Services Revenue 3,960,000 1,116,000 1,163,000 1,211,000 1,261,000 4,751,000 1,311,000 1,360,000 1,399,000 1,452,672 5,522,672 6,325,525 Growth % 22.2% 21.4% 20.4% 19.5% 18.7% 20.0% 17.5% 16.9% 15.5% 15.2% 16.2% 14.5% Advertising Revenue 2,388, , , , ,000 2,298, , , , ,394 2,513,394 2,449,624 Growth % 9.1% -1.6% -1.7% -1.3% -9.2% -3.8% 12.0% 3.5% 7.8% 14.1% 9.4% -2.5% Other Revenue 2,042, , , , ,000 2,274, , , , ,625 2,581,625 2,839,286 Growth % 8.6% 12.8% 12.3% 13.0% 7.7% 11.4% 14.7% 14.0% 13.0% 12.5% 13.5% 10.0% Total Cable Revenue 44,165,000 11,441,000 11,740,000 11,751,000 11,996,000 46,928,000 12,204,000 12,444,000 12,557,000 12,802,571 50,007,571 52,477,912 Growth % 5.6% 6.4% 6.4% 6.3% 6.0% 6.3% 6.7% 6.0% 6.9% 6.7% 6.6% 4.9% Cable EBITDA 18,097,000 4,658,000 4,777,000 4,726,000 4,876,000 19,037,000 4,889,000 5,048,000 4,986,000 5,116,140 20,039,140 20,725,595 EBITDA Margin 41.0% 40.7% 40.7% 40.2% 40.6% 40.6% 40.1% 40.6% 39.7% 40.0% 40.1% 39.5% Cable Capital Expenditures 6,156,000 1,446,000 1,678,000 1,853,000 2,063,000 7,040,000 1,576,000 1,881,000 2,044,000 2,150,000 7,651,000 8,033,550 Source: Estimates, Company Data 10/27/2016 7
8 BAIRD 777 EAST WISCONSIN AVENUE MILWAUKEE, WI Senior Research Analyst: William V. Power, CFA (214) Comcast Corporation NBCUniversal Metrics ($000, Except per-share amounts) Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Year (03/31) (06/30) (09/30) (12/31) (03/31) (06/30) (09/30) (12/31) Act. Act. Act. Act. Act. Act. Act. Act. Act. Est. Est. Est. Cable Networks Revenue 9,563,000 2,359,000 2,450,000 2,412,000 2,407,000 9,628,000 2,453,000 2,566,000 2,942,000 2,467,175 10,428,175 10,510,823 Growth % 3.9% -5.8% -1.1% 7.0% 3.4% 0.7% 4.0% 4.7% 22.0% 2.5% 8.3% 0.8% Broadcast TV Revenue 8,542,000 2,248,000 1,813,000 1,971,000 2,498,000 8,530,000 2,084,000 2,128,000 3,087,000 2,733,440 10,032,440 9,032,682 Growth % 20.0% -14.2% -0.2% 11.4% 7.0% -0.1% -7.3% 17.4% 56.6% 9.4% 17.6% -10.0% Film Revenue 5,008,000 1,446,000 2,266,000 1,946,000 1,629,000 7,287,000 1,383,000 1,351,000 1,792,000 1,661,580 6,187,580 7,018,025 Growth % -8.1% 7.0% 92.7% 64.1% 25.8% 45.5% -4.4% -40.4% -7.9% 2.0% -15.1% 13.4% Theme Parks Revenue 2,623, , , ,000 1,019,000 3,339,000 1,026,000 1,136,000 1,440,000 1,308,396 4,910,396 5,278,676 Growth % 17.4% 33.7% 25.7% 14.0% 38.6% 27.3% 57.6% 47.0% 60.7% 28.4% 47.1% 7.5% NBC Universal Revenue 25,428,000 6,604,000 7,229,000 7,152,000 7,477,000 28,462,000 6,861,000 7,103,000 9,178,000 8,090,791 31,232,791 31,504,632 Growth % 7.5% -4.0% 20.2% 20.8% 13.0% 11.9% 3.9% -1.7% 28.3% 8.2% 9.7% 0.9% Cable Networks EBITDA 3,589, , , , ,000 3,499, , , , ,527 3,730,527 3,809,972 EBITDA Margin 37.5% 38.1% 35.6% 34.6% 37.1% 36.3% 39.0% 36.8% 30.4% 38.0% 35.8% 36.2% Growth % 2.5% 0.3% -4.6% -3.8% -2.0% -2.5% 6.5% 8.3% 6.9% 4.9% 6.6% 2.1% Broadcast TV EBITDA 734, , , , , , , , , ,344 1,329,344 1,126,213 EBITDA Margin 8.6% 8.1% 12.7% 7.6% 8.7% 9.1% 13.6% 18.5% 12.2% 10.0% 13.3% 12.5% Growth % 112.8% 49.2% -3.8% 5.6% -5.7% 6.3% 56.0% 70.6% 152.0% 26.0% 70.4% -15.3% Film EBITDA 711, , , , ,000 1,234, ,000 56, , , , ,056 EBITDA Margin 14.2% 20.3% 18.6% 19.3% 8.8% 16.9% 12.1% 4.1% 19.7% 10.2% 12.0% 13.8% Growth % 47.2% 1.7% 116.4% 149.0% 85.7% 73.6% -43.0% -86.7% -6.1% 18.5% -39.6% 29.9% Theme Park EBITDA 1,096, , , , ,000 1,464, , , , ,030 2,178,030 2,417,633 EBITDA Margin 41.8% 37.5% 43.2% 48.4% 44.4% 43.8% 36.5% 41.3% 49.0% 48.0% 44.4% 45.8% Growth % 9.2% 55.4% 45.9% 14.2% 37.0% 33.6% 53.7% 40.4% 62.7% 38.9% 48.8% 11.0% NBC Universal EBITDA 5,516,000 1,475,000 1,693,000 1,632,000 1,552,000 6,352,000 1,622,000 1,689,000 2,146,000 1,828,582 7,285,582 7,586,301 EBITDA Margin 21.7% 22.3% 23.4% 22.8% 20.8% 22.3% 23.6% 23.8% 23.4% 22.6% 23.3% 24.1% Growth % 16.6% 13.6% 19.3% 17.1% 10.5% 15.2% 10.0% -0.2% 31.5% 17.8% 14.7% 4.1% NBCU Capital Expenditures 1,221, , , , ,000 1,386, , , , ,140 1,559,140 1,598,119 Source: Estimates, Company Data 10/27/2016 8
9 BAIRD 777 EAST WISCONSIN AVENUE MILWAUKEE, WI Senior Research Analyst: William V. Power, CFA (214) Comcast Corporation Balance Sheet & Cash Flow Projections Y 2014A Q1 2015A Q2 2015A Q3 2015A Q4 2015A Y 2015A Q1 2016A Q2 2016A Q3 2016A Q4 2016E Y 2016E Y 2017E Balance Sheet Cash & ST Investments 4,512,000 4,095,000 4,512,000 2,030,000 2,401,000 5,628,000 4,665,000 2,807,000 3,363,996 3,363,996 4,380,369 Accounts Receivable 6,321,000 6,144,000 6,321,000 6,527,000 6,896,000 6,375,000 6,708,000 7,533,000 6,619,339 6,619,339 6,990,099 Other Current Assets 2,698,000 2,682,000 2,698,000 2,944,000 3,006,000 3,177,000 3,404,000 4,888,000 4,888,000 4,888,000 4,888,000 PP&E, net 30,953,000 31,127,000 30,953,000 32,170,000 33,665,000 34,122,000 34,896,000 35,656,000 36,492,840 36,492,840 38,370,305 Franchise Rights 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 59,364,000 LT Marketable Securities 3,135,000 3,235,000 3,135,000 3,323,000 3,224,000 3,638,000 3,679,000 3,857,000 3,857,000 3,857,000 3,857,000 Other Assets 52,356,000 52,110,000 52,356,000 52,600,000 58,018,000 58,295,000 59,269,000 63,819,000 63,814,000 63,814,000 63,414,000 Total Assets 159,339, ,757, ,339, ,958, ,574, ,599, ,985, ,924, ,399, ,399, ,263,773 Accounts Payable 5,638,000 6,157,000 5,638,000 5,996,000 6,215,000 6,333,000 6,359,000 6,594,000 6,394,955 6,394,955 6,344,149 Other Current Liabilities 11,772,000 12,345,000 11,772,000 11,363,000 11,963,000 12,751,000 11,242,000 11,444,000 11,444,000 11,444,000 11,444,000 ST Debt 4,217,000 4,180,000 4,217,000 3,152,000 3,627,000 4,119,000 2,934,000 3,333,000 3,333,000 3,333,000 3,333,000 LT Debt 44,017,000 42,953,000 44,017,000 44,605,000 48,994,000 51,515,000 52,629,000 57,095,000 57,095,000 57,095,000 57,095,000 Total Debt 48,234,000 47,133,000 48,234,000 47,757,000 52,621,000 55,634,000 55,563,000 60,428,000 60,428,000 60,428,000 60,428,000 Other Liabilities 43,778,000 43,692,000 43,778,000 43,825,000 44,203,000 44,252,000 45,231,000 45,642,000 45,903,257 45,903,257 46,965,385 Stockholders' Equity 53,068,000 52,511,000 53,068,000 51,965,000 53,978,000 54,512,000 55,276,000 55,823,000 56,235,964 56,235,964 58,089,239 Total Liabilities & SE 159,339, ,757, ,339, ,958, ,574, ,599, ,985, ,924, ,399, ,399, ,263,773 Cash Flow Analysis Net Cash From Operations 16,945,000 5,263,000 3,571,000 4,979,000 4,965,000 18,778,000 5,110,000 4,273,000 4,114,000 5,600,811 19,097,811 20,117,838 Capital Expenditures (7,420,000) (1,726,000) (1,971,000) (2,165,000) (2,637,000) (8,499,000) (1,885,000) (2,271,000) (2,406,000) (2,736,840) (9,298,840) (9,727,465) Cash Paid for Capitalized Software & Other Intangible Assets (1,122,000) (273,000) (327,000) (316,000) (454,000) (1,370,000) (378,000) (359,000) (426,000) (400,000) (1,563,000) (1,800,000) Free Cash Flow 8,403,000 3,264,000 1,273,000 2,498,000 1,874,000 8,909,000 2,847,000 1,643,000 1,282,000 2,463,971 8,235,971 8,590,373 Comcast Reported Free Cash Flow 8,167,000 3,183,000 1,167,000 2,496,000 2,091,000 8,937,000 2,805,000 1,527,000 1,415,000 2,463,971 8,210,971 8,589,808 Dividend Payments 2,254, , , , ,000 2,437, , , , ,975 2,600,975 2,574,000 Share Buybacks 4,251,000 2,000,000 1,585,000 2,185, ,000 6,750,000 1,249,000 1,136,000 1,377,000 1,250,000 5,012,000 5,000,000 Debt Beginning Debt 47,847,000 48,234,000 47,133,000 48,234,000 47,757,000 48,234,000 52,621,000 55,634,000 55,563,000 60,428,000 52,621,000 60,428,000 Debt Added 387,000 (1,101,000) 1,101,000 (477,000) 4,864,000 4,387,000 3,013,000 (71,000) 4,865,000-7,807,000 - Ending Debt 48,234,000 47,133,000 48,234,000 47,757,000 52,621,000 52,621,000 55,634,000 55,563,000 60,428,000 60,428,000 60,428,000 60,428,000 Balance Sheet Analysis Total Debt / Total Cap Current Ratio Quick Ratio Cash / Share $1.74 $1.60 $1.78 $0.81 $0.97 $0.97 $2.29 $1.91 $1.15 $1.41 $1.41 $1.90 Total Cash / Share $2.95 $2.87 $3.02 $2.14 $2.27 $2.27 $3.76 $3.41 $2.74 $3.02 $3.02 $3.57 Book Value / Share $20.49 $20.54 $20.97 $20.77 $21.76 $21.76 $22.14 $22.60 $22.96 $23.54 $23.54 $25.15 Days Sales Outstanding (Total) Gross Debt / EBITDA (TTM) 2.1x 2.0x 2.0x 2.0x 2.1x 2.1x 2.2x 2.2x 2.3x 2.3x 2.3x 2.2x Net Debt / EBITDA (TTM) 1.8x 1.7x 1.7x 1.8x 1.9x 1.9x 1.9x 1.9x 2.1x 2.0x 2.0x 1.9x Return on Assets 5.2% 5.2% 5.4% 5.0% 4.7% 5.1% 5.0% 4.7% 5.0% 4.7% 4.9% 4.7% Return on Invested Capital 5.0% 3.2% 5.0% 4.9% 4.7% 4.6% 4.7% 4.5% 4.7% 4.6% 4.5% 4.6% DuPont Analysis Tax Burden 67.0% 60.5% 61.3% 61.1% 61.3% 61.0% 60.4% 60.4% 60.1% 59.6% 60.1% 59.7% Interest Burden 0.8x 0.9x 0.8x 0.8x 0.8x 0.8x 0.9x 0.8x 0.8x 0.8x 0.8x 0.8x Operating Margin 21.6% 21.8% 21.9% 21.4% 20.8% 21.5% 21.8% 21.1% 20.8% 20.8% 21.1% 20.9% Turnover 0.4x 0.4x 0.5x 0.5x 0.5x 0.4x 0.4x 0.4x 0.5x 0.5x 0.4x 0.5x Leverage 3.0x 3.0x 3.0x 3.1x 3.1x 3.1x 3.1x 3.1x 3.2x 3.2x 3.2x 3.1x ROE 15.6% 15.7% 16.1% 15.4% 14.6% 15.1% 15.7% 14.7% 16.0% 14.8% 15.1% 14.5% Source: Estimates, Company Data 10/27/2016 9
10 Appendix - Important Disclosures and Analyst Certification Approved on 27 October :11EDT/ Published on 27 October :11EDT. Rating and Price Target History for: Comcast Corporation (CMCSA) as of /31/13 O:$55 01/08/14 O:$56 01/28/14 O:$60 02/25/15 O:$65 05/04/15 O:$66 12/22/15 O:$65 02/05/16 O:$66 04/27/16 O:$67 07/28/16 O:$ Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q Created by BlueMatrix 1 Incorporated makes a market in the securities of CMCSA. Appendix Important Disclosures and Analyst Certification Incorporated and/or its affiliates expect to receive or intend to seek investment-banking related compensation from the company or companies mentioned in this report within the next three months. Incorporated may not be licensed to execute transactions in all foreign listed securities directly. Transactions in foreign listed securities may be prohibited for residents of the United States. Please contact a Baird representative for more information. Investment Ratings: Outperform (O) - Expected to outperform on a total return, risk-adjusted basis the broader U.S. equity market over the next 12 months. Neutral (N) - Expected to perform in line with the broader U.S. equity market over the next 12 months. Underperform (U) - Expected to underperform on a total return, risk-adjusted basis the broader U.S. equity market over the next 12 months. Risk Ratings: L - Lower Risk - Higher-quality companies for investors seeking capital appreciation or income with an emphasis on safety. Company characteristics may include: stable earnings, conservative balance sheets, and an established history of revenue and earnings. A - Average Risk - Growth situations for investors seeking capital appreciation with an emphasis on safety. Company characteristics may include: moderate volatility, modest balance-sheet leverage, and stable patterns of revenue and earnings. H - Higher Risk - Higher-growth situations appropriate for investors seeking capital appreciation with the acceptance of risk. Company characteristics may include: higher balance-sheet leverage, dynamic business environments, and higher levels of earnings and price volatility. S - Speculative Risk - High-growth situations appropriate only for investors willing to accept a high degree of volatility and risk. Company characteristics may include: unpredictable earnings, small capitalization, aggressive growth strategies, rapidly changing market dynamics, high leverage, extreme price volatility and unknown competitive challenges. Valuation, Ratings and Risks. The recommendation and price target contained within this report are based on a time horizon of 12 months but there is no guarantee the objective will be achieved within the specified time horizon. Price targets are determined by a subjective review of fundamental and/or quantitative factors of the issuer, its industry, and the security type. A variety of methods may be used to determine the value of a security including, but not limited to, discounted cash flow, earnings multiples, peer group comparisons, and sum of the parts. Overall market risk, interest rate risk, and general economic risks impact all securities. Specific information regarding the price target and recommendation is provided in the text of our most recent research report. Distribution of Investment Ratings. As of September 30, 2016, Baird U.S. Equity Research covered 719 companies, with 49% rated Outperform/Buy, 50% rated Neutral/Hold and 1% rated Underperform/Sell. Within these rating categories, 8% of Outperform/Buy-rated and 4% of Neutral/Hold-rated companies have compensated Baird for investment banking services in the past 12 months and/or Baird managed or co-managed a public offering of securities for these companies in the past 12 months. Analyst Compensation. Analyst compensation is based on: 1) the correlation between the analyst's recommendations and stock price performance; 2) ratings and direct feedback from our investing clients, our institutional and retail sales force (as applicable) and from independent rating services; 3) the analyst's productivity, including the quality of the analyst's research and the analyst's contribution to the growth and development of our overall research effort and 4) compliance with all of Robert W. Baird s internal policies and procedures. This compensation criteria and actual compensation is reviewed and approved on an annual basis by Baird's Research Oversight Committee. Analyst compensation is derived from all revenue sources of the firm, including revenues from investment banking. Baird does not 10
11 compensate research analysts based on specific investment banking transactions. A complete listing of all companies covered by Baird U.S. Equity Research and applicable research disclosures can be accessed at You can also call or write: Robert W. Baird & Co., Equity Research, 777 E. Wisconsin Avenue, Milwaukee, WI Analyst Certification The senior research analyst(s) certifies that the views expressed in this research report and/or financial model accurately reflect such senior analyst's personal views about the subject securities or issuers and that no part of his or her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in the research report. Disclaimers Baird prohibits analysts from owning stock in companies they cover. This is not a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect our judgment at this date and are subject to change. The information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy. ADDITIONAL INFORMATION ON COMPANIES MENTIONED HEREIN IS AVAILABLE UPON REQUEST The Dow Jones Industrial Average, S&P 500, S&P 400 and Russell 2000 are unmanaged common stock indices used to measure and report performance of various sectors of the stock market; direct investment in indices is not available. Baird is exempt from the requirement to hold an Australian financial services license. Baird is regulated by the United States Securities and Exchange Commission, FINRA, and various other self-regulatory organizations and those laws and regulations may differ from Australian laws. This report has been prepared in accordance with the laws and regulations governing United States broker-dealers and not Australian laws. Copyright 2016 Incorporated Other Disclosures The information and rating included in this report represent the Analyst s long-term (12 month) view as described above. The research analyst(s) named in this report may, at times and at the request of clients or their Baird representatives, provide particular investment perspectives or trading strategies based primarily on the analyst s understanding of the individual client s objectives. These perspectives or trading strategies generally are responsive to client inquiries and based on criteria the analyst considers relevant to the client. As such, these perspectives and strategies may differ from the analyst s views contained in this report. Incorporated and/or its affiliates (Baird) may provide to certain clients additional or research supplemental products or services, such as outlooks, commentaries and other detailed analyses, which focus on covered stocks, companies, industries or sectors. Not all clients who receive our standard company-specific research reports are eligible to receive these additional or supplemental products or services. Baird determines in its sole discretion the clients who will receive additional or supplemental products or services, in light of various factors including the size and scope of the client relationships. These additional or supplemental products or services may feature different analytical or research techniques and information than are contained in Baird s standard research reports. Any ratings and recommendations contained in such additional or research supplemental products are consistent with the Analyst s ratings and recommendations contained in more broadly disseminated standard research reports. Baird Research Analysts may provide incremental data points or views regarding covered companies in the form of Research Posts and Flash Reports. All Posts and Flash Reports are available to clients via but not all are sent directly to clients. Baird Associates may, at their discretion, choose whether to send these Posts and Flash Reports to Baird clients after they are posted online. Such decisions are based on, among other things, client interest, coverage, stock ownership and indicated preferences. The incremental content and/or analysis contained in these pieces may be useful to investors as part of a broader investment thesis, but is not sufficient to warrant a change in the Research Analyst s published opinion, including rating, estimates and price targets. Access to is available to all Baird Clients. Contact your Baird representative if you would like access to United Kingdom ( UK ) disclosure requirements for the purpose of distributing this research into the UK and other countries for which Robert W. Baird Limited ( RWBL ) holds a MiFID passport. The contents of this report may contain an "investment recommendation", as defined by the Market Abuse Regulation EU No 596/2014 ("MAR"). Please therefore be aware of the important disclosures outlined below. Unless otherwise stated, this report was completed and first disseminated at the date and time provided on the timestamp of the report. if you would like further information on dissemination times, please contact us. Please note, this report may provide views which differ from previous recommendations made by the same individual in respect of the same financial instrument or issuer in the last 12 months which is available at This material is distributed in the UK and the European Economic Area ( EEA ) by RWBL, which has an office at Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB and is authorized and regulated by the Financial Conduct Authority ( FCA ). For the purposes of the FCA requirements, this investment research report is classified as investment research and is objective. The views contained in this report (i) do not necessarily correspond to, and may differ from, the views of Robert W. Baird Limited or any other entity within the Baird Group, in particular Incorporated, and (ii) may differ from the views of another individual of Robert W. Baird Limited. All substantially material sources of the information contained in this report are disclosed. All sources of information in this report are reliable, but where there is any doubt as to reliability of a particular source, this is clearly indicated. Robert W. Baird Group and or one of its affiliates may at any time have a long or short position in the company/companies mentioned in this report. Where the Group holds a long or short position exceeding 0.5% of the total issued share capital of the issuer, this will be disclosed separately by your RWBL representative upon request. This material is only directed at and is only made available to persons in the EEA who would satisfy the criteria of being "Professional" 11
12 investors under MiFID and to persons in the UK falling within articles 19, 38, 47, and 49 of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (all such persons being referred to as relevant persons ). Accordingly, this document is intended only for persons regarded as investment professionals (or equivalent) and is not to be distributed to or passed onto any other person (such as persons who would be classified as Retail clients under MiFID). Incorporated and RWBL have in place organizational and administrative arrangements for the disclosure and avoidance of conflicts of interest with respect to research recommendations. Robert W. Baird Group and or one of its affiliates may be party to an agreement with the issuer that is the subject of this report relating to the provision of services of investment firms. An outline of the general approach taken by Robert W. Baird Limited in relation to conflicts of interest is available from your RWBL representative upon request. Baird s policies and procedures are designed to identify and effectively manage conflicts of interest related to the preparation and content of research reports and to promote objective and reliable research that reflects the truly held opinions of research analysts. Analysts certify on a quarterly basis that such research reports accurately reflect their personal views. This material is not intended for persons in jurisdictions where the distribution or publication of this research report is not permitted under the applicable laws or regulations of such jurisdiction. Investment involves risk. The price of securities may fluctuate and past performance is not indicative of future results. Any recommendation contained in the research report does not have regard to the specific investment objectives, financial situation and the particular needs of any individuals. You are advised to exercise caution in relation to the research report. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. RWBL is exempt from the requirement to hold an Australian financial services license. RWBL is regulated by the FCA under UK laws, which may differ from Australian laws. As such, this document has not been prepared in accordance with Australian laws. Dividend Yield. As used in this report, the term dividend yield refers, on a percentage basis, to the historical distributions made by the issuer relative to its current market price. Such distributions are not guaranteed, may be modified at the issuer s discretion, may exceed operating cash flow, subsidized by borrowed funds or include a return of investment principal. Ask the analyst a question Click here to unsubscribe 12
[Please refer to Appendix. Verizon Communications, Inc. (VZ) Competition Weighing on Revenue, but Cash Flow Solid RAISING PRICE TARGET
July 26, 2016 Baird Equity Research Connected Technology Verizon Communications, Inc. (VZ) Competition Weighing on Revenue, but Cash Flow Solid Maintain Neutral rating. This morning, Verizon reported mixed
More information[Please refer to Appendix. Wells Fargo & Company (WFC) Q2 Initial Thoughts: Revenue Trends Modestly Below Expectations RESEARCH UPDATE
July 15, 2016 Baird Equity Research US Banks Wells Fargo & Company (WFC) Q2 Initial Thoughts: Revenue Trends Modestly Below Expectations WFC reported Q216 EPS of $1.01 (Baird $1.02, consensus $1.01). Non-core
More information[Please refer to Appendix. Regions Financial Corp. (RF) Q3 Initial Thoughts: Mixed Quarter with Lower Provisioning but Weaker NII RESEARCH UPDATE
October 18, 2016 Baird Equity Research US Banks Regions Financial Corp. (RF) Q3 Initial Thoughts: Mixed Quarter with Lower Provisioning but Weaker NII RF reported Q316 EPS of $0.24 (vs. Baird $0.22). Non-core
More informationFastener Distributor Index April 2017
Fastener Distributor Index April 2017 Written by R.W. Baird analyst David J. Manthey, CFA 5/5/17 Key Takeaway: The seasonally-adjusted FDI for April 2017 was 50.2, remaining in expansionary territory but
More informationFastener Distributor Index March 2017
Fastener Distributor Index March 2017 Written by R.W. Baird analyst David J. Manthey, CFA 4/5/17 Key Takeaway: The seasonally adjusted FDI for March 2017 was 60.0, increasing from February s 57.0 reading
More information[Please refer to Appendix. C.H. Robinson Worldwide, Inc. (CHRW) Complementary Global Forwarding Acquisition Announced RESEARCH UPDATE
September 1, 2016 Baird Equity Research Transportation/Logistics C.H. Robinson Worldwide, Inc. (CHRW) Complementary Global Forwarding Acquisition Announced Maintain Neutral rating. After market close,
More information[Please refer to Appendix. Sherwin-Williams Co. (SHW) High-Quality Beat Positive for Shares RESEARCH UPDATE
April 21, 2016 Baird Equity Research Packaging & Coatings Sherwin-Williams Co. (SHW) High-Quality Beat Positive for Shares Strong start to 2016 led by core sales. We believe that the shares of Sherwin-Williams
More information[Please refer to Appendix. Sherwin-Williams Co. (SHW) Clean 4Q Beat Solid Guidance VAL on Track RESEARCH UPDATE
January 26, 2017 Baird Equity Research Packaging & Coatings Sherwin-Williams Co. (SHW) Clean 4Q Beat Solid Guidance VAL on Track Reiterate Outperform rating Top Coatings Pick. We believe that the shares
More informationFastener Distributor Index December 2017
Fastener Distributor Index December 2017 Written by R.W. Baird analyst David J. Manthey, CFA 1/9/18 Key Takeaway: The seasonally adjusted FDI for December 2017 was 57.6 up modestly vs. November s 56.9
More informationBreaking News: Stock Market Update February 5, 2018
Baird Market and Investment Strategy Breaking News: Stock Market Update February 5, 2018 Please refer to Appendix Important Disclosures. Stock Market Update Stocks Under Pressure As Indexes Give Up 2018
More information[Please refer to Appendix. The Finish Line, Inc. (FINL) 2Q Preview ESTIMATE CHANGE. - Important Disclosures and Analyst Certification] Active/Outdoor
September 24, 2013 Baird Equity Research Active/Outdoor The Finish Line, Inc. (FINL) 2Q Preview Maintaining our Neutral rating. Athletic footwear retail trends improved over the course of FINL s 2Q, which
More information[Please refer to Appendix. PPG Industries, Inc. (PPG) Stable End-Markets; Volume Improvement Likely Reiterate Outperform. Rating: RAISING PRICE TARGET
April 22, 2016 Baird Equity Research Packaging & Coatings PPG Industries, Inc. (PPG) Stable End-Markets; Volume Improvement Likely Reiterate Outperform Rating Price target raised to $125. In our opinion,
More information[Please refer to Appendix. Johnson Controls, Inc. (JCI) Solid FQ3 Beat; FQ4 Outlook in Line with Expectations RESEARCH UPDATE
July 21, 2016 Baird Equity Research Global Automotive Johnson Controls, Inc. (JCI) Solid FQ3 Beat; FQ4 Outlook in Line with Expectations Reiterate Outperform we remain buyers. FQ3 EPS of $1.07 vs. $0.91
More informationComcast EQUITY RESEARCH QUARTERLY UPDATE OUTPERFORM. Comcast 2Q16 Follow-Up: Raising Price Target to $74, 8x 2017E EBITDA.
EQUITY RESEARCH QUARTERLY UPDATE July 29, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $74.00 CMCSA - NASDAQ $67.86 3-5 Yr. EPS Gr. Rate 17% 52-Wk Range $68.36-$50.01 Shares Outstanding 2,446.0M
More informationCharter Communications Inc.
December 12, 2014 Charter Communications Inc. Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 02/26/2014 Current Price (12/11/14) $164.16 Target Price $172.00 SUMMARY
More informationMarket Commentary July 19, 2018
Baird Market and Investment Strategy Market Commentary July 19, 2018 Please refer to Appendix Important Disclosures. Equity Outflows Fuel Stock Gains Despite Breadth Concerns Key Takeaways: Indexes have
More informationInvestment Strategy Outlook
Baird Market & Investment Strategy Investment Strategy Outlook October 19, 2017 Please refer to Appendix Important Disclosures. Weight of Evidence Offers Bullish Message Outlook Summary Highlights: Central
More informationRCN Corporation Rating: Buy
SATELLITE, CABLE & BROADCASTING David B. Kestenbaum 212-218-3851 dkestenbaum@morganjoseph.com James Leahy 212-218-3784 jleahy@morganjoseph.com Company Update September 7, 2007 Key Metrics RCNI - NASDAQ
More information[Please refer to Appendix. CMS Energy (CMS) EPS Up 43% Y/Y, Highlighting Successful Growth Strategy ESTIMATE CHANGE
October 30, 2015 Baird Equity Research Utilities CMS Energy (CMS) EPS Up 43% Y/Y, Highlighting Successful Growth Strategy Substantially improved EPS performance underscores unique business strategy; we
More informationCablevision Systems Corporation.
January 14, 2015 Cablevision Systems Corporation. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 02/10/2014 Current Price (01/13/15) $20.00 Target Price
More informationAutoZone, Inc. EQUITY RESEARCH QUARTERLY UPDATE OUTPERFORM. Quick Read: Sales a Bit Soft, But Results Solid. September 22, 2016
EQUITY RESEARCH QUARTERLY UPDATE September 22, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $900.00 AZO - NYSE $751.45 3-5 Yr. EPS Gr. Rate 14% 52-Wk Range $819.54-$681.01 Shares Outstanding 30.8M
More information[Please refer to Appendix. Sherwin-Williams Co. (SHW) Catalysts on the Horizon Substantial Upside; Top Coatings Pick ESTIMATE CHANGE
Baird Equity Research Packaging & Coatings Sherwin-Williams Co. (SHW) Catalysts on the Horizon Substantial Upside; Top Coatings Pick Reiterate Outperform rating. A combination of strong end-market demand,
More informationO'Reilly Automotive, Inc. Quick Read: Weather Likely Weighed Upon Sales a Bit
EQUITY RESEARCH QUARTERLY UPDATE July 27, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $300.00 ORLY - NASDAQ $277.51 3-5 Yr. EPS Gr. Rate 18% 52-Wk Range $284.66-$225.12 Shares Outstanding 99.4M
More information2018 Economic & Stock Market Outlook: Clouds Could Test Investor Resolve
2018 Economic & Stock Market Outlook: Clouds Could Test Investor Resolve Supplemental Chart Pack December 13, 2017 Bruce Bittles Chief Investment Strategist (941) 906-2830 bbittles@rwbaird.com William
More informationAmerican Tower Corp. AMT 3Q16 Results: Solid Quarter with a Beat and Raise on EBITDA
EQUITY RESEARCH COMPANY UPDATE October 27, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $130.00 AMT - NYSE $115.67 3-5 Yr. EPS Gr. Rate 20% 52-Wk Range $118.26-$83.07 Shares Outstanding 430.0M
More informationCOMCAST REPORTS 4th QUARTER AND YEAR END 2017 RESULTS
PRESS RELEASE COMCAST REPORTS 4th QUARTER AND YEAR END 2017 RESULTS Full Year 2017 Highlights: Consolidated Revenue Increased 5.1%; Net Income Attributable to Comcast Increased 161%; Adjusted EBITDA Increased
More informationCapital Markets View. Heike Doerr. Energy Research October 8, Senior Research Associate.
Energy Research October 8, 2012 Capital Markets View Heike Doerr Senior Research Associate hdoerr@rwbaird.com 215.553.7816 Please refer to Appendix - Important Disclosures and Analyst Certification. Regulatory
More informationCOMCAST REPORTS 2nd QUARTER 2018 RESULTS
PRESS RELEASE COMCAST REPORTS 2nd QUARTER 2018 RESULTS Consolidated 2nd Quarter 2018 Highlights: Consolidated Revenue Increased 2.1%; Net Income Attributable to Comcast Increased 27.6%; Adjusted EBITDA
More informationMRAA/Baird Marine Retailer Pulse Report October 2015
November 10, 2015 MRAA/Baird October 2015 Craig Kennison, CFA ckennison@rwbaird.com 414.765.3870 Matt Gruhn President, MRAA 763.333.2421 PLEASE REFER TO APPENDIX IMPORTANT DISCLOSURES AND ANALYST CERTIFICATION
More information4th QUARTER AND FULL-YEAR 2018 RESULTS. January 23, 2019
4th QUARTER AND FULL-YEAR 2018 RESULTS January 23, 2019 Important Information Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the
More informationComcast Reports 2nd Quarter 2017 Results
Comcast Reports 2nd Quarter 2017 Results July 27, 2017 Consolidated 2nd Quarter 2017 Highlights: Consolidated Revenue Increased 9.8%; Net Income Attributable to Comcast Increased 23.9%; Adjusted EBITDA
More informationCOMCAST REPORTS 1st QUARTER 2017 RESULTS
PRESS RELEASE COMCAST REPORTS 1st QUARTER 2017 RESULTS Consolidated 1st Quarter 2017 Highlights: Consolidated Revenue Increased 8.9%; Net Income Attributable to Comcast Increased 20.2%; Adjusted EBITDA
More informationVerizon Communications Inc.
April 22, 2016 Verizon Communications Inc. VZ * - NYSE Rating: Neutral Price: (4/21/16) $50.03 Price Targets: 12-18 month: $53 5-year: $57 Industry: Telecommunications James G. Moorman, CFA 212.240.9863
More informationComcast Reports 3rd Quarter 2018 Results
Comcast Reports 3rd Quarter 2018 Results October 25, 2018 Consolidated 3rd Quarter 2018 Highlights: Consolidated Revenue Increased 5.0%; Net Income Attributable to Comcast Increased 9.3%; Adjusted EBITDA
More informationCOMCAST REPORTS 2nd QUARTER 2015 RESULTS
PRESS RELEASE COMCAST REPORTS 2nd QUARTER 2015 RESULTS Consolidated 2nd Quarter 2015 Highlights: Consolidated Revenue Increased 11.3%, Operating Cash Flow Increased 8.0%, and Operating Income Increased
More informationCummins Inc. Nice Second-Quarter EPS Beat but Not Immune to Second-Half Slowdown. Equity Research Global Industrial Infrastructure Capital Goods
Equity Research Global Industrial Infrastructure Capital Goods August 02, 2016 Cummins Inc. Nice Second-Quarter EPS Beat but Not Immune to Second-Half Slowdown Summary/Quick take. Cummins reported a solid
More information3 rd QUARTER 2016 RESULTS. October 26, 2016
3 rd QUARTER 2016 RESULTS October 26, 2016 Safe Harbor Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation
More informationElectronic Arts Inc. EA NASDAQ Neutral-2 Good 2Q Results; Neutral Rating Based on Stock Valuation
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics EA - NASDAQ (as of 10/31/17) $119.60 Two Year Price Target N/A 52-Week Range $73.74 - $122.79 Shares Outstanding (mil) 309 Market Cap. ($mil) $36,956 3-Mo.
More informationCOMCAST REPORTS 4th QUARTER AND YEAR END 2013 RESULTS
\ PRESS RELEASE 2013 Highlights: COMCAST REPORTS 4th QUARTER AND YEAR END 2013 RESULTS Consolidated Revenue Increased 5.8% and Operating Cash Flow Increased 8.3%, Excluding the 2012 London Olympics, 2012
More informationDarden Restaurants, Inc.
Darden Restaurants, Inc. DRI: Reports Solid Performance; Expectations Were Pretty High Despite Evidence Segment Is Slowing Our View: We reiterate our OW rating following shares coming under pressure because
More informationAlphabet Inc. GOOGL - NASDAQ Neutral -1
COMPANY UPDATE / ESTIMATE CHANGE / TARGET CHANGE Key Metrics GOOGL - NASDAQ - as of 10/30/17 $1,033.13 Price Target $1,100 52-Week Range $743.59 - $1,063.62 Diluted Shares Outstanding (mil) 703.5 Market
More informationConsolidated Revenue Increased 23%, Operating Cash Flow Increased 15% and Operating Income Increased 24% Earnings per Share Increased 32% to $0.
\ PRESS RELEASE ` Investor Contacts: Marlene S. Dooner (215) 286-7392 Jane B. Kearns (215) 286-4794 Press Contacts: D Arcy Rudnay (215) 286-8582 John Demming (215) 286-8011 COMCAST REPORTS 1 st QUARTER
More informationDollarama Inc. Q4 F2017 Results. A straight-forward beat and other notable business updates HIGHLIGHTS. The NBF Daily Bulletin.
DOL (T) $110.88 Stock Rating: Outperform (Unchanged) Target: $122.00 (Was $113.00) Risk Rating: Below Average (Unchanged) Est. Total Return: 10.4% Stock Data: 52-week High-Low (Canada) Bloomberg $104.94
More informationCOMCAST REPORTS 1st QUARTER 2013 RESULTS
\ PRESS RELEASE Investor Contacts: Marlene S. Dooner (215) 286-7392 Jane B. Kearns (215) 286-4794 Press Contacts: D Arcy Rudnay (215) 286-8582 John Demming (215) 286-8011 COMCAST REPORTS 1st QUARTER 2013
More informationInvestment Strategy Outlook May 10, 2017
Baird Market & Investment Strategy Investment Strategy Outlook May 10, 2017 Please refer to Appendix Important Disclosures. Fed Looking Past First-Quarter Disappointments Outlook Summary Highlights: Surge
More informationUncertainty Now; Opportunity Later: 2015 Economic & Stock Market Outlook, Mid-Year Update
Uncertainty Now; Opportunity Later: 2015 Economic & Stock Market Outlook, Mid-Year Update June 25, 2015 by Bruce Bittles, William Delwiche of Robert W. Baird & Co. The weight of the evidence has slipped
More informationMillicom International Cellular Rating: Buy
SATELLITE, CABLE & BROADCASTING David B. Kestenbaum 212-218-3851 dkestenbaum@morganjoseph.com Heather Hou 212-218-3713 hhou@morganjoseph.com Company Update October 7, 2008 Key Metrics MICC - NASDAQ $58.45
More informationVerizon EQUITY RESEARCH QUARTERLY UPDATE PERFORM. VZ 3Q16 First Look: Mixed Results, Positive Guidance Maintained.
EQUITY RESEARCH QUARTERLY UPDATE October 20, 2016 Stock Rating: PERFORM 12-18 mo. Price Target NA VZ - NYSE $50.38 3-5 Yr. EPS Gr. Rate 12% 52-Wk Range $56.95-$43.79 Shares Outstanding 4,085.0M Float 3,758.0M
More informationGoldman Sachs 26 th Annual Communacopia Conference. September 12, 2017
Goldman Sachs 26 th Annual Communacopia Conference September 12, 2017 Safe Harbor Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning
More informationNEWS CORPORATION REPORTS THIRD QUARTER RESULTS FOR FISCAL 2018
NEWS CORPORATION REPORTS THIRD QUARTER RESULTS FOR FISCAL 2018 FISCAL 2018 THIRD QUARTER KEY FINANCIAL HIGHLIGHTS Revenues of $2.10 billion, a 6% increase compared to $1.98 billion in the prior year, with
More informationA Superior Cash Proposal for Sky. Tuesday, February 27
A Superior Cash Proposal for Sky Tuesday, February 27 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
More information4th QUARTER AND FULL-YEAR 2017 RESULTS. January 24, 2018
4th QUARTER AND FULL-YEAR 2017 RESULTS January 24, 2018 Safe Harbor Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private
More information2 nd QUARTER 2016 RESULTS. July 27, 2016
2 nd QUARTER 2016 RESULTS July 27, 2016 Safe Harbor Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation
More informationRelease Date Conference Call Time (Eastern) Contact Co. Guidance Consensus May 9 May 10 8:30am TBA NA $0.29
April 19, 2018 Company Sponsored Research Morning Meeting Note Earnings Preview OTC Markets Group Inc. (OTCM) Equity Research Forecast 10% EPS Growth In 1Q:18, Aided By Lower Taxes; View OTCM As Well Positioned
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$ Strong earnings recovery ahead amid continued revenue momentum; maintain Buy
Equity Research Information Technology Mar 29, 216 Kingsoft (3888 HK) Buy (maintained) Target price: HK$24.7 Strong earnings recovery ahead amid continued revenue momentum; maintain Buy FY1 results in
More informationAlphabet Inc. GOOGL - NASDAQ Neutral -1
COMPANY UPDATE / TARGET CHANGE ESTIMATE CHANGE Key Metrics GOOGL - NASDAQ - as of 5/1/17 $932.82 Price Target $1,000.00 52-Week Range $672.66 - $935.82 Diluted Shares Outstanding (mil) 702.0 Market Cap.
More informationCOMCAST REPORTS 4 th QUARTER AND YEAR END 2014 RESULTS
PRESS RELEASE COMCAST REPORTS 4 th QUARTER AND YEAR END 2014 RESULTS Full Year 2014 Highlights: Consolidated Revenue Increased 6.4%, Operating Cash Flow Increased 6.9%, Operating Income Increased 9.9%
More informationCalAmp Corp. CAMP - $ NASDAQ Buy
Scott W. Searle, CFA, (646) 616-2782 ssearle@roth.com Sales (800) 933-6830, Trading (800) 933-6820 COMPANY NOTE EQUITY RESEARCH June 28, 2018 Technology: Communications, Wireless & IoT CalAmp Corp. CAMP
More informationFrontier Communications Corporation
January 20, 2015 Frontier Communications Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 02/27/2006 Current Price (01/19/15) $6.83 Target Price
More informationNote Important Disclosures on Pages 6-7 Note Analyst Certification on Page 6
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics GOOGL - NASDAQ - as 4/23/18 $1,073.81 Price Target $1,100 52-Week Range $866.11 - $1,198.00 Diluted Shares Outstanding (mil) 703.5 Market Cap. ($mil) 1-Mo.
More informationEquity Research. Apple Inc. AAPL: T-Mobile And Sprint Sees Strong iphone 7 Preorders. Market Perform. September 13, 2016
September 13, 2016 Equity Research Apple Inc. AAPL: T-Mobile And Sprint Sees Strong iphone 7 Preorders T-Mobile and Sprint announces strong iphone 7 Pre-orders. T-Mobile announced iphone 7 and 7 Plus pre-orders
More informationWeight of the Evidence = +2 Mildly Bullish
Baird Market & Investment Strategy 2015 Economic & Stock Market Outlook Supplemental Chart Pack December 12, 2014 Please refer to Appendix Important Disclosures. The following charts and comments are meant
More informationDollarama Inc. Q2 F2017 Preview. (1) Growth expected to continue (2) A deeper look at valuation HIGHLIGHTS. The NBF Daily Bulletin.
DOL (T) $97.04 Stock Rating: Outperform (Unchanged) Target: $105.00 (Was $104.00) Risk Rating: Average (Unchanged) Est. Total Return: 8.6% Stock Data: 52-week High-Low (Canada) Bloomberg $98.94 - $66.32
More informationFOR IMMEDIATE RELEASE
PRESS RELEASE Comcast Corporation One Comcast Center Philadelphia, PA 19103 www.comcastcorporation.com COMCAST CORPORATION ANNOUNCES A FIRM SUPERIOR CASH OFFER FOR SKY PLC Intends to Make Commitments Regarding
More informationEQUITY RESEARCH Telecom, Media, Tech COMPANY UPDATE
Member FINRA/SIPC Toll Free: 561-391-5555 www.dawsonjames.com EQUITY RESEARCH Telecom, Media, Tech COMPANY UPDATE Cinedigm Corp. (NASDAQ/CIDM) BUY Cinedigm is a streaming media company with channels focusing
More informationAnalyst's Notes. Argus Recommendations
Report created Jul 23, 2015 Page 1 OF 5 Boeing manufactures commercial jetliners and military aircraft as well as rotorcraft, electronic and defense systems, missiles, satellites, launch vehicles, and
More informationWWE INVESTOR PRESENTATION
WWE INVESTOR PRESENTATION FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which
More informationVerizon EQUITY RESEARCH COMPANY UPDATE PERFORM. Verizon to Acquire Fleetmatics; Smart/Accretive Acquisition. August 1, 2016 COMMUNICATION AND CLOUD
EQUITY RESEARCH COMPANY UPDATE August 1, 2016 Stock Rating: PERFORM 12-18 mo. Price Target NA VZ - NYSE $55.41 3-5 Yr. EPS Gr. Rate 12% 52-Wk Range $56.95-$38.06 Shares Outstanding 4,085.0M Float 3,758.0M
More informationSector: Internet Infrastructure ANALYST: Charles Giaquinto (212)
Research Report - August 17, 2006 Akamai Technologies, Inc. (AKAM) Rating: Sector: Internet Infrastructure ANALYST: Charles Giaquinto (212) 675-4100 cgiaquinto@henleyandcompany.com Speculative Buy Company
More information1 st QUARTER 2013 RESULTS. May 1, 2013
1 st QUARTER 2013 RESULTS May 1, 2013 Safe Harbor Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation
More information2nd QUARTER 2013 RESULTS. July 31, 2013
2nd QUARTER 2013 RESULTS July 31, 2013 Safe Harbor Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation
More informationSherwin-Williams Co. (SHW) Valspar Adds a New Dimension Significant Accretion Positive for Shares
March 21, 2016 Baird Equity Research Packaging & Coatings Sherwin-Williams Co. (SHW) Valspar Adds a New Dimension Significant Accretion Positive for Shares Reiterate Outperform rating. We believe that
More informationInvestor presentation
Investor presentation 1 Cautionary note The following materials are for presentation purposes only. These materials should be read in conjunction with the disclosure documents referenced below. Certain
More informationIndustry: CABLE TV August 7, 2013 Recommendation: BUY. Company Overview
Price Target $74.09 Price (08/07/2013) $61.11 52-WK ($) 47.71-67.85 Market Cap ($M) $34,000 Outstanding Shares 556 Insider % 7.0 Revenue $30,750 Valuation TEV ($M) $50,590 EBITDA ($M) $7,480 EV/EBITDA
More informationElectronic Arts Inc. EA NASDAQ Neutral-2 Fiscal 3Q Results Don t Tell the Story of Bright Future, Long-term Growth Prospects
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics EA - NASDAQ (as of 1/30/18) $118.70 Current intra-day price (1/31/18) $127.81 Two Year Price Target N/A 52-Week Range $80.40 - $122.79 Shares Outstanding (mil)
More informationFORWARD-LOOKING STATEMENTS
WWE INVESTOR PRESENTATION DECEMBER 2018 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of
More informationVerizon EQUITY RESEARCH COMPANY UPDATE PERFORM. Verizon 2Q16 Follow-up; Guidance Points to Improved 2017 Outlook. July 26, 2016
EQUITY RESEARCH COMPANY UPDATE July 26, 2016 Stock Rating: PERFORM 12-18 mo. Price Target NA VZ - NYSE $54.81 3-5 Yr. EPS Gr. Rate 12% 52-Wk Range $56.95-$38.06 Shares Outstanding 4,085.0M Float 3,758.0M
More information1 st Quarter 2016 Earnings Conference Call Transcript
1 st Quarter 2016 Earnings Conference Call Transcript May 4, 2016 Overview*: BDC reported 1Q16 consolidated revenues of $543.8M. On a year-over-year basis, EBITDA margins of 16.4% increased 90 basis points
More informationCase Analysis Questions
1 Comcast-NBC Universal Case: Combining assets of two companies; using an LLC in deal design; buyout of non-controlling interests stake Case prepared by Robert Bushman Case Overview: In January 2011, Comcast
More informationChase Carey. President & CEO The DIRECTV Group
Chase Carey President & CEO The DIRECTV Group The DIRECTV Group Cautionary Statement This presentation includes certain statements that may be considered to be, forward-looking statements within the meaning
More informationEquity Research. Bank of the Ozarks, Inc. (OZRK-NSDQ) OUTLOOK SUMMARY DATA ZACKS ESTIMATES. Hold Prior Recommendation. Current Recommendation
Equity Research July 14, 2006 Scott A. Jaggers, CFA www.zacks.com 155 North Wacker Drive Chicago, IL 60606 Bank of the Ozarks, Inc. (OZRK-NSDQ) Current Recommendation Hold Prior Recommendation Sell Date
More informationAkamai Technologies Inc.
February 19, 2015 Akamai Technologies Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 12/22/2013 Current Price (02/18/15) $70.29 Target Price $74.00 NEUTRAL SUMMARY (AKAM-NASDAQ)
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$20.77
Equity Research Information Technology May 24, 216 Kingsoft (3888 HK) Buy (maintained) Target price: HK$2.77 Full-year earnings forecast trimmed as 1Q16 results miss; maintain Buy but lower target price
More informationWe Raise Our Price Target To $4 (From $3); Think Strong Outlook For Revenue And EBITDA Growth Warrants Higher Valuation
July 13, 2018 Company Sponsored Research Morning Meeting Note Raise Price Target Sify Technologies Limited Sponsored ADR (SIFY) Equity Research We Raise Our Price Target To $4 (From $3); Think Strong Outlook
More informationAltice USA Full Year and Q Results. February 27, 2018
Altice USA Full Year and Q4 2017 Results February 27, 2018 Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute forward-looking statements within the meaning of the
More informationAT&T Inc. Financial Review 2011
AT&T Inc. Financial Review 2011 Selected Financial and Operating Data 30 Management s Discussion and Analysis of Financial Condition and Results of Operations 31 Consolidated Financial Statements 57 Notes
More informationActivision Blizzard, Inc. ATVI NASDAQ Underperform-2
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics ATVI - NASDAQ (as of 8/4/17) $62.01 Price Target N/A 52-Week Range $35.12 - $64.06 Shares Outstanding (mil) (basic) 754 Market Cap. ($mil) $46,756 3-Mo. Average
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC FORM 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event
More informationFORM 8 K SBC COMMUNICATIONS INC T. Filed: July 24, 2007 (period: June 30, 2007) Report of unscheduled material events or corporate changes.
FORM 8 K SBC COMMUNICATIONS INC T Filed: July 24, 2007 (period: June 30, 2007) Report of unscheduled material events or corporate changes. Table of Contents Items 2.02 Results of Operations and Financial
More informationVerizon EQUITY RESEARCH QUARTERLY UPDATE PERFORM. VZ 3Q16 Follow-Up: EPS Beat Despite Soft Wireless Subscriber Momentum.
EQUITY RESEARCH QUARTERLY UPDATE October 20, 2016 Stock Rating: PERFORM 12-18 mo. Price Target NA VZ - NYSE $50.38 3-5 Yr. EPS Gr. Rate 12% 52-Wk Range $56.95-$43.79 Shares Outstanding 4,086.0M Float 4,076.0M
More information(RHI-NYSE) SUMMARY. Risk Level *
March 04, 2015 Robert Half International Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/19/2012 Current Price (03/03/15) $62.70 Target Price $66.00
More informationCredit Opinion: Elisa Corporation
Credit Opinion: Elisa Corporation Global Credit Research - 19 Feb 2013 Helsinki, Finland Ratings Category Outlook Issuer Rating Senior Unsecured -Dom Curr Moody's Rating Stable Baa2 Baa2 Contacts Analyst
More information2014 Economic & Stock Market Outlook Mid-Year Chart Pack Update June 12, 2014
Baird Market & Investment Strategy 14 Economic & Stock Market Outlook Mid-Year Chart Pack Update June, 14 Please refer to Appendix Important Disclosures. The following charts and comments are meant to
More informationEquity Research. American Tower REIT, Inc. AMT: Solid Q Results--Shows Strength Of Geo-Diverse Model. Outperform.
October 28, 2016 Equity Research American Tower REIT, Inc. AMT: Solid Q3 2016 Results--Shows Strength Of Geo-Diverse Model AMT reported solid Q3 2016 results that beat our estimates across the board. The
More informationViaSat, Inc. FY16 Q1 Results. August 6, 2015
ViaSat, Inc. FY16 Q1 Results August 6, 2015 1 Safe Harbor Disclosure 2 our website at www.viasat.com. Forward-Looking Statements This presentation contains forward-looking statements regarding future events
More informationAkamai Technologies, Inc. Rating: Buy
COMMUNICATIONS TECHNOLOGY Erik Zamkoff 212-218-3850 ezamkoff@morganjoseph.com Company Update / Price Target Change December 21, 2005 Key Metrics AKAM - NASDAQ $19.66 Pricing Date 12/20/2005 Price Target
More informationLower Price Target To $4 (From $6); Near-Term Trends Are Less Favorable, But We Think Investment In Products Should Yield Benefits Over Time
April 27, 2018 Company Sponsored Research Morning Meeting Note Lower Price Target; Lower Earnings Estimates Socket Mobile, Inc. (SCKT) Equity Research Lower Price Target To $4 (From $6); Near-Term Trends
More informationMedifast, Inc. Top line still not taking shape, reiterate Neutral rating and decrease 2015 estimates. NYSE: MED
Medifast, Inc. NYSE: MED Top line still not taking shape, reiterate Neutral rating and decrease 2015 estimates. Medifast engages in the production, distribution, and sale of weight loss and weight loss
More informationRoku Q Shareholder Letter
February 21, 2019 Fellow Shareholders, was an excellent year for Roku, with record results and solid progress towards our long-term vision of powering every TV in the world. As more than 3 million U.S.
More informationAT&T ANALYST MEETING
AT&T ANALYST MEETING Mike Viola Senior Vice President, Investor Relations, AT&T Inc. Cautionary Language Concerning Forward-Looking Statements Information set forth in this presentation contains financial
More information